Nike wants to meet your feet.

The sneaker seller will launch a foot-scanning tool on its app this summer that will measure and remember the length, width and other dimensions of customers’ feet after they point a smartphone camera to their toes. The app will then tell shoppers what size to buy each of its shoes in, which Nike hopes will cut down on costly online returns as it seeks to sell more of its goods through its websites and apps. 

But Nike will also get something it has never had before: a flood of data on the feet of regular people, a potential goldmine for the shoemaker, which says it will use the information to improve the design of its shoes. Nike mainly relies on the feet of star athletes to build its kicks.

“Nikes will become better and better fitting shoes for you and everyone else,” said Michael Martin, who oversees Nike’s websites and apps. 

Nike won’t sell or share the data to other companies, Martin says. And he says shoppers don’t have to save the foot scans to their Nike accounts. But if they do, they’ll only have to scan their feet once and Nike’s apps, websites and stores will know their dimensions every time they need to buy sneakers. Workers at Nike stores will also be equipped with iPods to do the scanning, replacing those metal sizing contraptions. 

The challenging part for Nike is convincing people they need to measure their feet in the first place. Most think they already know what their shoe size is, says Brad Eckhart, who was an executive at shoe store chain Finish Line and is now a principal at retail consultancy Columbus Consulting, 

But Nike says it gets half a million complaints a year from customers related to fit and sizing. And it admits what many shoppers have already suspected: Each of its shoe styles fit differently, even if they are in the same size. A leather sneaker may be tighter and require a bigger size. Knit ones may be more forgiving. And shoelaces can throw everything off.

Shoe size is “effectively a lie,” said Martin. “And it’s a lie that we’ve perpetuated.”

Matt Powell, a sports industry analyst at NPD Group Inc., says the tool might be most valuable for people who want to run or play basketball in their sneakers, since the wrong fit can cause injury. But Powell says most people buy sneakers just to walk around in.

Still, finding the right size is a problem for shoppers: “There really is no industry standard for what is a size 10,” Powell said. 
…

From: MeNeedIt

U.S. communications regulators are rejecting a Chinese telecom company’s application to provide service in the U.S. due to national-security risks amid an escalation in tensions between the two countries.

The Federal Communications Commission on Thursday voted unanimously, 5-0 across party lines, to reject China Mobile International USA Inc.’s long-ago filed application. The Commerce Department had recommended that denial last year.

The company, which the FCC says is ultimately owned by the Chinese government, applied in 2011 to provide international phone service in the U.S.

The Trump administration has been pushing against China in several ways. It has been pressuring allies to reject Chinese telecom equipment for their networks, citing security risks from Chinese telecom giant Huawei.

The U.S. and China are also in the middle of high-stakes trade talks.

 
…

From: MeNeedIt

U.S. communications regulators are rejecting a Chinese telecom company’s application to provide service in the U.S. due to national-security risks amid an escalation in tensions between the two countries.

The Federal Communications Commission on Thursday voted unanimously, 5-0 across party lines, to reject China Mobile International USA Inc.’s long-ago filed application. The Commerce Department had recommended that denial last year.

The company, which the FCC says is ultimately owned by the Chinese government, applied in 2011 to provide international phone service in the U.S.

The Trump administration has been pushing against China in several ways. It has been pressuring allies to reject Chinese telecom equipment for their networks, citing security risks from Chinese telecom giant Huawei.

The U.S. and China are also in the middle of high-stakes trade talks.

 
…

From: MeNeedIt

Facebook co-founder Chris Hughes says it’s time to break up the social media behemoth.

He says in a New York Times opinion piece that CEO Mark Zuckerberg has allowed a relentless focus on growth to crush competitors and “sacrifice security and civility for clicks.”

Hughes says Facebook is a monopoly and should be forced to spin off WhatsApp and Instagram. He says future acquisitions should be banned for several years

Hughes roomed with Zuckerberg at Harvard and left Facebook in 2007 to campaign for Barack Obama.

