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Wall Street ekes out gain, Apple cuts revenue forecast after the bell

NEW YORK (Reuters) - Wall Street edged higher on Wednesday after stumbling out of the starting gate on the first trading day of 2019, while fears of a global economic slowdown were exacerbated after Apple cut its holiday-quarter revenue forecast. Apple (AAPL.O) dropped 8 percent in extended trading late in the day after the iPhone maker slashed its outlook for the December quarter, blaming weak demand in China. Shares of Apple’s suppliers also fell, and S&P 500 futures ESv1 dropped 1.3 percent, signaling that Wednesday’s modest advance could unwind when the market reopens on Thursday. “To see Apple’s sales drop off this much says something about the…

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No progress toward ending U.S. shutdown in Trump meeting with lawmakers

WASHINGTON (Reuters) - No agreement came out of a meeting between U.S. congressional leaders and President Donald Trump on Wednesday to end a partial government shutdown now in its 12th day as the president stuck to his demand for $5 billion in border wall funding fiercely opposed by Democrats. Congressional leaders are expected to return to the White House on Friday to resume talks, signaling the shutdown will likely stretch into the weekend. The White House convened the meeting to try to convince Democrats that funding a wall on the southern border with Mexico was a pressing security need. Instead, Democratic leaders cut off Homeland Security Secretary…

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Shares skid as Apple warning stokes growth fears, ‘flash crash’ sweeps currencies

SHANGHAI (Reuters) - Shares in Asia fell on Thursday and U.S. stock futures dropped sharply after Apple Inc cut its revenue forecast due in part to weaker sales in China, adding to concerns about the slowing global economy. FILE PHOTO: Pedestrians are reflected on an electronic board showing stock prices outside a brokerage in Tokyo, Japan December 27, 2018. REUTERS/Kim Kyung-HoonThe Cupertino, California-based tech giant blamed fewer iPhone upgrades and slowing sales in China for the rare revenue warning, its first since 2007. Its shares (AAPL.O) tumbled 8 percent in after-hours trade. The news also sparked a ‘flash crash’ in holiday-thinned currency markets as investors rushed to…

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S&P 500 futures fall sharply after Apple cuts guidance

Customers walk past an Apple logo inside of an Apple store at Grand Central Station in New York, U.S., August 1, 2018. REUTERS/Lucas JacksonSAN FRANCISCO (Reuters) - S&P 500 futures EScv1 fell 1.5 percent as trading resumed late on Wednesday after Apple (AAPL.O) cut its forecast for the holiday quarter. Apple dropped 7.5 percent and iPhone component suppliers also fell as investors worried about softer demand across the technology industry. Reporting by Noel Randewich; Editing by James DalgleishOur Standards:The Thomson Reuters Trust Principles.

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U.S. demands Russia explain American’s detention on spying charges

BRASILIA/MOSCOW (Reuters) - The United States wants an explanation for why Russia detained a former U.S. Marine on spying charges in Moscow and will demand his immediate return if it determines his detention is inappropriate, Secretary of State Mike Pompeo said on Wednesday. U.S. Ambassador to Russia Jon Huntsman visited the detained man, Paul Whelan, at a detention facility in Moscow and spoke by phone with his family, the State Department said. The United States had expressed concern through diplomatic channels over delayed access to Whelan, who was detained on Friday, a department spokesman said in a statement. “We’ve made clear to the Russians our expectation that…

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For Shanahan, a very public debut in Trump’s cabinet

WASHINGTON (Reuters) - Patrick Shanahan was thrust into the spotlight during his debut as acting U.S. defense secretary on Wednesday, sitting next to President Donald Trump as he publicly disparaged Shanahan’s predecessor, lampooned the war in Afghanistan and called Syria a land of “sand” and “death.” The former deputy defense secretary officially took office during the New Year’s holiday on Tuesday, issuing a statement saying that he looked “forward to working with President Trump to carry out his vision.” Trump’s vision for the second half of his four-year term in office came into view on Wednesday as he spoke exhaustively during a cabinet meeting about America’s wars,…

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Senate will not consider House Democratic bills to end shutdown: Republican McConnell

U.S. Senate Majority Leader Mitch McConnell (R-KY) is surrounded by reporters as he returns from meeting with President Donald Trump and Democratic leaders at the White House, to the U.S. Capitol in Washington, U.S. January 2, 2019. REUTERS/Jonathan ErnstWASHINGTON (Reuters) - U.S. Senate Republican leader Mitch McConnell said on Wednesday the Senate will not consider bills Democrats plan to vote on in the House on Thursday that would end the government shutdown but not include President Donald Trump’s demand for $5 billion for a border wall. “The Senate will not waste its time considering a Democratic bill which cannot pass this chamber and which the president will…

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Senate panel sets confirmation hearing for attorney general nominee

WASHINGTON (Reuters) - The U.S. Senate Judiciary Committee said on Wednesday it would hold confirmation hearings on Jan. 15 and 16 for Attorney General nominee William Barr, who has come under fire from Democrats for his criticism of the special counsel’s Russia probe. If confirmed by the Republican-controlled Senate, Barr would take over from Matthew Whitaker, who has been serving as acting attorney general since President Donald Trump forced out Jeff Sessions in November. The committee’s statement did not give details on the planned hearings. Senate Democratic leader Chuck Schumer said last month that a memo Barr wrote criticizing Special Counsel Robert Mueller’s investigation into possible Russian…

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Tesla Reports Record Output, but Cuts Prices, and Its Shares Plunge

Tesla reported a record quarter on Wednesday, and investors responded with a sell-off.The automaker said it delivered 63,150 Model 3 sedans in the fourth quarter, 13 percent more than in the third quarter. But even that gain fell short of some analysts’ expectations.The growth rate was also well off that of the third quarter, when Model 3 sales more than doubled amid a rush of initial orders as Tesla began high-volume production of the car, on which it has staked its future.And even while the fourth quarter brought overall sales of 90,000 for the first time, the company said Wednesday that it was cutting prices of all…

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