Wall Street Under Pressure Following Surprise Yuan Devaluation

A surprise move by China's central bank pressured stocks on Wall Street Tuesday. U.S. stocks traded lower in midday trading after an unexpected move overnight by the People's Bank of China to depreciate the yuan by nearly 2 percent. The expectation was U.S. multinationals, and their earnings, will get hurt by a weaker yuan and a stronger dollar. Google (GOOG) ushered in a new era of transparency. The company said it will split in two reporting companies - one will hold Google's core search and Web advertising business. The other will hold Google's newer ventures such as driverless cars. Google shares bucked the trend of the overall market. They rallied on news the company is overhauling its operating structure.