All three major indices closed Tuesday's session in the red, with the Dow Jones Industrial Average snapping an eight-day winning streak and the Dow and Nasdaq suffering their worst single-session drop in three weeks.
The Dow fell 0.78%, or 193 points to 24,706, while the Nasdaq fell 0.81%, or 60 points to 7,352, while the S&P 500 fell 0.68%, or 19 points to 2,711.
Starbucks, Amazon Push Back Against Seattle's Big Business Tax
Seattle passed a tax on businesses in the city making more than $20 million annually, and two of the international businesses that were started in the city are voicing their displeasure.
Amazon (AMZN) says that it will reconsider its expansion plans in the city after the City Council voted to approve a tax of $540 per employee per year on big businesses.
"We are disappointed by today's City Council decision to introduce a tax on jobs. While we have resumed construction planning for Block 18, we remain very apprehensive about the future created by the council's hostile approach and rhetoric toward larger businesses, which forces us to question our growth here," Amazon said in a statement Tuesday.
Meanwhile, Starbucks (SBUX) also slammed the new tax.
"This City continues to spend without reforming and fail without accountability, while ignoring the plight of hundreds of children sleeping outside. If they cannot provide a warm meal and safe bed to a five year-old child, no one believes they will be able to make housing affordable or address opiate addiction. This City pays more attention to the desires of the owners of illegally parked RVs than families seeking emergency shelter," John Kelly, senior vice president, Global Public Affairs & Social Impact at Starbucks, said in a statement.
Apple Music Adds 10 Million Subscribers in Just Over a Year
Apple (AAPL) CEO Tim Cook told Bloomberg Television that Apple Music now has 50 million paid subscribers, up 10 million from the 40 million the company said it had last April.
Based on those numbers, Apple is averaging about 4 million conversions a month to paid subscriptions, allowing the company to make up for cancellations. If this growth trajectory continues, Apple will have about 60 million paid Apple Music subscribers before the holiday season, three years after its launch.
Industry leader Spotify (SPOT) boasts about 75 million paid subscribers.
Casinos Give Back Some Gains From Sports Betting Bump
Gaming stocks were coming back down to earth Tuesday after jumping following the Supreme Court's ruling that a previous law prohibiting states from legalizing sports gambling was not constitutional.
Gaming investors snapped up shares Monday, but were selling Tuesday.
Wynn Resorts (WYNN) shares were down 0.66%, Penn National Gaming (PENN) was down 0.12%, MGM Resorts (MGM) shares were down 0.45%. Caesars Entertainment (CZR) was one of the few stocks in the green, rising 1.4%.
Uber Changes Sexual Assault Policy to Allow Victims to Go to Court
Previously, signing Uber's terms of service agreement meant that passengers gave up their rights to pursue litigation against drivers who had been accused of sexual assault.
The ride-hailing company announced that it was changing its policy that forces arbitration on passengers who claim they were sexually assaulted.
Two weeks ago, a CNN report revealed that there were sexual assault accusations against at least 103 Uber drivers in the U.S.
U.S. futures were falling ahead of the opening bell Tuesday, indicating a soft open for markets following a strong day of trading Monday.
Dow futures were falling 0.34%, indicating an open 85 points lower, while Nasdaq futures declined 0.31%, indicating an open 22 points lower, and S&P futures fell 0.22%, indicating an open 6 points lower.
Asian markets were mixed as the U.S. and China engage in trade negotiations. The Hang Seng fell 1.23% while the Shanghai Composite rose 0.57% and the Nikkei dropped 0.21%.
In Europe, stocks were mostly higher with the CAC40 rising 0.25%, the DAX gaining 0.11% and the FTSE 100 rising 0.2%.