Stock are sliding this morning.
Near 11:48 a.m. ET, the Dow was down 243 points, the S&P 500 was off 23 points, and the Nasdaq was down 62 points. During the trading session on Monday, the Dow gained as many as 250 points and finished higher to sidestep an eight-day losing streak that would have been its worst in four years.
(Investing.com)
The Dow
The big markets news overnight came from China, where the central bank devalued its currency. The People's Bank of China fixed the yuan midpoint at 6.2298 against the dollar and weakened it 1.85% below Monday's closing level. It's part of an effort to make exports more competitive.
The dollar strengthened against the yuan to the highest level in nearly three years.
The other big news Tuesday, announced after the closing bell Monday, is Google's restructuring. The tech giant is going to be subsumed under a new parent company called Alphabet. The "core" Google products like Android and YouTube will be part of Google, while other products including Google Capital and Nest will be managed by Alphabet.
Several analysts say this will bring greater transparency to the company, since it will report detailed revenues on the core products.
Google shares were up nearly 6% in premarket trading.
Also this morning, 12-member oil group OPEC said its oil production surged to a three-year high in July. Iran was one of the biggest producers, and is expected to further boost output for exports when economic sanctions are lifted. Crude oil prices are getting clobbered, and West Texas Intermediate crude oil crashed to a six-year low in New York.
Energy stocks on the S&P 500 fell nearly 2% after rallying by the same magnitude on Monday.
In economic data, the July survey from the National Federation of Independent Business showed that wages are on the rise. Nearly a quarter (23%) of all companies surveyed reported raising compensation, up from 21% in June.
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