Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
Bank of England Governor Mark Carney says trade war has a confidence effect on business around the worldMarketsread more
Check out the companies making headlines midday:
Procter & Gamble — Shares of Procter & Gamble jumped 3.8% and hit a record high on better-than-expected quarterly numbers and upbeat forecast for the year. P&G reported adjusted earnings per share of $1.10 on revenue of $17.09 billion, topping Refinitiv estimates of $1.05 earnings per share and revenue of $16.86 billion. The results do not include an $8 billion write-down from Procter's Gillette brand. Procter also sees adjusted earnings per share increasing between 4% and 9% in the fiscal 2020.
Capital One Financial — The bank's stock fell more than 5.9% after Capital One disclosed a data breach that compromised data of more than 100 million clients in the U.S. Capital One said the breach could cost it between $100 million and $150 million. RBC Capital Markets analyst Jon Arfstrom said it could also result in "longer term reputational damage."
Merck — Merck ticked up 1% after the pharmaceutical company's second-quarter results surpassed Wall Street's estimates. The company reported earnings per share of $1.30 on revenue of $11.76 billion. Analysts surveyed by Refintiv had expected earnings per share of $1.16 on revenue of $10.96 billion. Surging sales of Keytruda immunotherapy drove growth for Merck. Sales of the company's Gardasil vaccine and vaccines to children, like the MMR vaccine for measles, were also up over the quarter.
Martin Marietta Materials — Martin Marietta jumped 10% after the materials company raised its earnings and revenue guidance for 2019. The company expects earnings to range between $1.2 billion and $1.315 billion and revenue to range between $4.26 billion and $4.43 billion. The company previously expected to make between $1.17 billion and $1.28 billion in earnings and between $4.23 billion and $4.38 billion in revenue.
Pfizer — Shares of Pfizer tanked more than 6% after Morgan Stanley downgraded the stock to equal-weight from overweight and slashed it price target to $40 per share from $48 per share. The firm said although the mega-pharmaceutical deal between Pfizer and Mylan is a "strategically sound deal," the move "revealed earnings power that is much weaker than we realized. "
Stitch Fix — Shares of the online clothing company closed 2% lower after Amazon launched Personal Shopper. Amazon's new services uses human stylists and algorithms to pick out clothes for users.
Wabtec — Shares of the passenger rail transport company rallied 9.5% on better-than-expected quarterly results. The company reported adjusted earnings per share of $1.06 on revenue of $2.24 billion. Analysts polled by Refinitiv expected a profit of 98 cents a share on sales of $2.23 billion.
Under Armour — Under Armour fell more than 12% on Tuesday after the apparel company said it expects North American sales to be down for the year after previously guiding them as "relatively flat."
Gartner — Shares of the tech company plunged 19% after Gartner cut its 2019 earnings forecast. Gartner expects earnings to range between $3.39 per share and $3.64. The company had previously forecast earnings to range between $3.82 per share and $4.19.
GrubHub — Shares of GrubHub plunged more than 12% after the food delivery company whiffed on consensus earnings expectations for its fiscal second quarter as rising costs outpaced sales growth. GrubHub earned 27 cents per share, excluding certain items, while analysts expected 30 cents per share, according to Refinitiv.