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Stock market closes lower...Oil futures drop... Tesla reports quarterly net loss; revenue grows

August 1, 2018

NEW YORK (AP) — Stock indexes are broadly lower on Wall Street today even as a surge in Apple’s stock moved the company closer to being worth $1 trillion. The S&P 500 index slid 3 points, or 0.1 percent, to 2,813. The Dow Jones Industrial Average lost 81 points, or 0.3 percent, to close at 25,333 and the Nasdaq composite added 35 1/2 points, or 0.5 percent, to end the day at 7,707. The Russell 2000 index lost 1 1/2 points, or 0.1 percent, to 1,669.

NEW YORK (AP) — Oil prices are down today. Benchmark U.S. crude dropped 2 percent to $67.66 per barrel in New York. Meanwhile, Brent crude, used to price international oils, fell 2.5 percent to $72.39 per barrel in London. In other energy commodities futures trading, wholesale gasoline sank 1.7 percent to $2.05 a gallon. Heating oil gave up 1.9 percent to $2.10 a gallon and natural gas dipped 0.9 percent to $2.76 per 1,000 cubic feet.

PALO ALTO, Calif. (AP) — Tesla burned through $739.5 million in cash last quarter as it geared up a factory to crank out more electric cars, leading to a $717.5 million net loss. The company says it lost $4.22 per share as revenue grew 43 percent to just over $4 billion from April through June. Adjusted for stock-based compensation, the company lost $3.06 per share. That was worse than Wall Street estimates. Analysts polled by FactSet expected a $2.88 loss per share.

NISKAYUNA, N.Y. (AP) — Federal prosecutors say an engineer at General Electric’s upstate New York turbine manufacturing plant has been charged with stealing trade secrets. The U.S. Attorney’s Office says 55-year-old Xiaoqing Zheng (JOW’-shing zehng) removed electronic files with company trade secrets involving its turbine technologies and hid data files in a digital photograph of a sunset. Prosecutors say he then emailed the picture to his email account.

WASHINGTON (AP) — The Trump administration is proposing raising planned taxes on $200 billion in Chinese imports to 25 percent from 10 percent, turning up the pressure on Beijing in a trade war between the world’s two biggest economies. The United States has already imposed 25 percent tariffs on $34 billion in Chinese imports and is readying 25 percent tariffs on another $16 billion worth to punish China for allegedly using predatory tactics to obtain U.S. technology.

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