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What you need to know on Wall Street today
Hello. Here's what you need to know on Wall Street today.
President Donald Trump on Thursday attacked Amazon on Twitter, one day after a report said he was "obsessed" with going after it.
Trump tweeted about the company the day afterthe news website Axios reportedthat the president was considering action over the way the online giant is taxed and uses the US Postal Service.
"I have stated my concerns with Amazon long before the Election,"Trump tweeted. "Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business!"
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Other tech giants continue to grapple with headwinds as well. Facebook is shutting down the use of third-party data for ad targeting as part of its Cambridge Analytica cleanup.
At Tesla, an under-the-radar crisis is brewing. The company has lost over $5 billion in value this week — and its future looks ominous. Are robots Tesla's problem?
Here's what else is happening:
- The biggest healthcare mergers of the year shouldn't happen — period
- ALBERT EDWARDS: The "sickly aroma of recession" is spreading across the globe
- There's an eye-popping statistic that shows turbulence in tech stocks may just be getting started
- MACQUARIE: "Reality is just fake news" — and it's making it impossible to value assets
- Tim Cook moves on from Steve Jobs' hatred of porn on the iPhone: "I'm not making fun of it"
- FAANG stocks are a "dead trade"
- America's rich people are freaked out about Trump's newest policy push
- Trump reportedly might target Japan as a currency manipulator
Lastly, Macy's is copying Amazon in its latest attempt to lure customers back to its stores.
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