Stocks traded cautiously Tuesday as tensions and trade concerns worried investors.
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The latest U.S. sanctions on Iran drew a sharp rebuke from the Islamic Republic on Tuesday, with Iranian President Hassan Rouhani calling the economic crackdown “outrageous and idiotic.”
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Tensions between Tehran and Washington heightened last week after an Iranian missile shot down an unmanned U.S. spy drone over the Strait of Hormuz.
Investors are looking toward the upcoming U.S.-China trade talks to help reduce tensions of a trade war that is damaging the global economy.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26668.09 | -59.45 | -0.22% |
| SP500 | S&P 500 | 2944.74 | -0.61 | -0.02% |
| I:COMP | NASDAQ COMPOSITE INDEX | 8000.623715 | -5.07 | -0.06% |
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Later this week, Trump and Chinese President Xi Jinping are expected to meet at the G-20 summit in Japan.
Jerome Powell, the Chairman of the Federal Reserve will be sitting down at the Council on Foreign Relations for a discussion on the economy and monetary policy on Tuesday afternoon.
AbbVie announced Tuesday it inked a deal to buy Allergan for about $63 billion.
The pharmaceutical company will be acquired in a cash and stock deal, with the transaction equity value based on AbbVie’s closing stock price of $78.45 on Monday.
Lennar Corp rose 4.1 percent after the No. 2 U.S. homebuilder reported a 35.8 percent rise in quarterly profit, selling more as mortgage rates fell.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| ABBV | ABBVIE INC. | 68.82 | -9.63 | -12.27% |
| AGN | ALLERGAN PLC | 166.90 | +37.33 | +28.81% |
| LEN | LENNAR | 51.77 | +0.36 | +0.70% |
In Asia, China’s Shanghai was down 0.87 percent, snapping a six-session winning streak. Hong Kong’s Hang Seng fell 1.2 percent and Japan’s Nikkei closed down 0.4 percent.
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In Europe, London’s FTSE was little changed, Germany’s DAX slipped 0.1 percent and France’s CAC was also off by 0.1 percent.Trump said the order will target Iran’s Supreme Leader Ayatollah Ali Khamenei and associates with additional financial sanctions.
