Stocks edge higher…GM drags down auto sector…Kasich blasts tariffs and farm payments
NEW YORK (AP) – Stocks have edged mostly higher in early trading following a mixed batch of quarterly earnings results from General Motors, Boeing, Coca-Cola and other companies. Gains in technology and health care stocks outweighed losses in banks and other sectors. Investors also had their eye on Washington ahead of trade talks between the U.S. and European Union officials.
NEW YORK (AP) – General Motors, facing rising commodity costs in a trade showdown with Europe and elsewhere, cut its outlook for the year. Shares tumbled more than 5 percent before the opening bell, losing further ground in morning trading. And GM’s take on the year ahead dragged down shares of the entire auto sector. The diminished expectations overshadowed a strong second quarter.
COLUMBUS, Ohio (AP) – Ohio’s Republican governor is blasting President Donald Trump’s tariffs and his plan to provide $12 billion in direct payments to farmers and ranchers hurt by foreign retaliation. Gov. John Kasich (KAY’-sik) says Trump’s imposition of tariffs on products from such allies as Canada under national security grounds was “completely absurd,” and that now the president is resorting to “farm welfare” when U.S. farmers want trade.
WASHINGTON (AP) – Sales of new U.S. homes fell 5.3 percent in June, despite a tight housing market where buyers far outnumber sellers. The Commerce Department says newly built homes sold at a seasonally adjusted annual rate of 631,000 last month, less than May’s revised figure of 666,000. New-home sales have risen 6.9 percent so far this year.
UNDATED (AP) – Google spinoff Waymo says it’s launching a pilot program with Walmart later this week that will allow customers to use its self-driving car service to pick up groceries at Walmart stores. Waymo said in a blog post on Wednesday that the program, which will be tested in Phoenix, will help make shopping more convenient.