US Stocks fell sharply yesterday, with the S&P 500 and Nasdaq having their worst day of the year, after China decided to raise tariffs on some U.S. goods as the ongoing trade war between the world’s largest economies intensifies.
Amazon wants its employees to start their own businesses — delivering packages for Amazon. The company announced a program that will offer employees who quit their jobs $10,000 plus three months’ gross salary to start companies delivering Amazon packages. The announcement comes just two weeks after Amazon announced it will offer one-day shipping for members of its $119-a-year Amazon Prime program. Amazon said it expected to spend $800 million in the second quarter on implementing that new, faster delivery option.
President Donald Trump’s latest appointee to the Supreme Court joined with liberal justices yesterday to green light a consumer class action accusing Apple of monopolizing the market for iPhone apps. Justice Brett Kavanaugh, wrote the majority opinion holding that iPhone owners qualified as “direct purchasers” with the right to sue Apple for allegedly monopolizing the market for apps through its App Store. Apple’s stock fell 6% on the news.
Shares of Boeing fell to their lowest since Jan. 7 on jitters the company’s 737 Max family could be grounded longer than Wall Street had anticipated. The Wall Street Journal reported that the 737 Max planes would not be expected to return to the skies before the end of the summer travel rush.