He says he liquidated his Facebook shares in 2012, the year he became publisher of The New Republic.

Last year, Hughes published a book advocating a universal basic income. In 2017, Forbes put his net worth at more than $400 million.
…

From: MeNeedIt

U.S. law enforcement officials announced on Wednesday the indictment of two Israeli operators of a website that referred hundreds of thousands of users to underground internet marketplaces to purchase drugs, weapons and other illegal products.  

Tal Prihar, 37, an Israeli citizen living in Brazil, and Michael Phan, 34, who lives in Israel, were indicted by a federal grand jury in Western Pennsylvania with money laundering in connection with operating DeepDotWeb, a website that served as a gateway to the Darkweb, the internet’s dark underbelly where users can purchase and exchange illegal products.

Prihar was arrested by French authorities in Paris Monday and faces likely extradition to the U.S. Phan was arrested on Monday in Israel and faces charges there.  Prosecutors declined to say whether they’ll seek Phan’s extradition to the U.S.

The two Israeli nationals operated DeepDotWeb from 2013 to late last month when it was taken down by the FBI, collecting more than $15 million in commissions for directing users to various marketplaces such as the now defunct AlphaBay.

The users, in turn, purchases hundreds of millions of dollars worth of illegal drugs, firearms, malicious software, hacking tools, and stolen financial information and credit cards, according to prosecutors.

About 24 percent of all orders on AlphaBay, which was one of the largest Darkweb marketplaces before it was seized by the FBI in 2017, were associated with an account created through a referral link provided by DeepDotWeb.

Scott W. Brady, the U.S. attorney for Western Pennsylvania, said DeepDotWeb’s takedown represents a major blow to the Darknet economy.

“This is the single most significant law enforcement disruption of the Darknet to date,” Brady said at a press conference in Pittsburgh.  “While there have been successful prosecutions of various Darknet marketplaces, this prosecution is the first to attack the infrastructure supporting the Darknet itself.”

Darknet marketplaces operate on Tor, a computer network that facilitates anonymous communication and transactions over the internet.   Tor marketplaces can’t be found via a Google search. To access a marketplace, a user needs the site’s exact .onion url, a top level domain suffix designating an anonymous service reachable via the Tor network.

To address this problem, DeepDotWeb provided pages of hyperlinks to various marketplaces such as AlphaBay Market and Hansa Market, allowing users to navigate the marketplaces and collecting a commission each time a user made a purchase.

 
…

From: MeNeedIt

In the U.S., there’s an old saying that there are only two things that are certain in life: death and taxes.

But as it turns out, death is way more certain than taxes in the United States.

Corporations and some wealthy individuals, including President Donald Trump, are able to legally avoid any federal taxation in some years by deducting business expenses such as capital investments, charitable donations, interest on their home loans, health care costs and numerous other write-offs from their corporate or personal income.

In a report late Tuesday, The New York Times said from 1985 to 1994, Trump lost more than $1 billion in his real estate business operations and paid no federal income taxes in eight of those 10 years.

Trump called the report inaccurate but did not dispute any specific facts. He said it was “sport” for developers to game the U.S. tax code so they did not have to pay taxes.

Unlike U.S. presidents for the past four decades, Trump has balked at releasing his tax returns, although opposition Democratic lawmakers in the House of Representatives are seeking, so far unsuccessfully, to get him to divulge his returns for the last six years. A court fight over the dispute is possible.

The independent Tax Policy Center estimates that in 2018, 44% of Americans paid no federal income tax under the country’s progressive sliding scale of taxation, where those making the most money, in the hundreds of thousands of dollars, pay a higher percentage tax than those with way less annual income.

Various provisions of the U.S. tax code, such as the standard deduction to reduce taxable income or such allowable itemized deductions as for making donations to charities or for expenses to operate a business from home, can sharply reduce income subject to federal taxation.

