Stocks fall…Crude oil moves lower…Administration files a trade challenge
NEW YORK (AP) – Stocks are slipping as energy companies sink along with the price of oil. Banks are rising along with interest rates, and Bank of America is climbing after a solid second-quarter report. Stocks finished at five-month highs last week as investors remained optimistic about the U.S. economy even as they worried about the trade war between the U.S. and China.
UNDATED (AP) – Crude oil prices sank on reports the U.S. will take a softer stance on countries that import oil from Iran. Last month the U.S. began pressuring countries to stop buying Iranian oil entirely and officials said there would be no exceptions.
WASHINGTON (AP) – The Trump administration is filing a challenge at the World Trade Organization against China, the European Union, Canada, Mexico and Turkey for retaliating against American tariffs on imported steel and aluminum. The United States imposed tariffs of 25 percent on steel and 10 percent on aluminum on the grounds that the imported metals pose a threat to American national security. China, the EU, Canada, Mexico and Turkey have counterpunched with taxes on $24 billion worth of U.S. exports.
NEW YORK (AP) – Twenty current and former tenants of a New York City building owned by the Kushner Cos. have filed a lawsuit against the real estate firm alleging that it harassed them in an attempt to get them to leave their apartments. They allege unhealthy construction dust, rats, unannounced barging into apartments and rent hikes were part of an attempt to empty the building, freeing up apartments for high-paying condo buyers. The Kushner Cos. says it did not harass tenants.
NEW YORK (AP) – Amazon’s annual “Prime Day” promotion is focusing on new products, bringing Whole Foods into the process and persuading subscribers that Prime membership is worth the coming price hike. Amazon is highlighting its Echo assistants and its own brands, especially in clothing. Deborah Weinswig, CEO of Coresight Research, estimates that Amazon will generate $3.4 billion in sales worldwide, up from an estimated $2.4 billion last year.