Wall Street slips into reverse ... Trump-Tax Overhaul ... Bass Pro Shops-Acquisition
NEW YORK (AP) — Technology stocks slammed into reverse today, and the losses overshadowed gains in other areas of the market to send broad U.S. indexes lower. Treasury bond prices and gold rose, meanwhile, as investors looked for safer places for their money following the latest escalation in the heated rhetoric between the United States and North Korea. The Standard & Poor’s 500 index dropped 5.56 points, while the Dow Jones industrial average fell 53.50 points and the Nasdaq composite dropped 56.33.
WASHINGTON (AP) — The White House and congressional Republicans are finalizing a tax plan that would slash the corporate rate while likely reducing the penalty for the wealthiest Americans. President Donald Trump is preparing to roll out the policy proposal this week. Trump campaigned on delivering the first major overhaul of the tax code in three decades.
OMAHA, Neb. (AP) — Bass Pro Shops’ roughly $4 billion acquisition of rival outdoor retailer Cabela’s is complete, but the small western Nebraska town that has been home to Cabela’s is still wondering about its future. Today’s closing announcement didn’t address how many of the roughly 2,000 Cabela’s jobs will remain in Sidney, Nebraska.
NEW YORK (AP) — Lowe’s will launch an app early next month that will use augmented reality to make it easier to envision what a piece of furniture will look like in your home or office. The company said today that users will be able to use smartphones to view digital images of furnishings at scale in whichever room they wish. The app will include the ability to rotate the images, or duplicate them.
RALEIGH, N.C. (AP) — Documents released today show that North Carolina promised tax breaks and other incentives worth more than $570 million to attract a Foxconn electronics plant that could employ 8,800 people, but the state lost out to Wisconsin’s offer, which was five times larger. Pennsylvania, Ohio and Michigan were also in the running for the Foxconn Technology Group’s plant, according to a June 12 memo included among state documents released to The Associated Press after a public records request.