Take Five: Trade war whiplash and other market themes for the week ahead
It’s been a familiar pattern in the Sino-U.S. trade war since 2018. Combative tweets from Donald Trump, high-level talks between the two sides, a stalemate, more tariffs and counter-tariffs, and then conciliatory messages.
Wall St. drops at open on Trump’s tariff threat, slow job growth
U.S. stock indexes fell at open on Friday, weighed by tariff-sensitive technology stocks following a sharp escalation in U.S.-China trade tensions, while a tepid domestic jobs growth in July reinforced fears of an economic slowdown.
Exxon Mobil profit sinks on weakness in chemicals, refining
Exxon Mobil Corp on Friday reported a 21% drop in quarterly profit, its third period in a row of weaker year-over-year results, as sharply higher oil production was offset by weaker refining and chemicals business.
Chevron profit surges 26% on higher output, termination fee
Chevron Corp reported a 26.3% jump in quarterly profit on Friday, as higher oil and gas production and a one-time breakup fee from its failed bid for a rival more than offset lower energy prices and a rise in expenses.
U.S. hiring slows; manufacturers cut hours for workers
U.S. job growth slowed in July and manufacturers slashed hours for workers, which together with an escalation in trade tensions between the United States and China could give the Federal Reserve ammunition to cut interest rates again next month.
Trump tariff salvo pushes stocks into sea of red, safe havens shine
European stocks posted their biggest drop of 2019 on Friday and bond yields tumbled to record lows after U.S. President Donald Trump fired another trade war salvo at China, sparking a frenzied dash for safe-haven assets.
Amazon in talks with India’s Reliance Retail for stake purchase: sources
Amazon.com Inc is in talks with Reliance Industries Ltd’s retail unit to buy a stake in India’s biggest brick-and-mortar retailer, two sources with knowledge of the talks told Reuters on Friday.
Oil prices rebound more than 2% after plunging on Trump’s tariff plan
Oil prices rose more than 2% on Friday, regaining some ground after their biggest falls in years on U.S. President Donald Trump’s threat to impose more tariffs on Chinese imports.
Sprint loses fewer-than-expected phone subscribers, shares rise
Sprint Corp on Friday reported fewer-than-expected losses in quarterly net phone subscribers who pay a monthly bill, as the U.S. wireless carrier’s cheaper plans helped it retain customers amid its pending merger with larger rival T-Mobile US .
Ferrari shares fall after it fails to upgrade guidance despite earnings rise
Shares in Ferrari went into reverse on Friday as the Italian luxury carmaker failed to lift its guidance for 2019 despite strong results in the first part of the year.
