Stocks Lost Ground on Growth Fears

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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