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Stocks slide…Home sales fall…Possibility of auto tariffs raises concerns

 

NEW YORK (AP) – Stocks are sliding after President Donald Trump said he is canceling a meeting with North Korean leader Kim Jong Un. Energy companies are falling along with oil prices as investors respond to reports the nations of OPEC may start producing more oil. Car companies including Fiat Chrysler and Toyota are falling as the Trump administration considers tariffs on imported cars and car parts.

 

WASHINGTON (AP) – Sales of existing homes tumbled 2.5 percent in April. The National Association of Realtors says that homes sold last month at a seasonally adjusted annual pace of 5.46 million, down from 5.60 million in February. Home sales have dropped 1.4 percent over the past year, largely because the number of sales listings has declined 6.3 percent. The median sales price has risen 5.3 percent from a year ago to $257,900.

 

WASHINGTON (AP) – The Trump administration is exploring whether tariffs are needed on auto imports. The move comes as trade talks with Canada and Mexico have stalled. Nearly half of vehicles sold in the U.S. are imported, many coming from assembly plants in Mexico and Canada. Europe is also a big exporter to the U.S., and Germany’s biggest auto industry lobby says it is watching developments “closely and with concern.”

 

DETROIT (AP) – Federal investigators say an autonomous Uber SUV that struck and killed an Arizona pedestrian in March spotted the woman about six seconds before hitting her – but it didn’t stop because the system used to apply brakes in potentially dangerous situations had been disabled. The National Transportation Safety Board says emergency braking is not enabled while Uber’s cars are under computer control. Uber relies on a human backup driver to intervene – but the system isn’t designed to alert the driver.

 

LONDON (AP) – A U.S. cybersecurity company says the hacking group behind a worrying breed of destructive software is operating well beyond the Middle East, and could be laying the groundwork for dangerous cyberattacks around the world. Maryland-based Dragos says in a blog post today that the group, which it dubs Xenotime, was behind the Trisis brand of malware that targets a special subset of industrial equipment tasked with keeping machinery operating safely.

 

 

AP-WF-05-24-18 1444GMT