Closing Bell
The major U.S. indices fell across the board Monday as the investors wait for news after the closing bell on the Trump administrations latest plans for tariffs on $200 billion in Chinese imports.
The Dow Jones Industrial Average lost 0.35%, or 93 points to 26,062, while the S&P 500 dropped 0.56%, or 16 points to 2,889, and the Nasdaq dropped 1.43% in its worst performance in over a month to 7,896.
Elon Musk Sued by Vernon Unsworth for Libel, Slander
A couple of weeks ago Elon Musk responded to a Twitter user, saying that if his assertion that Vernon Unsworth is a "pedo guy" is false then why hadn't Unsworth sued him for his comments.
You don't think it's strange he hasn't sued me? He was offered free legal services. And you call yourself @yoda …
— Elon Musk (@elonmusk) August 28, 2018
Monday, Unsworth officially filed a lawsuit against the Tesla (TSLA) CEO alleging libel, assault and slander, according to online court records seen by Reuters. The BBC is reporting that the lawsuit seeks $75,000 in damages as well as an injunction barring Musk from making further allegations
The suit was filed in California. A separate suit in London will also follow, according to the lawsuit.
Tesla shares are up 0.5% in afternoon trading Monday.
Tyson Foods CEO Is Stepping Down Over Personal Reasons
Tyson Foods (TSN) CEO Tom Hayes is stepping down at the end of September for personal reasons, the company announced Monday. There were no incidences of personal misconduct or integrity issues that has prompted Hayes' departure, Tyson said.
Hayes will be replaced by Noel White, a Tyson executive who has overseen the company's chicken, beef and pork processing operations.
Hayes is less than two years into his tenure as head of the struggling $23 billion meat products producer.
Tyson shares are down 0.55% to $63.05 in afternoon trading Monday.
Saudi Fund Pours $1 Billion into Tesla Rival Lucid
Saudi Arabia's sovereign wealth fund invested $1 billion in electric vehicle startup Lucid Motors, propping up the Tesla Inc. (TSLA) rival as it struggled to secure financing over the past year.
Lucid will use the funding to complete engineering development and testing for its Air vehicle, construct its factory in Arizona and begin the global roll out of its retail strategy in North America.
"The convergence of new technologies is reshaping the automobile, but the benefits have yet to be truly realized," Peter Rawlinson, chief technology officer of Lucid, who is also a former executive at Tesla, said in a statement. "This is inhibiting the pace at which sustainable mobility and energy are adopted. At Lucid, we will demonstrate the full potential of the electric connected vehicle in order to push the industry forward."
Tesla shares are down 0.2% Monday morning.
Amazon Probe Reveals Employee Data Leaks for Bribes
Amazon (AMZN) shares are down nearly 4% after the company revealed that it is investigating employee data leaks that may have given confidential information to independent merchants selling products on Amazon.
The practice is particularly active in China, according to the Wall Street Journal, with payments ranging from $80 to more than $2,000 buying internal sales metrics and reviewers' email addresses. That money also could buy a service to delete negative reviews from the website and also restore banned accounts.
"We hold our employees to a high ethical standard and anyone in violation of our Code faces discipline, including termination and potential legal and criminal penalties," Amazon said in a statement, according to the Journal.
Jamie Dimon Gives Donald Trump Credit for Strong Economy
JPMorgan Chase (JPM) CEO Jamie Dimon is no longer beefing with the President of the country after walking back some of his criticisms of Donald Trump.
"I shouldn't have said it. And I [did] more out of frustration and a little of my own machismo. But I shouldn't have said it and so... it also proves I wouldn't be a good politician," Dimon told ABC News Sunday.
Those comments follow up Dimon's contention last week that he would beat Trump in a presidential race because Dimon is smarter than him. That comment resulted in a comment from Trump basically saying that he would mop the floor with Dimon in an election.
"When President Trump was elected, confidence skyrocketed . . . and that has helped the economy," Dimon said. "It's impossible to tease out how much, but it has helped the economy, just like President Obama helped to stop the economy from getting much worse. . . . He should take some credit."
Premarket
U.S. futures are lower ahead of Monday's opening bell as markets seek direction following new tensions between the U.S. and China, world's two largest trade partners.
Dow futures are falling 0.06%, indicating an open 17 points lower, while S&P futures declined 0.1%, indicating an open 3 points lower, and Nasdaq futures declined 0.23%, indicating an open 17 points lower.
Asian markets are mixed with the Nikkei gaining 1.2%, the Hang Seng declined 1.3% and the Shanghai Composite fell 1.11%.
In Europe, markets are lower across the board. The FTSE 100 was down 0.11%, the DAX dropped 0.33% and the CAC 40 fell slightly with about four hours left in trading.
