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Stocks lower than US to raise steel tariffs on EU, Canada, Mexico



Here are three important things to know about stocks now

  • The Dow Jones Industrial Average and S & P 500 were traded for the fourth time in five trading sessions on Thursday.
  • The White House imposed tariffs on steel and aluminum imports from Canada, Mexico and the European Union.
  • General Motors Co.'s (GM) share rose 10.7% after the automaker's self-driving unit received a $ 2.25 billion investment from SoftBank Vision Fund [19659005] Wall Street Overview [19659005] The shares fell on Thursday, May 31, after the Trump administration said it would raise tariffs on steel and aluminum imports from Canada, Mexico and the European Union.

    As of Friday, June 1

    , the US He will impose tariffs of 25% on imported steel and 10% on aluminum products, Trade Minister Wilbur Ross told reporters.

    The tariffs increased the risk of EU officials following a similar threat of $ 3.4 billion in US dollar goods being imported into the block. A German business magazine also reported that Donald Trump told French President Emmanuel Macron that he wanted to prevent the sale of European luxury cars in the US market.

    "We do not want a trade war," France's Finance Minister Bruno Le Marie said, while warning that "aggressive decisions against Europe" would lead to a coordinated reaction of the bloc.

    The Dow Jones Industrial Average fell 212 points or 0.86% to 24,455, the S & P 500 fell 0.39% and the Nasdaq fell 0.05%.

    General Motors Co. (GM) shares increased 10.7% after the automaker said the SoftBank Vision Fund would invest $ 2.25 billion in GM Cruise Holdings, the self-driving GM unit GM would invest another $ 1.1 billion as soon as the deal closes in late June.

    Meanwhile, Uber Technologies Inc. has been in talks with the Waymo autonomous driving school of Alphabet Inc. (GOOGL) to use their technology on Uber's Ride-Hailing app, said Uber CEO Dara Khosrowshahi.

    "[The relationship is] will be better," said Khosrowshahi at the Code Conference in Rancho Palos Verdes, California. "They're slowly but surely establishing relationships. I have a long relationship with Google and we have a level of trust. We have conversations with Waymo. When something happens, great."

    Sears Holdings Corp. (SHLD) said it would close 72 more stores "in the near future" after losing $ 3.93 per share in the first quarter. The stock fell 10%.

    Sales decreased more than 30% to $ 2.9 billion from $ 4.2 billion a year ago. Same store sales fell 11.9%.

    The retailer closed the first quarter with 894 combined Sears and Kmart stores, compared to 1,275 a year earlier.

    Dollar General Corp. (DG) reported a first-quarter profit of $ 1.36 compared to analyst expectations of $ 1.40. Sales increased 9% to $ 6.11 billion, but were below $ 6.18 billion. Shares fell 7.1%.

    Fellow Discount Dealer Dollar Tree Inc. (DLTR) delivered lower-than-expected earnings and sales in the first quarter, and the company reduced its earnings outlook for 2018. The stock lost 11.5%.

    Ciena Corp. (CIEN) fell 3% after second-quarter earnings were below forecasts, but the company's chief financial officer said on a conference call that revenue growth in the 2018 fiscal year should increase by 7% to 9% over the previous year.

    In US economic data, consumer spending rose 0.6% in April, while personal income rose 0.3%.

    Weekly jobless claims fell by 13,000 to 221,000, slightly below forecasts.

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