Big stocks fall while smaller shares rise
NEW YORK — Banks and other large U.S. stocks fell Thursday, but smaller companies in the Russell 2000 index climbed, making for a mixed finish on Wall Street.
Trade issues again weighed on the market as representatives of the auto industry told Congress they oppose tariffs on imports of vehicles and parts being proposed by the Trump administration. General Motors’ stock slid 1.4 percent, while Tesla’s fell 1.1 percent. Auto-parts retailer BorgWarner lost 2.1 percent.
Major banks’ shares fell as interest rates decreased. Weak second-quarter results also weighed on shares of American Express, which fell 2.7 percent, and Bank of New York Mellon, which fell 5.2 percent.
Companies that make and distribute drugs fell after the Trump administration proposed changes to rules on drug-price rebates.
Aluminum producers sank after Alcoa said the U.S. tariffs on imported aluminum cost it at least $12 million a month. Utilities and real estate investment trusts, which pay big dividends, fared well.
Considered alternatives to bonds, they tend to do well when bond yields fall, as happened Thursday.
Columbus Yellow Cab will receive $30,000 in rebates that will go toward replacing 10 vehicles in its fleet with new electric taxis.
The rebates are from Smart Columbus as part of its push to accelerate the adoption of electric vehicles in central Ohio, educate the public about electric vehicles, and capture data on electricvehicle use.
Yellow Cab was the sole applicant for the rebates that Smart Columbus announced in June.
The money is from the $ 10 million grant awarded to Columbus by the Paul G. Allen Philanthropies as the winner of the Smart City Challenge.
A second round of funding, expected in October, will provide rebates for 30 additional vehicles.
David Neeleman, the founder of JetBlue and a major investor in the Portuguese airline TAP and Brazilian carrier Azul, says he is leading a group of investors to create an airline in the United States.
“After years of U.S. airline consolidation, the conditions are improving for a new generation of U.S. airlines to emerge, focused on passengers, service and satisfaction,” Neeleman said in a statement.
The investors group made a commitment with European aircraft-manufacturer Airbus to buy 60 A220-300 jets, with deliveries to begin in 2021.
Neeleman has not publicly elaborated on his plans, but Airline Weekly, citing unnamed sources, reported that the new carrier will be called Moxy and will be backed with $100 million in startup funding provided by Neeleman and other industry investors.
A Google-affiliated company has chosen Kenya as the home of its first announced commercial deal for delivering internet access to hard-to-reach areas using high-altitude balloons.
Loon, which is linked to Google through parent company Alphabet Inc., said it will work with Telkom Kenya to deliver 4G/LTE cellular access to Kenya in 2019.
The balloons will be tested in central Kenya, which has been difficult to serve due to mountainous or inaccessible terrain.
The high-altitude balloons have been deployed in emergencies in Peru and Puerto Rico, where they helped regions devastated by floods and hurricanes.
Facebook also has been trying to deliver the internet via solar-powered drones. Last year, it completed a test
Target will begin rolling out speedy service for thousands of products by the end of the month in New York, less than a year after spending $550 million to acquire the same-day delivery company Shipt.
Rapid delivery has become the new front in retail, with every major player attempting to beat, or at least match, Amazon.com in its reach.
Target begun same-day deliveries using Shipt in other parts of the country, including Ohio, Illinois, Michigan and Texas.
Consumers must sign up for Shipt, which is regularly priced at $ 99 for an annual membership.
Those who sign up before Aug. 14 will pay $49.