Wall Street poised for declines as new China talks loom and Trump administration probes Silicon Valley giants. The top three equity benchmarks are all expected to open with declines on Wednesday ahead of the latest round of trade talks between the U.S. and China. An investigation by the Department of Justice into several top technology firms also sent shares of Amazon, Apple, Facebook and Google down in after-hours trading. On the earnings front, Boeing, AT&T, Anthem, Ford Motor Co., Caterpillar and Facebook all report financial results through June today.
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Robert Mueller testifies in front of the U.S. House of Representatives: Members of the House Intelligence and Judiciary committees will question the special counsel on Wednesday on his recent report, which found no collusion between the Trump administration and Russia but outlined several incidents of potential obstruction of justice that alarmed even some congressional Republicans. The Department of Justice warned Mueller to keep his testimony restricted to public information available in the report. The hearing kicks off at 8:30 a.m. and is expected to last all day.
The Trump administration launches a major antitrust investigation into Silicon Valley giants. The Department of Justice will examine how top companies obtained their dominance in the marketplace and whether it has reduced competition or harmed consumers. While the release from the agency announcing the probe did not name specific companies, it is widely expected to focus on Apple, Amazon, Google and Facebook. The Justice Department vowed to ‘seek redress” if necessary.
Neil Armstrong’s death reportedly resulted in a $6 million settlement for the astronaut’s family. Two of Armstrong’s sons claimed his death was caused by hospital mistreatment after complications arose following bypass surgery when nurses removed the wires to the new pacemaker, prompting internal bleeding. The settlement was detailed in 93-pages of case documents obtained by the New York Times.
A tornado swept across Cape Cod after the heatwave that ravaged the Midwest and East Coast. The tornado began midday on Tuesday and wreaked havoc on the resort area during one of the busiest tourism times. No individuals were harmed, but 212,000 homes and businesses reportedly lost electricity. That follows the hundreds of thousands of people who lost power as a result of the recent heatwave.