But even those individuals not subject to any federal taxation, however, likely have paid payroll taxes, payments to cover mandatory withholding from their paychecks to fund the government’s pension plan for older and retired workers, and health insurance for Americans over 65. About three-quarters of American households pay federal income taxes, the payroll taxes or both.

The median annual U.S. household income is $56,516, meaning half earn more, half less.

According to one recent survey of nearly 130,000 American consumers, the average American spends $10,489 each year in federal, state, and local income taxes, about 14% of the average survey respondent’s gross income.

In the corporate world, however, with the tax overhaul pushed to passage by Trump and Republican lawmakers in 2017 that cut the basic federal corporate tax rate from 35% to 21%, 60 of the biggest U.S. corporations avoided paying any taxes last year, according to the Washington-based Institute on Taxation and Economic Policy.

The research group said these companies should have paid a collective $16.4 billion in federal income taxes, but instead, with various legal deductions from their income, received a net tax rebate of $4.3 billion.

It reported that among the 60 profitable U.S. corporations paying no federal income taxes last year were some of the country’s best known businesses, including General Motors, Amazon, Chevron, Netflix, Delta Air Lines, IBM, Goodyear Tire & Rubber, and Eli Lilly.

 
…

From: MeNeedIt

In the U.S., there’s an old saying that there are only two things that are certain in life: death and taxes.

But as it turns out, death is way more certain than taxes in the United States.

Corporations and some wealthy individuals, including President Donald Trump, are able to legally avoid any federal taxation in some years by deducting business expenses such as capital investments, charitable donations, interest on their home loans, health care costs and numerous other write-offs from their corporate or personal income.

In a report late Tuesday, The New York Times said from 1985 to 1994, Trump lost more than $1 billion in his real estate business operations and paid no federal income taxes in eight of those 10 years.

Trump called the report inaccurate but did not dispute any specific facts. He said it was “sport” for developers to game the U.S. tax code so they did not have to pay taxes.

Unlike U.S. presidents for the past four decades, Trump has balked at releasing his tax returns, although opposition Democratic lawmakers in the House of Representatives are seeking, so far unsuccessfully, to get him to divulge his returns for the last six years. A court fight over the dispute is possible.

The independent Tax Policy Center estimates that in 2018, 44% of Americans paid no federal income tax under the country’s progressive sliding scale of taxation, where those making the most money, in the hundreds of thousands of dollars, pay a higher percentage tax than those with way less annual income.

Various provisions of the U.S. tax code, such as the standard deduction to reduce taxable income or such allowable itemized deductions as for making donations to charities or for expenses to operate a business from home, can sharply reduce income subject to federal taxation.

But even those individuals not subject to any federal taxation, however, likely have paid payroll taxes, payments to cover mandatory withholding from their paychecks to fund the government’s pension plan for older and retired workers, and health insurance for Americans over 65. About three-quarters of American households pay federal income taxes, the payroll taxes or both.

The median annual U.S. household income is $56,516, meaning half earn more, half less.

According to one recent survey of nearly 130,000 American consumers, the average American spends $10,489 each year in federal, state, and local income taxes, about 14% of the average survey respondent’s gross income.

In the corporate world, however, with the tax overhaul pushed to passage by Trump and Republican lawmakers in 2017 that cut the basic federal corporate tax rate from 35% to 21%, 60 of the biggest U.S. corporations avoided paying any taxes last year, according to the Washington-based Institute on Taxation and Economic Policy.

The research group said these companies should have paid a collective $16.4 billion in federal income taxes, but instead, with various legal deductions from their income, received a net tax rebate of $4.3 billion.

It reported that among the 60 profitable U.S. corporations paying no federal income taxes last year were some of the country’s best known businesses, including General Motors, Amazon, Chevron, Netflix, Delta Air Lines, IBM, Goodyear Tire & Rubber, and Eli Lilly.

 
…

From: MeNeedIt

If a rising tide lifts all boats, then Vietnam may find that there is a related saying in economics: when the tide goes out, you will see who was swimming naked.

