Closing Bell
U.S. equities had a roller coaster day Tuesday, with all three major indices spending time in both positive and negative territory before ending the day with just the Nasdaq gaining ground.
The Dow Jones Industrial Average lost 0.26%, or 70 points to 26,492, while the S&P 500 lost 0.13%, or 4 points to 2,916. Meanwhile, the Nasdaq gained 0.185, or 14 points to 8,007.
FDA Considers Banning Online e-Cigarette Sales
The Food and Drug Administration is considering banning online e-cigarette sales, Commissioner Scott Gottlieb said Tuesday.
Gottlieb said that the regulatory agency was "very clearly looking at" banning the online sale of the traditional cigarette alternatives at a panel discussion on vaping that was hosted by news organization Axios.
The ban could help curb e-cigarette smoking among high school students. The number of underage smokers using e-cigarettes has jumped about 75% over the past 30 days, according to data from the Centers for Disease Control.
Monsanto's Round Up Weed Killer Is Helping Kill Bees
Monsanto, which was recently acquired by Germany's Bayer AG for $63 billion, and its controversial weed killer Roundup are in the news once again.
This time, a paper by Erick Motta, a University of Texas grad student, published in Proceedings of the National Academy of Sciences accuses glyphosate, the main ingredient in Roundup, of being responsible for the increase in honeybee deaths.
The bees, which globally are responsible for about 80% of pollination, according to Greenpeace, are more susceptible to infection in death due to exposure to round up.
BMW Bottom Line Is the Latest Victim of U.S./China Trade War
BMW is bearish on its 2018 top- and bottom-line results, the company said Tuesday, blaming its struggles on the costs of implementing new emissions standards in Europe as well as the burgeoning trade war between the U.S. and China.
"The continuing international trade conflicts are aggravating the market situation and feeding uncertainty," BMW said in a statement. "These circumstances are distorting demand more than anticipated and leading to pricing pressure in several automotive markets."
Fellow German automaker Daimler also previously warned that the dispute between China and America is hurting is business. BMW shares fell more than 5% in Germany Tuesday.
U.S. Is Prepared to Ratify NAFTA Deal Without Canada
The U.S. is prepared to go ahead with a new NAFTA-style agreement with its neighbors without Canada being involved, U.S. Trade Representative Robert Lighthizer said Tuesday.
"We're not going to say 'no deal because of Canada.' That doesn't make any sense at all," he told a U.S. Chamber of Commerce gathering, according to CNBC. "We're certainly not going to give up. They're a huge trading partner of the United States. But we're going to have a high-standard deal, we're not going to have a low-standard deal."
The U.S. has already reached a deal with Mexico, which the country is determined to sign with President Enrique Pena Nieto before he leaves office on September 30.
Michael Kors Buys Versace for $2 Billion
Michael Kors (KORS) shares are up slightly Tuesday morning after the hand bag and accessories maker announced that it is acquiring luxury Italian brand Versace for $2.12 billion.
The completion of the cash-and-stock deal will result in the company's name changing to Capri Holdings. Kors will then trade under the symbol CPRI.
Donatella Versace, Santo Versace and Allegra Versace will become shareholders in Capri and will receive 150 million euros from the company's purchase.
Comcast Wins Sky Share Auction, Purchases 30% Stake
Comcast (CMCSA) is now the owner of 30% of British broadcaster Sky after topping rival Fox (FOXA) in a takeover auction over the weekend.
Comcast now owns about 516 million shares of Sky, according to a filing statement from the London Stock Exchange, with plans to make further purchases at a price of 17.28 pounds per share.
The Sky Independent Committee recommended that its shareholders accept the offer from Comcast immediately.
"As the price of the Comcast Offer is materially superior, it is in the best interests of all Sky shareholders to accept the Comcast Offer," the committee said.
Premarket
U.S. futures are rising ahead of Tuesday's market open as markets remain resilient amid trade friction between the U.S. and China.
Dow futures are rising 0.29%, indicating an open 77 points higher, while S&P futures gained 0.23%, indicating an open 7 points higher, and Nasdaq futures rose 0.14%, indicating an open 11 points higher.
Asian markets are mixed, with the Shanghai Composite and Hang Seng falling 0.58% and 1.62% respectively while the Nikkei rose 0.29%.
European markets are gaining, with the FTSE 100 rising 0.57%, the DAX rising 0.31%, and the CAC 40 gaining 0.31%.
