Stocks down … Home sales up … Macy’s cuts expectations … GM pickup recall … No Coldplay tour
NEW YORK (AP) – Stocks are lower in morning trading on Wall Street as traders continue to worry that the U.S. and China won’t agree on a trade deal this year. World shares also dropped despite China’s Commerce Ministry trying to bat away rumors that the talks are in trouble. New tariffs are scheduled to take effect Dec. 15 on about $160 billion in Chinese imports, including smartphones, laptops and other consumer goods.
WASHINGTON (AP) – Americans purchased more homes in October, though sales were held back by a shortage of available properties. The National Association of Realtors says that sales of existing homes rose 1.9% last month to a seasonally adjusted annual rate of 5.46 million. That’s 4.6% higher than a year ago, suggesting that lower mortgage rates are propping up the housing market.
CINCINNATI (AP) – Macy’s is cutting its profit and sales expectations for the year after posting its first comparable store sales decline in almost two years. The company is citing the late arrival of colder weather, meager tourist business, weak traffic at some malls and problems on its website.
UNDATED (AP) – General Motors is recalling over 640,000 pickup trucks worldwide because hot gas from a high-tech seat belt can set the carpeting on fire. The recall covers certain 2019 and 2020 Chevrolet Silverado and GMC Sierra 1500 trucks. All have carpet as a floor covering. GM says it uses a small explosion to move a piston that tightens belts before a crash. It can release hot gas through an opening, possibly causing a fire. The company reports two fires but no injuries.
LONDON (AP) – The British band Coldplay has decided not to launch a global tour because of environmental concerns. Frontman Chris Martin tells the BBC that the band is not going on tour to promote its latest album because it wants to take time to determine how a tour can be beneficial to the environment. The album “Everyday Life” will be released Friday.