The Southeast Asian country has fared fairly well amid the trade frictions around the world, with its foreign investment and gross domestic product continuing to grow. But even Vietnam is not immune if a recession hits the global economy, as some are expecting, which is why they are bracing for a hard landing. News this week that U.S. President Donald Trump plans to increase tariffs on Chinese goods has just added to the frictions, sending Asian stock markets plummeting.

An economic downturn — in other words, the tide going out — could expose vulnerabilities for Vietnam, the equivalent of those swimming naked. Most analysts are forecasting slower GDP growth for Vietnam in the year ahead.

Economic slowdown ahead

It “is important to recognize that the region continues to face heightened pressures that began in 2018 and that could still have an adverse impact,” said Andrew Mason, who is acting as the chief economist for the World Bank in the East Asia and Pacific region. “Continued uncertainty stems from several factors, including further deceleration in advanced economies, the possibility of a faster-than-expected slowdown in China, and unresolved trade tensions.”

His office projects the Vietnamese economy will expand 6.6 percent in 2019, while researchers at Capital Economics peg growth at an even lower rate of 6 percent year-on-year. That compares with the annualized rate of 7.1 percent in 2018.

The pending slowdown, if it comes, would be due to a variety of reasons, not least among them global demand. If more and more countries see their economies decelerate — because of the trade wars or otherwise — they will buy fewer goods from Vietnam. As an export-led economy based on factory products, Vietnam is extremely sensitive to the knock-on effects of foreign trade and consumption.

Another key risk factor for the economy is the portfolio of state-owned enterprises. The government has not divested its shares in the enterprises as quickly as planned. At the same time it faces a growing burden from tax and spending needs.

Public debt and a budget deficit

“Fiscal policy is also likely to become less supportive. Vietnam has one of the highest levels of public debt and the largest budget deficit in the region,” Capital Economics, an economic research company, said in a note to investors. “Tighter policy, in the form of slower spending growth and higher taxes, is needed to bring debt levels down to more sustainable levels.”

Both the company and the World Bank agree that, besides public debt, private debt poses a notable challenge in the country as well, especially at banks. Lenders have not completely offloaded their non-performing loan problem, which refers to loans that are unlikely to be repaid. That contributes to tightening credit, which can be a blessing and a curse.

“On the plus side, weaker credit demand is needed to reduce risks in the financial sector and put the economy on a more sustainable footing,” Capital Economics wrote. “But in the near term a slowdown in credit growth will drag on consumption and investment growth.”

Large trade deals

All of this comes during a transition period for Vietnam, which is preparing for new trade deals like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the European Union-Vietnam Free Trade Agreement. Academic researchers Tran Thi Bich Nhan and Do Thi Minh Huong say the transition period will create plenty of opportunities, but not everyone will come out ahead.

“In terms of society, the increased competition from participating in FTAs can push some companies in developing countries, primarily state-owned enterprises and companies with outdated production technology, into difficulties, bringing along the possibility of unemployment for a portion of the workforce,” Nhan and Huong wrote in the finance ministry’s official newspaper.

If Vietnam adds to that a slowdown in the global economy, workers and other vulnerable groups are most likely to be hardest hit. While the overall impact of a recession is generally negative, some say there is a silver lining. When the tide goes out, it can help distinguish between the efficient and inefficient companies, distinguish between an economy’s strengths and the weaknesses to be addressed. But no one expects it to be a pleasant process.
…

From: MeNeedIt

If a rising tide lifts all boats, then Vietnam may find that there is a related saying in economics: when the tide goes out, you will see who was swimming naked.

The Southeast Asian country has fared fairly well amid the trade frictions around the world, with its foreign investment and gross domestic product continuing to grow. But even Vietnam is not immune if a recession hits the global economy, as some are expecting, which is why they are bracing for a hard landing. News this week that U.S. President Donald Trump plans to increase tariffs on Chinese goods has just added to the frictions, sending Asian stock markets plummeting.

