The three major U.S. averages all closed Thursday's session in the red, with the Dow Jones Industrial Average snapping a fourth-day winning streak and the S&P 500 declining for the first time in three days.
The Dow fell 0.53%, or 134 points to 25,065, while the S&P 500 fell 0.39%, or 11 points to 2,804, and the Nasdaq declined 0.37%, or 29 points to 7,825.
Trump's Comments on Currency Manipulation Results in Dollar Tanking
The dollar was falling and gold was rising after President Trump complained of unfair currency manipulation by China and the EU in a wide-ranging interview with CNBC.
However, the dollar was able to recover and trade back in the green, up 0.03% to 95.12. Meanwhile gold, which is seen as a safe haven investment pared losses to almost trade in the green, before declining again.
During the interview, which is set to air in full Friday, Trump said, "You look at the euro. You look at whats going on with the EU. And they're not doing what we're doing and we already have somewhat of a disadvantage, but I am turning that into an advantage."
"You know last year, and for years, we have been losing $150 billion with the EU nations. And they're making money easy and their currency is falling. And China, their currency is dropping like a rock. And our currency is going up. And I have to tell you, it puts us at a disadvantage," Trump said.
Donald Trump Isn't Happy With the Federal Reserve
Donald Trump has been an unconventional president in many respects during his tenure, add criticizing the Federal Reserve to the list of his breaks from convention.
The President told CNBC that while Fed Chairman Jerome Powell is "a very good man," he is not "thrilled" with his leadership after the central bank raised interest rates twice this year and has signaled that it may raise the baseline rate two more times before the year is over.
"Because we go up and every time you go up they want to raise rates again. I don't really - I am not happy about it. But at the same time, I'm letting them do what they feel is best. But I don't like all of this work that goes into doing what we're doing," Trump said in an interview that is slated to air in full Friday.
Starbucks to Open First Signing Store in DC
Starbucks (SBUX) announced that it will open its first Starbucks Signing Store in Washington D.C., catering to and offering employment opportunities for deaf and people hard of hearing.
The store is set to open in October, located on 6th and H St NE, just blocks away from Gallaudet University, the most prestigious university for deaf students in the country.
Starbucks opened its first Signing Store in Malaysia in 2016.
Ford Recalls 500,000 Cars Due to Rollaway Risk
Ford (F) is recalling more than half a million vehicles due to the risk of the cars rolling away while appearing to be in park.
About 504,182 Escape SUVs and Fusion sedans are the subjects of the recall. The failure of a faulty shifter cable bushing could cause the transmission to be in a gear different from the one displayed.
"A degraded shifter cable bushing that detaches from the transmission may allow the transmission to be in a gear state different than the gearshift position selected by the driver," Ford said in a statement.
The model year for the recalled vehicles ranges from 2013 to 2016.
Philip Morris Gets Pummeled on Earnings, Revenue Cut
Philip Morris (PM) reported a 23% increase in year over year earnings, but its forward-looking guidance is causing investors to flee the stock in trading Thursday.
Philip Morris shares are down 5.3% Thursday in spite of the company reporting net income of $2.2 billion, or $1.41 a share, blowing away analyst expectations by 18 cents per share.
Revenue for the period also increased double digits, 12% to $7.7 billion. Analysts were expecting revenue of $7.5 billion.
However, the company now expects to earn between $5.02 and $5.12 per share this year, down from its previous view between $5.25 and $5.40 per share.
Comcast Is No Longer Interested in Fox, but It Is Doubling Down on Sky
Comcast (CMCSA) announced that it will no longer pursue a bid for 21st Century Fox (FOXA) media assets, giving a win to Disney (DIS) which agreed to purchase numerous Fox movie and television assets for $71 billion.
However, Comcast did say that it will instead focus on pursuing Sky, the British broadcaster that Fox has been attempting to purchase for years. In fact, Disney CEO Bob Iger has called Sky a "crown jewel" of his pursuit of Fox assets, according to the Wall Street Journal.
Brian L. Roberts, Chairman and CEO, Comcast Corporation, said, "I'd like to congratulate Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company."— Carl Quintanilla (@carlquintanilla) July 19, 2018
U.S. futures were falling across the board Thursday before the opening bell as a few big hitters prepare to release their earnings reports in the midst of the second quarter earnings season.
Dow futures were falling 0.23%, indicating an open 58 points lower, while S&P futures declined 0.25%, indicating an open 7 points lower, and Nasdaq futures fell 0.29%, indicating an open 22 points lower.
Asian markets fell across the board with the Shanghai Composite falling 0.53%, the Hang Seng declining 0.39% and the Nikkei falling 0.13%.
European markets were also declining with the FTSE 100 being the lone index in the green, rising 0.19%, while the DAX and CAC 40 fell 0.37% and 0.44% respectively.