Closing Bell
The major U.S. averages rose across the board Tuesday, in spite of the fact that all three spent time in the red to start the session.
The Dow Jones Industrial Average rose 0.44%, or 114 points to 25,971, while the S&P 500 rose 0.37%, or 11 points to 2,888, and the Nasdaq rose 0.61%, or 48 points to 7,972.
Amazon Business Is on Track for $10 Billion in Annual Sales
Amazon's (AMZN) Amazon Business segment is on track to generate more than $10 billion in revenue this year, just three years after Amazon launched Amazon Business.
Amazon Business, which sells business supplies to companies, has thoroughly disrupted the business supply industry that had been dominated by retailers like Office Max and Staples.
Amazon said that it serves more than 55 of the Fortune 100 companies, more than half of the 100 biggest hospital systems in the country and more than 40% of the 100 most populous local governments.
Amazon shares are up 1.4% Tuesday afternoon.
Tesla Bull Calls for Musk's Resignation
Tesla (TSLA) just lost one of its staunchest defenders due to concerns over the behavior of CEO Elon Musk in recent weeks.
Romit Shah of Nomura lowered his rating to "neutral" from "buy" over issues with management that he believes will weigh on the company.
"We have been one of the most bullish on TSLA shares since initiating coverage last October. ... We continue to believe that Tesla could be a lot bigger than it is today," analyst Romit Shah said. "The issue though is the erratic behavior of CEO Elon Musk. During the second quarter, the switch seemingly flipped. ... We are worried that this behavior is tainting the Tesla brand, which in terms of value is most important."
The Hang Seng Is Officially in Bear Market Territory
The Hang Seng index in Hong Kong fell into bear market territory Tuesday, marking a 20% decline from the high it reached on January 26.
The index fell 0.7% Tuesday as trade tensions with the U.S. and concerns about China's stagnating economy weight on the index. A little more than half of the Hang Seng's 50 components are mainland Chinese companies.
The Shanghai Composite, China's other major index, fell into bear market territory in June.
The decline is a result of the Trump administration's hard line on global trade. Last week President Trump announced that the U.S. was levying another $267 billion in taxes on Chinese imports.
People Are Spending Less Time on Facebook, Nielsen Says
Facebook (FB) is seeing engagement fall, according to data research firm Nielsen, with users spending about 7% less time from a year ago on the social network.
"Overall, including Facebook, Messenger, Instagram and WhatsApp, Facebook's share of digital consumption was at 15.2% vs. 16.9% in the year-ago period," Neilsen's report said. "To the extent that Facebook continues to hold a share of consumption at around 15%, it implies Facebook is over-monetizing vs. the industry to a significant degree."
Facebook is also skewing older, according to another study by Common Sense Media, which showed that only 15% of respondents aged 13 to 17 saw Facebook as their "go-to social site" compared to 68% of that group in 2012.
Facebook shares are up 1.46% Tuesday.
Renesas Buys Chip Maker for $6.7 Billion
Renesas Electronics Corp. (RNECY) announced that it will buy California-based Integrated Device Technology (IDTI) for $6.7 billion as the Japanese company looks to expand its presence in automakers.
Renesas has proposed to pay $49 per share for the company, a nearly 29.5% premium over IDT's stock price at the end of August. Renesas will finance the deal through a $6.1 billion loan.
Premarket
U.S. futures are falling ahead of Tuesday's opening bell as America prepares to memorialize the 17-year anniversary of the September 11 terror attacks.
Dow futures are down 0.46%, indicating an open 120 points lower, while S&P futures are down 0.28%, indicating an open 8 points lower, Nasdaq futures are down 0.32%, indicating an open 24 points lower.
In Asia, the Shanghai Composite and Hang Seng dropped 0.18% and 0.72% respectively, while the Nikkei jumped 1.3%.
In Europe, the FTSE 100 fell 0.67%, the DAX rose 0.69%, and the CAC 40 gained 0.36% with about four hours left in trading.