An economic downturn — in other words, the tide going out — could expose vulnerabilities for Vietnam, the equivalent of those swimming naked. Most analysts are forecasting slower GDP growth for Vietnam in the year ahead.

Economic slowdown ahead

It “is important to recognize that the region continues to face heightened pressures that began in 2018 and that could still have an adverse impact,” said Andrew Mason, who is acting as the chief economist for the World Bank in the East Asia and Pacific region. “Continued uncertainty stems from several factors, including further deceleration in advanced economies, the possibility of a faster-than-expected slowdown in China, and unresolved trade tensions.”

His office projects the Vietnamese economy will expand 6.6 percent in 2019, while researchers at Capital Economics peg growth at an even lower rate of 6 percent year-on-year. That compares with the annualized rate of 7.1 percent in 2018.

The pending slowdown, if it comes, would be due to a variety of reasons, not least among them global demand. If more and more countries see their economies decelerate — because of the trade wars or otherwise — they will buy fewer goods from Vietnam. As an export-led economy based on factory products, Vietnam is extremely sensitive to the knock-on effects of foreign trade and consumption.

Another key risk factor for the economy is the portfolio of state-owned enterprises. The government has not divested its shares in the enterprises as quickly as planned. At the same time it faces a growing burden from tax and spending needs.

Public debt and a budget deficit

“Fiscal policy is also likely to become less supportive. Vietnam has one of the highest levels of public debt and the largest budget deficit in the region,” Capital Economics, an economic research company, said in a note to investors. “Tighter policy, in the form of slower spending growth and higher taxes, is needed to bring debt levels down to more sustainable levels.”

Both the company and the World Bank agree that, besides public debt, private debt poses a notable challenge in the country as well, especially at banks. Lenders have not completely offloaded their non-performing loan problem, which refers to loans that are unlikely to be repaid. That contributes to tightening credit, which can be a blessing and a curse.

“On the plus side, weaker credit demand is needed to reduce risks in the financial sector and put the economy on a more sustainable footing,” Capital Economics wrote. “But in the near term a slowdown in credit growth will drag on consumption and investment growth.”

Large trade deals

All of this comes during a transition period for Vietnam, which is preparing for new trade deals like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the European Union-Vietnam Free Trade Agreement. Academic researchers Tran Thi Bich Nhan and Do Thi Minh Huong say the transition period will create plenty of opportunities, but not everyone will come out ahead.

“In terms of society, the increased competition from participating in FTAs can push some companies in developing countries, primarily state-owned enterprises and companies with outdated production technology, into difficulties, bringing along the possibility of unemployment for a portion of the workforce,” Nhan and Huong wrote in the finance ministry’s official newspaper.

If Vietnam adds to that a slowdown in the global economy, workers and other vulnerable groups are most likely to be hardest hit. While the overall impact of a recession is generally negative, some say there is a silver lining. When the tide goes out, it can help distinguish between the efficient and inefficient companies, distinguish between an economy’s strengths and the weaknesses to be addressed. But no one expects it to be a pleasant process.
…

From: MeNeedIt

Google’s self-driving car spinoff, Waymo, is teaming up with Lyft in Arizona to attempt to lure passengers away from ride-hailing market leader Uber.

The alliance announced Tuesday will allow anyone with the Lyft app in the Phoenix area to summon one of the 10 self-driving Waymo cars that will join the ride-hailing service by end of September.

Waymo’s robotic vehicles will still have a human behind the wheel to take control in case something goes awry with the technology. But their use in Lyft’s service could make more people feel comfortable about riding in self-driving cars.

Self-driving to a profit

Both Lyft and Uber consider self-driving cars to be one of the keys to turning a profit, something neither company has done so far. Meanwhile, Waymo has been slowly expanding its own ride-hailing service in the Phoenix area that so far has been confined to passengers who previously participated in free tests of its self-driving technology.

