Tech leads stocks lower...FedEx profit jumps 40 percent...Navigation apps aren’t keeping up with flood closures
NEW YORK (AP) — Technology stocks led the way downward on Wall Street today as traders braced for more tariffs to be announced on China. The Dow Jones Industrial Average fell 93 points, the S&P 500 index lost 16 and the tech-heavy Nasdaq composite gave up 114 points. Most stocks closed lower on the New York Stock Exchange but safe-play sectors like real estate and utilities rose.
NEW YORK (AP) — Oil prices edged lower today. Benchmark U.S. crude was down eight cents to $68.91 a barrel in New York. Brent crude, used to price international oils, fell 0.1 percent to close at $78.05 a barrel in London.
DALLAS (AP) — The growing economy, lower taxes and changing habits of American shoppers are helping boost profit at FedEx. The delivery giant says it earned $835 million in the quarter that ended Aug. 31, a 40 percent increase from a year ago. Still, the results fell short of Wall Street expectations, and shares of the Memphis, Tennessee-based company fell in after-hours trading.
UNDATED (AP) — Navigation apps like Waze are trying to help drivers avoid hurricane flooding. But amid heavy rain from Florence, some smartphone or in-car map directions in recent days have sent people onto flooded roads and others closed to traffic. Google-owned Waze says it’s worked with local governments and its own volunteer map editors to mark closures of more than 1,300 roads in North Carolina and hundreds more in South Carolina and Virginia. But the North Carolina Department of Transportation warns that Waze and other travel apps are unable to keep up with Florence-caused road closings.
UNDATED (AP) — The Coca-Cola Company says that it’s “closely watching” the growth of the use of a non-psychoactive element of cannabis in wellness drinks. It says it’s eyeing the growing market for health drinks infused with cannabidiol -- or CBD -- but has made no decisions. Today’s statement came after reports that the beverage giant was in talks with a Canadian cannabis company to create a cannabidiol-infused infused beverage.