In politics, a new book by journalist Bob Woodward suggests that President Donald Trump deliberately tried to underestimate the severity of the coronavirus pandemic in public briefings, based on a series of interviews Woodward conducted with Trump between December and July.
Also Wednesday, Democratic presidential nominee Joe Biden rolled out his “Made in America” tax policy, while campaigning in Michigan, which includes a proposed new offshoring penalty and a minimum 21% corporate tax on all foreign earnings, but a 10% tax credit for any companies making investments to create U.S. jobs, such as by revitalizing existing facilities that have been closed.
Economic data showed that U.S. employers posted more job openings in July but hired fewer workers than in June, the Labor Department reported, as early-summer optimism about reopening businesses faded. There were 6.6 million job openings posted, not far off the pre-pandemic average.
Which companies were in focus?
Slack Technologies Inc. /zigman2/quotes/212180539/composite WORK +0.48% shares slid 13.9%, despite results late Tuesday that unexpectedly showed the collaboration software company broke even in its latest quarter.
Shares of Tiffany & Co. slumped 6.4% after LVMH Moet Hennessy /zigman2/quotes/201350549/delayed FR:MC +2.16% said it wouldn’t be able to complete the previously announced takeover of the U.S. luxury goods retailer “as it stands.” LVMH cited a letter from the French government asking for a delay in light of the threat of tariffs on French products by the U.S., as well as Tiffany’s request to extend the deadline from Nov. 24 to Dec. 31.
Snowflake Inc. outlined plans to raise up to $2.74 billion in its initial public offering, which includes orders from Berkshire Hathaway Inc. /zigman2/quotes/200060694/composite BRK.B +1.10% /zigman2/quotes/200060694/composite BRK.B +1.10% and Salesforce.com Inc. /zigman2/quotes/200515854/composite CRM -0.47% , in a filing with the Securities and Exchange Commission late Tuesday.
Walmart Inc. shares rose 1% Tuesday after the retailer announced it was testing a drone delivery program.
J.C. Penny Co . has come closer to locking down buyers, The Wall Street Journal reported, noting that mall operators Simon Property Group /zigman2/quotes/209746667/composite SPG +2.23% and Brookfield Property Partners were set to buy the struggling retailer out of bankruptcy for about $800 million .
How did other markets trade?
The yield on the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.47% was up 2 basis point at 0.702% as investors prepared for a heavy week of supply that could push prices lower. Bond prices move inversely to yields.
The ICE U.S. Dollar Index /zigman2/quotes/210598269/delayed DXY -0.17% , which tracks the performance of the greenback against its major rivals, was down 0.2% to 93.25, reversing earlier gains.
Gold futures rose 0.6% to settle at $1,954.90 an ounce. U.S. crude oil benchmark futures /zigman2/quotes/211629951/delayed CL.1 -0.61% jumped 3.5% to end at $38.05 a barrel, while global benchmark Brent crude /zigman2/quotes/211756000/delayed UK:BRN.1 -0.07% gained 2.5% to settle at $40.79, putting it back over the key $40 a barrel threshold, despite questions about the demand outlook.
The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.90% ended 1.6% higher, while the U.K.’s benchmark FTSE /zigman2/quotes/200549425/delayed FR:UKX +0.59% gained 1.4%. In Asia, Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.61% fell 0.6% to close at 24,468.9, while Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.14% , settled at 23,032.5, down 1%.
<STRONG>William Watts contributed reporting</STRONG>