Stocks Slide On Trump Comments -- US Commentary

(RTTNews) - U.S. stocks fell Tuesday, unable to sustain positive momentum from the previous session despite overtures from China.

China will cut the import tariffs it charges on cars to 15 percent, which will give a boost to foreign automakers in the world's largest market, especially for US automakers.

The Chinese Finance Ministry Tuesday said that it will cut import duties on passenger vehicles from 25% to 15%, starting July 1.

Still, U.S. President Donald Trump says he's "not really" pleased with China's trade talks so far.

The Dow Jones Industrial Average closed 178.88 points, or 0.7%, lower to 24,834.65. The S&P 500 index fell 8.54 points, or 0.3% to 2,724.46. Meanwhile the Nasdaq Composite declined 15.58 points, or 0.2% to 7,378.46.

Kohl's Corp. announced the company now expects its adjusted fiscal 2018 earnings per share to be $5.05 to $5.50, compared to its prior guidance of $4.95 to $5.45. Shares tumbled 7%.

JCPenney shares fell 7% after the abrupt resignation of the company's CEO Marvin Ellison left for Lowe's.

Ellison will take over at Lowe's as president and CEO, effective July 2. He succeeds Robert A. Niblock, who previously announced his intention to retire. Lowe's shares fell 1.5%.

Car makers inched higher after the China tariff news.

Micron shares jumped 7.4% after a deal with Intel. The chipmaker raised quarterly guidance Monday.

Macy's Inc. shares fell 4.3% even after the department store retailer was upgraded to positive from neutral at Susquehanna Financial Group.

Adobe will buy e-commerce platform Magento in $1.68 billion deal. Adobe shares were up fractionally.