“We’re committed to continuously improving our customer experience, and our partnership with Lyft will also give our teams the opportunity to collect valuable feedback,” Waymo CEO John Krafcik wrote in a blog post.

Lyft President John Zimmer described the Waymo partnership as “phenomenal” in a Tuesday conference call. Uber didn’t respond to a request for comment.

The new threat to Uber is emerging as the San Francisco company pursues an initial public offering of stock that could raise $9 billion when the deal is completed later this week. Lyft raked in more than $2 billion in its own IPO in March, only to see its stock fall nearly 20% below its offering price amid concerns about its ability to make money, a challenge magnified by another loss of $1.1 billion during the first three months of the year.

Waymo invests in both

Waymo’s corporate parent, Alphabet Inc., is in line to be among the biggest winners in Uber’s IPO just as it was in the Lyft IPO. Alphabet owns a 5% stake in Uber that will be worth as much as $3.6 billion if Uber realizes its goal of selling its stock for as much as $50 per share. It also holds a 5% stake in Lyft that is currently worth $761 million.

Despite their financial ties, Waymo and Uber have had an acrimonious relationship since becoming entangled in a thorny case of alleged high-tech theft.

Waymo accused Uber of orchestrating a scheme to steal some of its autonomous driving technology. That came after Uber’s former CEO Travis Kalanick began to suspect Waymo was planning to use its self-driving cars in a rival ride-hailing service.

The two sides settled that dispute last year in a deal that required Uber to give Alphabet another bundle of stock that was worth $245 million at the time the truce was reached.

The agreement also requires Uber to submit to reviews by a software expert to ensure it isn’t misusing any of Waymo’s technology in its effort to build its own self-driving cars, a process that recently uncovered some potentially “problematic” issues, according to discloses made as part of Uber’s IPO. Uber warned the problems could require it to pay a licensing fee to Waymo or delay its efforts to introduce self-driving cars in its service.
…

From: MeNeedIt

Google’s self-driving car spinoff, Waymo, is teaming up with Lyft in Arizona to attempt to lure passengers away from ride-hailing market leader Uber.

The alliance announced Tuesday will allow anyone with the Lyft app in the Phoenix area to summon one of the 10 self-driving Waymo cars that will join the ride-hailing service by end of September.

Waymo’s robotic vehicles will still have a human behind the wheel to take control in case something goes awry with the technology. But their use in Lyft’s service could make more people feel comfortable about riding in self-driving cars.

Self-driving to a profit

Both Lyft and Uber consider self-driving cars to be one of the keys to turning a profit, something neither company has done so far. Meanwhile, Waymo has been slowly expanding its own ride-hailing service in the Phoenix area that so far has been confined to passengers who previously participated in free tests of its self-driving technology.

“We’re committed to continuously improving our customer experience, and our partnership with Lyft will also give our teams the opportunity to collect valuable feedback,” Waymo CEO John Krafcik wrote in a blog post.

Lyft President John Zimmer described the Waymo partnership as “phenomenal” in a Tuesday conference call. Uber didn’t respond to a request for comment.

The new threat to Uber is emerging as the San Francisco company pursues an initial public offering of stock that could raise $9 billion when the deal is completed later this week. Lyft raked in more than $2 billion in its own IPO in March, only to see its stock fall nearly 20% below its offering price amid concerns about its ability to make money, a challenge magnified by another loss of $1.1 billion during the first three months of the year.

Waymo invests in both

Waymo’s corporate parent, Alphabet Inc., is in line to be among the biggest winners in Uber’s IPO just as it was in the Lyft IPO. Alphabet owns a 5% stake in Uber that will be worth as much as $3.6 billion if Uber realizes its goal of selling its stock for as much as $50 per share. It also holds a 5% stake in Lyft that is currently worth $761 million.

Despite their financial ties, Waymo and Uber have had an acrimonious relationship since becoming entangled in a thorny case of alleged high-tech theft.

