U.S. stocks ended sharply lower on Tuesday after weak economic data in China and Europe reignited worries about global growth. The Dow Jones Industrial Average dropped 140.25 points, or 0.78%, to 17,750.91. The S&P 500 slumped 18.06 points, or 0.87%, to 2,063.37. The Nasdaq Composite fell 54.37 points, or 1.13%, to 4,763.22.
A private gauge of nationwide factory activity in China fell to 49.4 in April from 49.7 in March, Caixin Media Co. and research firm Markit said Tuesday.China’s official manufacturing PMI, a competing gauge, came in at 50.1 in April compared with 50.2 in March.
The Reserve Bank of Australia cut interest rates for the first time in a year, in a bid to combat record-low inflation and a strong local currency. The cash rate target was cut by one-quarter of a percentage point to a new low of 1.75%.
Tesla Motors Inc. is drifting dangerously close to a big quarterly loss and a yearly sales miss, analysts at UBS said in a note to clients Tuesday. Tesla is expected to report first-quarter results after the bell on Wednesday.
Google will collaborate with Fiat Chrysler Automobiles to put its self-driving car technology into 100 Pacifica minivans, the CEOs of both companies told USA TODAY.
CBS Q1 earnings for 2016 were well above analyst expectations, coming in at $1.02 per share on revenue of $3.85 billion, according to data released on Tuesday.
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