Closing Bell
Markets were mixed on the first day of trading with the S&P 500 rising for the second consecutive session while the Dow fell on the day.
The Dow Jones Industrial Average fell 0.28%, or 67 points to 24,096, while the Nasdaq gained 0.9%, or 64 points to 7,131, and the S&P 500 gained 0.25%, or 7 points, to 2,655.
Vista Outdoor Is Considering Exiting Gun Business
Vista Outdoor (VSTO) reported its first quarterly loss since it went public in 2015, and now the company is considering exiting its gun business.
The company is open to selling its Savage and Stevens gun lines. The company also is open to selling its Bell bike helmets and Jimmy Styks paddle boards, but the company plans to hold on to its more profitable bullets business.
The company reported a quarterly loss of 22 cents per share, eight cents worse than the 14 cent per share loss analysts expected. Revenue for the period fell 1% to $571 million.
Amazon to Add 2,000 Jobs in Boston Tech Hub
Amazon (AMZN) announced plans to add 2,000 jobs to its Boston tech hub. amazon has created more than 3,500 jobs in Massachusetts since 2011 while investing over $400 million in the state.
Boston is one of the finalists to house Amazon's HQ 2.
"Massachusetts' innovation economy is powered by a talented workforce, exceptional educational institutions and companies like Amazon at the forefront of research and development," said Governor Charlie Baker. "Amazon's expansion in the Seaport will bring thousands of new jobs to the Commonwealth and build upon the hundreds of jobs they already have here in research and development, fulfillment centers and robotics."
Apple Sued Over iPhone Camera by Israeli Startup Corephotonics
Israeli startup Corephotincs claims that they met with Apple (AAPL) to discuss their camera technology before the company stole their ideas and implemented them in the iPhone 8 and iPhone X.
Now Corephotonics is suing Apple. Corephotonics alleges that Apple infringed on its patents for dual lens technology.
The new lawsuit adds a second patent claim against Apple, but the patent in question wasn't granted until January, after the debut of the two phones.
U.S. to Borrow Much Less in Second Quarter Following Expensive First Quarter
The U.S. Treasury expects to borrow $75 billion in the first quarter, lower than the $101 billion it expected, and much less than the $488 billion it borrowed in the first quarter.
The Treasury's first quarter borrowing was the most it has participated in since 2010 as the country spent its way out of the great recession.
The second-quarter reduction is partially attributable to earlier-than-expected action by Congress to suspend the debt ceiling.
Borrowing will need to be ramped up again in the third quarter, when the Treasury expects to borrow another $273 billion.
Royal Bank of Scotland to Cut Jobs and Close Branches
Royal Bank of Scotland (RBS) plans to cus 792 jobs and close 162 branches following a review of its branch network in England and Wales.
The bank determined that too many branches were too close to each other, making many of them redundant.
"We realize this is difficult news for our colleagues and we are doing everything we can to support those affected. We will ensure compulsory redundancies are kept to an absolute minimum," the bank said in a statement.
Boeing Acquires KLX in $4.25 Billion Deal
Boeing (BA) announced that it is acquiring airplane parts supplier KLX for $4.25 billion Tuesday. The move adds tot he companies new maintenance, spare parts and services to airlines division.
The deal is contingent on KLX successfully divesting ints Energy Services Group, as well as normal regulatory and shareholder votes.
"This acquisition is the next step in our services growth strategy, with a clear opportunity to profitably grow our business and better serve our customers in a $2.6 trillion, 10-year services market," said Stan Deal, president and CEO of Boeing Global Services. "By combining the talent and product offerings of Aviall and KLX Inc., we will provide a one-stop-shop that will benefit our supply chain and our various customers in a meaningful way."
The company's Miami facilities are expected to remain its principal operating location.
White House Agrees to Postpone Tariffs for 30 Days
The U.S. will postpone a decision on imposing tariffs on U.S. imports of steel and aluminum from the European Union, Canada and Mexico for 30 days, the White House announced Monday ahead of trade talks with China next week.
The Trump administration also announced that it reached an agreement with South Korea on steel imports.
"In all of these negotiations, the administration is focused on quotas that will restrain imports, prevent transshipment and protect the national security," the White House said in a statement.
Premarket
U.S. futures showed very little movement ahead of the opening bell Tuesday with all three major futures markets indicating minimal to no change at the open.
Dow futures were falling slightly, 0.02%, indicating an open 6 points lower, while Nasdaq futures gained 0.01%, indicating an open 1 point higher, and S&P futures rose 0.03%, indicating an open 1 point higher.
World markets were rising across the board Tuesday. In Asia, the Hang Seng was leading the way, rising 1.74% after the White House announced that it was delaying the implementation of tariffs, while the Shanghai Composite rose 0.23%, and the Nikkei rose 0.18%.
In Europe, the CAC 40 led the way, rising 0.68%, while the FTSE 100 rose 0.5% and the DAX gained 0.25% with about four hours left in trading.
