Page 25 - ARUBA TODAY

BUSINESS Friday 25 May 2018
A25

Stocks slide as Trump says North Korean meeting is canceled

By MARLEY JAY Street was disappointed
Associated Press with the retailer's profit fore-
NEW YORK (AP) — U.S. casts for the current quarter
stocks are skidding Thurs- and for the rest of the year.
day after President Donald The stock lost 7 percent to
Trump said he is canceling $70.64. Prescription drug
a planned meeting with distributor McKesson said
North Korean leader Kim difficult market conditions
Jong Un. Energy compa- in Europe and Canada hurt
nies are falling along with oil its business in its latest quar-
prices as investors respond ter and it declined 2.4 per-
to reports the nations of cent to $143.26.
OPEC may start producing Spam maker Hormel post-
more oil. Car companies ed a weaker-than-expect-
including Fiat Chrysler and ed profit as it dealt with
Toyota are falling as the higher costs for freight and
Trump administration con- commodities. The stock
sidered tariffs on imported shed 3.1 percent to $34.70.
cars and car parts, a move Home furnishings company
the governments of China, Williams-Sonoma surged
Japan and the European after raising its annual fore-
Union condemned. casts following a strong first
KEEPING SCORE: The S&P quarter. It gained 13 per-
500 index dropped 18 cent to $55.56.
points, or 0.7 percent, to CURRENCIES: The dol-
2,714 as of 11:10 a.m. East- lar fell to 109.12 yen from
ern time. The Dow Jones 110.07 yen. The euro rose to
industrial average lost 219 $1.1728 from $1.1698.
points, or 0.9 percent, to OVERSEAS: Germany's DAX
24,667. The Nasdaq com- lost 0.6 percent and the
posite shed 47 points, or 0.7 FTSE 100 in Britain fell 0.4
percent, to 7,378. The Rus- percent. The CAC 40 in
sell 2000 index of smaller- France shed 0.2 percent.
company stocks slipped Japan's Nikkei 225 index fell
6 points, or 0.4 percent, to FILE- This Dec. 21, 2016, file photo shows the New York Stock Exchange. U.S. stocks are lower Thurs- 1.1 percent and the Kospi
1,620. day, May 24, 2018. in South Korea slipped 0.2
Technology companies Associated Press percent.q
took some of the worst
losses. Microsoft fell 1.7 per- sponse to a steep drop in ounce. Motors fell 5.6 percent to
cent to $97 and Intel gave oil prices. U.S. crude had BRAKING NEWS: The Trump $21.14. Toyota shares fell
up 1.7 percent to $54.23. fallen from more than $100 administration could place 1.8 percent to $132.42. U.S.
Video game maker Elec- a barrel in mid-2014 to as tariffs on imported vehicles rivals Ford rose 1.3 percent
tronic Arts slid 2.7 percent little as $26 a barrel in ear- and automotive parts. It to $11.59 and General Mo-
to $129.95 and Google's ly 2016. On Monday U.S. plans to conduct an investi- tors added 0.9 percent to
parent company, Alpha- crude peaked at $72.24 gation into those imports on $38.19.
bet, skidded 1.1 percent to a barrel, its highest price national security grounds. DEUTSCHE BANK LAYOFFS:
$1,073.74. since late 2014. The U.S. will decide by June Germany's struggling
ENERGY: Benchmark U.S. NORTH KOREA: Stocks 1 whether to impose tariffs Deutsche Bank said it is cut-
crude lost 1 percent to turned lower after the White on steel and aluminum im- ting more than 7,000 jobs as
$71.14 per barrel in New House announced that the ported from Europe on the it reshapes its stock trading
York. Brent crude, used to planned meeting between same grounds. A European operation and refocuses its
price international oils, fell Trump and Kim was off. An Union official said the pro- global investment banking
0.9 percent to $79.09 a bar- open letter from Trump said posal would violate World business on its European
rel in London. he was canceling the June Trade Organization rules base. The bank's stock fell
Various news outlets re- 12 summit because of "tre- and Japan and China also 5.2 percent to $12.21.
ported that the nations of mendous anger and open criticized the proposal. EARNINGS: Best Buy had a
the OPEC cartel might start hostility" in a recent state- Fiat Chrysler lost 2.2 per- stronger first quarter than
producing more oil in re- ment by a North Korean of- cent to $21.97 and Tata analysts expected, but Wall
sponse to reduced exports ficial. The two sides agreed
from Venezuela and Iran. in March after Trump and
Greater supplies would Kim traded public insults
send prices lower. Energy and threats for months.
companies have slipped BONDS: Bond prices rose.
in recent days as investors The yield on the 10-year
anticipated that possibility. Treasury note fell to 2.96
On Thursday Exxon Mobil percent from 2.99 per-
lost 2.3 percent to $82.06 cent, and banks traded
and Chevron dipped 1.9 lower. Metals prices also
percent to $126.30. increased. Gold gained
OPEC and a group of oth- 1.2 percent to $1,304.80 an
er major oil producers cut ounce and silver jumped
production last year in re- 1.4 percent to $16.64 an