Closing Bell
All three major indices closed Wednesday's session in the red, one session after escalating trade war rhetoric sent all three indices tumbling more than 1%.
The Nasdaq led the way lower, falling 1.54%, or 117 points to 7,445, while the S&P 500 fell 0.86%, or 23 points to 2,700, and the Dow Jones Industrial Average dropped 0.68%, or 165 points to 24,118.
Lyft Is Now Valued at $15.1 Billion Following Funding Round
Uber rival Lyft is now valued at $15.1 billion following a funding round in which it raised $600 million, primarily from existing investors, about six months after it raised $1.5 billion at an $11.5 billion valuation.
Last April, Lyft was valued at $7.5 billion, meaning the ride-hailing company has doubled its valuation in just over a year.
Lyft estimates that it holds 35% of the U.S. ride-sharing market.
JPMorgan Reorganizes Chinese Investment Operations
JPMorgan (JPM) is changing its banking operations in China ahead of anticipated regulatory changes in the country.
The bank has created seven new groups of investment banking operations including financial services, technology and new mobility, including bike-sharing companies, according to the Wall Street Journal.
The move is also an attempt to cater to "new economy" companies that are popping up in China.
Last month, JPMorgan applied to Chinese regulators to launch a joint-venture brokerage in the country that it would hold a 51% stake in.
Automakers to Warn Trump of Dire Consequences from Tariffs
The Alliance of Automobile Manufacturers, which represents General Motors (GM) , Toyota (TM) , Volkswagen (VLKAY) and other major automakers said that it will file written comments with the U.S. Commerce Department later this week warning the Trump administration of the negative consequences of his pursuit of tariffs on imported vehicles.
The trade group says that a 25% tariff on imported passenger vehicles would cost American consumers $45 billion annually, or an extra $5,800 per vehicle.
"Nationwide, this tariff would hit American consumers with a tax of nearly $45 billion, based on 2017 auto sales. This would largely cancel out the benefits of the tax cuts," the group said in a statement previewing the comments, according to Reuters.
Facebook Reverses Crypto Advertising Ban Policy
Facebook (FB) announced that it is reversing its position and revising its ban on cryptocurrency advertising just weeks after adopting the policy.
While the company is softening its rules, it still will not accept advertising for binary options and ICOs.
"In the last few months, we've looked at the best way to refine this policy - to allow some ads while also working to ensure that they're safe. So starting June 26, we'll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we'll continue to prohibit ads that promote binary options and initial coin offerings," Facebook said in a statement.
Comcast's Bid for Fox Isn't Going Away
Comcast (CMCSA) isn't taking no for an answer and is searching for extra cash to up its bid for entertainment assets currently owned by 21st Century Fox FOXA, sources told the Wall Street Journal.
Fox prefers to sell the assets to common rival Disney (DIS) , but Comcast hopes that a bid in the $90 billion range could force Fox shareholders to reconsider the company's position.
Fox and Disney reached a $52.4 billion all-stock deal in December which Comcast then topped with a $65 billion all-cash offer earlier this month. Disney then upped its bid to $71.3 billion.
Man Dies on United Airlines Flight From Houston to Boston
A United Airlines (UAL) plane traveling from Houston to Boston was diverted to Washington D.C. Tuesday night after a passenger died on the flight after a medical emergency.
The jet was met by medics on the runway, but they were too late to save the passenger.
"We are saddened to learn that our customer passed away. We extend our sincerest condolences to their family," United spokesperson Jonathan Guerin said in a statement Wednesday. "Our crew used all the available equipment including an AED defibrillator."
Twitter Makes It Harder for Spammers
Twitter (TWTR) is attempting to limit the number of phony or spam accounts by requiring new signups to provide a verified email address or phone number in order to access the social media network.
Additionally, the company said that it will start "auditing existing accounts for signs of automated signup."
Twitter says the average number of spam reports submitted by users has dropped from about 25,000 per day in March to about 17,000 a day in May. The company attributes this drop to users seeing less spam in their feeds.
Premarket
Dow futures were falling, at one point indicating an open down triple digits, but markets were turning up after the President pushed back against reports that his administration was planning to impose limits on Chinese investment in American tech companies.
Dow futures were down 0.1%, indicating an open 24 points lower, while S&P futures fell 0.05%, indicating an open 1 point lower, and Nasdaq futures fell 0.21%, indicating an open 15 points lower.
Asian markets missed the good news and fell sharply Wednesday with the Hang Seng dropping 1.82%, the Shanghai Composite declining 1.1% and the Nikkei dropping 0.31%.
In Europe, the FTSE 100 was up 0.4%, the DAX gained 0.27% and the CAC 40 rose 0.25%.