Waymo accused Uber of orchestrating a scheme to steal some of its autonomous driving technology. That came after Uber’s former CEO Travis Kalanick began to suspect Waymo was planning to use its self-driving cars in a rival ride-hailing service.

The two sides settled that dispute last year in a deal that required Uber to give Alphabet another bundle of stock that was worth $245 million at the time the truce was reached.

The agreement also requires Uber to submit to reviews by a software expert to ensure it isn’t misusing any of Waymo’s technology in its effort to build its own self-driving cars, a process that recently uncovered some potentially “problematic” issues, according to discloses made as part of Uber’s IPO. Uber warned the problems could require it to pay a licensing fee to Waymo or delay its efforts to introduce self-driving cars in its service.
…

From: MeNeedIt

U.S. stocks slid Tuesday as escalating trade tensions between the United States and China triggered global growth fears and drove investors away from riskier assets.

The Dow Jones Industrial Average posted its second-biggest daily percentage drop of the year, while the S&P 500 and Nasdaq registered their third-biggest percentage drops, even as the major indexes pared losses to end off their session lows.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin said late Monday that China had backtracked from commitments made during trade negotiations. Those comments followed President Donald Trump’s unexpected statement Sunday that he would raise tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent.

Beijing said Tuesday that Chinese Vice Premier Liu He will visit the United States Thursday and Friday for trade talks. Additional tariffs are set to take effect Friday if a trade agreement is not reached by then.

Investor concerns

Monday’s comments from Lighthizer and Mnuchin raised concerns among some investors that trade talks between China and the United States could take much longer to resolve than previously thought.

“Week after week, we’ve heard there has been progress and that a deal would be reached,” said Kate Warne, investment strategist at Edward Jones in St. Louis. “Now the goalposts have moved. There’s been quite a shift in expectations.”

Investors expressed concern that additional tariffs, if imposed, could interrupt supply chains and hamper economic growth.

“The threat of tariffs has not been trotted out since the end of December,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. “It could disrupt the symbiosis between (China and the United States).”

Stocks sensitive to trade 

Trade-sensitive industrial and technology stocks marked the biggest percentage declines among the S&P 500’s major sectors. All 11 sectors were in the red, with only utilities and energy falling less than 1%.

Shares of Boeing Co., the largest U.S. exporter to China, slipped 3.9%, and shares of Caterpillar Inc., another industrial stalwart sensitive to China, declined 2.3%.

Among technology stocks, Microsoft Inc. shares slid 2.1%, while Apple Inc. shares dropped 2.7%. Apple and Microsoft were the top two drags on the S&P 500.

The CBOE Volatility Index, a gauge of investor anxiety, spiked to its highest level in more than three months.

The Dow Jones Industrial Average fell 473.39 points, or 1.79%, to 25,965.09, the S&P 500 lost 48.42 points, or 1.65%, to 2,884.05 and the Nasdaq Composite dropped 159.53 points, or 1.96%, to 7,963.76.

Bright spots

In a bright spot, American International Group Inc. shares jumped 6.8% after the insurer reported a quarterly profit that blew past expectations.

With earnings season now in its homestretch, first-quarter profits are now expected to rise 1.2%, a sharp improvement from the 2.3% decline expected at the start of the earnings season.

Of the 414 S&P companies that have reported earnings so far, about 75% have surpassed analysts’ estimates, according to Refinitiv data.

Conversely, Mylan NV shares tumbled 23.8%, the most among S&P 500 companies, after the drugmaker reported lower-than-expected quarterly revenue and failed to provide greater clarity on a potential revamp of the company’s strategy.

Declining issues outnumbered advancing ones on the NYSE by a 4.13-to-1 ratio; on Nasdaq, a 3.32-to-1 ratio favored decliners. The S&P 500 posted four new 52-week highs and seven new lows; the Nasdaq Composite recorded 44 new highs and 62 new lows.

Volume on U.S. exchanges was 7.8 billion shares, compared to the 6.71 billion average for the full session over the last 20 trading days.
…

From: MeNeedIt