BUSINESS BRIEFS
Technology companies took sharp losses for a third day in a row Monday, and U.S. indexes closed lower. Twitter skidded 8 percent, and Google parent company Alphabet gave up 1.8 percent. Tech companies have done better than the rest of the market for more than a year, but weak reports from Twitter and Facebook have sent it lower.
Energy companies rose with oil prices. U.S. crude climbed 2.1 percent to $70.13 a barrel.
The S&P 500 index fell 16 points, or 0.6 percent, to 2,802. The Dow Jones Industrial Average lost 144 points, or 0.6 percent, to 25,306. The Nasdaq composite fell 107 points, or 1.4 percent, to 7,630.
Bond prices fell. The yield on the 10year Treasury note rose to 2.98 percent.
Fed is set to leave rates alone as trade war raises anxiety
The Federal Reserve will meet this week to assess an economy that has just enjoyed a healthy spurt of growth but faces a flurry of trade fights pushed by President Donald Trump that could imperil that growth over time.
If those concerns weren’t enough, Trump has openly expressed his displeasure at the Fed’s interest rate increases – something no president has done publicly in more than 2 decades.
No one expects the Fed to announce a rate increase when its latest policy meeting ends Wednesday. But the central bank is widely expected to set the stage for tightening credit again in September for a third time this year and then likely raise rates once again by December. This year’s rate increases follow three hikes in 2017 and one each in 2015 and 2016.
50 years on, McDonald’s isn’t messing with its Big Mac
McDonald’s is fighting to hold onto customers as the Big Mac turns 50, but it’s not messing with the makings of its most famous burger.
The company is celebrating the 1968 national launch of the double-decker sandwich, whose ingredients of “two all-beef patties, special sauce, lettuce, cheese, pickles, onions on a sesame seed bun” were seared into American memories by a TV jingle. But the milestone comes as the company reduces its number of U.S. stores and customers visit less often.
The “Golden Arches” still have a massive global reach, and the McDonald’s brand of cheeseburgers, chicken nuggets and french fries remains recognizable around the world. But on its critical home turf, the company is toiling to stay relevant.