Here Are 4 Hot Things to Know About Stocks Right Now
- The U.S. imposed tariffs on about $50 billion in imports from China.
- The Dow Jones Industrial Average (^DJI) dropped by 85 points on Friday, falling for the fourth straight session.
- AT&T Inc. (T) - Get Report closed the $85.4 billion purchase Time Warner Inc. (TWX) .
- For the week the Dow fell 0.89%, the S&P 500 rose 0.01% and the Nasdaq climbed 1.32%.
Wall Street Overview
Stocks tumbled on Friday, June 15, after the U.S. imposed tariffs on about $50 billion in imports from China.
President Donald Trump said in a statement the 25% tariffs would be applied to goods from China "that contain industrially significant technologies." He added that tariffs were being imposed "in light of China's theft of intellectual property and technology and its other unfair trade practices." Trump said Friday the U.S. would pursue "additional tariffs" if China retaliates.
In a quick response China announced a plan to impose tariffs on some U.S. goods starting on July 6.
AT&T Inc. (T) - Get Report closed the $85.4 billion purchase Time Warner Inc. (TWX) on Thursday, June 14, two days after a judge cleared the deal by rejecting a Department of Justice lawsuit to block the transaction.
The total price tag comes to $108.7 billion, including assumed debt. Following the blockbuster acquisition of the parent of HBO, Warner Bros. and Turner Networks, AT&T has $180.4 billion in net debt.
The DOJ informed the court on Thursday that it wouldn't request a stay and doesn't object to the closing of the transaction. The government was still considering an appeal, however.
Chinese regulators have approved Qualcomm Inc.'s (QCOM) - Get Report proposed $44 billion acquisition of Dutch chipmaker NXP Semiconductors NV (NXPI) - Get Report , the South China Morning Post and other media outlets reported.
China was the last of nine nations to sign off on the deal. Antitrust regulators from the nine - including the U.S. and Japan - had to sign off on the merger because of the potential impact on their economies.
Qualcomm rose 0.67%, while NXP gained 0.13%.
Adobe Systems Inc. (ADBE) - Get Report fell 2.4% despite the company's fiscal second-quarter earnings and revenue coming in higher than forecasts. For its fiscal third quarter, Adobe said it expects adjusted earnings of $1.68 a share, 7 cents higher than estimates.
Electronics manufacturer Jabil Inc. (JBL) - Get Report reported fiscal third-quarter profit that beat forecasts and raised its revenue outlook for its fourth quarter. But the stock fell 6.5% after an analyst at JPMorgan Chase lowered his price target on the stock.
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