Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average
fell sharply on Monday and traded lower for the ninth time in 10 sessions.
- Boeing Co. (BA) fell 2.3% after China's premier said his government was prepared to continue talks with France linked to the purchase of Airbus SE (EADSY) aircraft.
- Harley-Davidson Inc. (HOG) ended down 6% after saying it would shift production of some of its Europe-bound motorcycles to international facilities because of trade tariffs.
Wall Street Overview
Stocks ended sharply lower Monday, June 25, as a late rebound faltered and investors judged the latest tariff threats from Donald Trump could escalate the brewing trade war between Washington and its economic allies.
The Dow Jones Industrial Average
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The twin initiatives, set to be announced by the end of the week, are designed to prevent China from moving ahead with plans to become a global leader in 10 broad areas of technology, including information technology, aerospace, electric vehicles and biotechnology, The Wall Street Journal reported.
Treasury Secretary Steven Mnuchin said on Monday that the investment restrictions on China reported by numerous media outlets were "false, fake news."
Mnuchin said that the investment restrictions would instead apply to "all countries that are trying to steal out technology."
Global oil prices fell following OPEC's decision to add more crude to the market by reducing compliance among members to its output cut in December 2016 . While the cartel made no specific mention of how many barrels could be released as a result, market expectations range between 600,000 and 700,000 barrels a day, largely as a result of increased production from Saudi Arabia and non-OPEC ally Russia.
West Texas Intermediate crude, the U.S. benchmark, was down 0.44% at $68.28 a barrel while Brent crude, the European benchmark, fell 1.53% to $74.17 a barrel.
Boeing Co. (BA) fell 2.3% after China's premier, Li Keqiang, said his government was prepared to continue talks with France linked to the purchase of Airbus SE (EADSY) aircraft in a signal that Beijing was ready to adjust some of its industrial strategies amid the threat of fresh trade tariffs from Trump.
Harley-Davidson Inc. (HOG) said Monday it will shift production of some of its Europe-bound motorcycles to international facilities as a result of trade tariffs that have increased the cost of producing bikes stateside for export to the European Union. The stock fell 6%.
In a filing with the Securities and Exchange Commission, Harley said EU tariffs on its motorcycles exported from the U.S. have increased to 31% from 6%. The company added that the tariffs will result in an incremental cost of about $2,200 per average bike exported to the EU from the U.S. Harley-Davidson said it has no plans to increase its manufacturers suggested retail prices or wholesale prices to account for the increased cost.
General Electric Co. (GE) reached a deal to sell its unit that makes large industrial engines to private-equity firm Advent International for $3.25 billion. GE fell 2.3%. GE is one of several industrial stocks -- such as Caterpillar Inc. (CAT) and Deere & Co. (DE) -- that were hit on trade war fears.
TV station owner Gray Television Inc. (GTN) reached an agreement to buy privately held Raycom Media Inc. in a a cash-and-stock deal valued at $3.65 billion. Gray Television rose 16.4%.