That’s it for our live coverage of the SALT conference today. Check CNN Business tomorrow to follow Thursday’s lineup.
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Mark Cuban: 'No one cares about Silicon Valley anymore'
From CNN Business' Nathaniel Meyersohn
Silicon Valley is having a moment right now, with Lyft, Pinterest and Uber all going public.
But Mark Cuban and AOL co-founder Steve Case say the next wave of startups will come from outside of Silicon Valley.
“There’s a great entrepreneur in your neighborhood,” Cuban said. He urged investors to back local talent. “It never dawned on me that I should be in Silicon Valley,” he said of his own career.
Case noted that 75% of venture capital funding goes to three states: California, New York and Massachusetts. Case believes that’s a mistake.
“There’s an opportunity to build in the middle of country,” he said. “Investors are missing out.”
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Angelo Mozilo still doesn't get it
From CNN Business' Matt Egan
A decade after Countrywide’s collapse, Angelo Mozilo is still in denial over his mortgage machine’s role in the Great Recession.
“Countrywide is a great company,” Mozilo said on Wednesday from the SALT Conference in Las Vegas.
Financial historians say otherwise. Mozilo, Countrywide’s co-founder, helped pioneer the use of subprime mortgages. These risky loans blew up when home prices unexpectedly plunged.
The perpetually tanned Mozilo became one of the villains of the subprime crisis and ensuing financial meltdown.
“Somehow – for some unknown reason – I got blamed,” Mozilo said.
Mozilo said that blaming Countrywide is “nonsense” because subprime was “not the cause at all” for why the economy tanked.
But subprime did play a central role in sparking the worst financial crisis since the Great Depression. These bad mortgages were packed into securities that became toxic when foreclosures spiked. Bear Stearns nearly collapsed. Lehman Brothers imploded. Financial markets seized up.
Ten years ago, Mozilo said he worried about how the backlash affected his reputation.
The SEC is laser-focused on Tesla CEO Elon Musk’s Twitter account.
At SALT on Wednesday, SEC Commissioner Robert Jackson said the agency was monitoring Musk’s social media use “very closely.”
“I fully expect that he’s going to be held to the deal” he recently struck with the SEC, Jackson said of Musk.
Earlier this year, Musk tweeted that Tesla “will make around 500k [cars] in 2019.” Hours later, Musk sent a follow-up tweet indicating that the company will actually deliver just 400,000 cars this year.
That prompted the SEC to ask a federal judge to hold Musk in contempt for violating the settlement agreement he reached with the agency last year about his social media use.
Jackson said Musk’s tweet that prompted the SEC to go to a federal judge “didn’t follow the agreement that he signed.”
Musk “signed an agreement with the federal government at the behest of a federal judge to do something, and he didn’t do it,” Jackson said. “It’s crystal clear that he didn’t follow the agreement.”
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HP and BlackRock leaders: Shareholders and customers demand diversity
From CNN Business' Nathaniel Meyersohn
Most panels here at SALT are about investment strategies or economic risks. But on Wednesday, leaders from BlackRock (BLK), HP (HPE) and Bank of America (BAC) spoke on a panel about diversity and inclusivity in the finance industry.
Jonathan McBride, managing director and global head of inclusion and diversity at BlackRock, said the firm’s clients were increasingly pressing the company on its diversity policies.
“Inactivity is the more costly place to be,” he said.
Lesley Slaton Brown, chief diversity officer at HP, agreed. “Shareholders are demanding this and customers are demanding this as well.” Brown said HP had increased the number of women in leadership roles by 8% since 2015.
Amanda Pullinger, CEO of 100 Women in Finance, said she was focused on raising the profile of women in the industry. She encouraged top women in finance to speak at conferences and panels and appear on television.
“Get yourself on a stage,” Pullinger said. “We need more women to be seen as experts in their field.”
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What's next for investors on Thursday?
From CNN Business' Anneken Tappe
Wednesday’s trading day is over and we can only hope that markets will calm down as the week draws to a close.
Here’s what’s next for investors.
China reports consumer price inflation numbers for April
On the US economic calendar, trade data and jobless claims are due at 8.30 am ET.
The SALT Conference in Las Vegas is on for another day, with CNN Business’ Matt Egan and Nathaniel Meyersohn at the scene.
Amid all the trade drama, government contractor Parsons (PSN) IPOed today, pricing its shares at $27 per shares. The shares rose 11.$% on their first trading day.
Intel (INTC) was the biggest loser in the Dow, dropping 2.5%.
In the S&P, Diamondback Energy (FANG) led the field of gainers all day, adding 7.8%. TripAdvisor (TRIP) was the weakest company. Its shares dropped 11.4% after earnings.
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Stephen Moore on Trump: 'This guy loves to follow the markets'
From CNN Business' Matt Egan
President Donald Trump checks in on financial markets “every few hours,” according to economic adviser Stephen Moore.
“This guy loves to follow the markets,” said Moore, who until last week was Trump’s pick to join the Federal Reserve.
Speaking at the SALT Conference in Las Vegas, Moore said on Wednesday that recent market turbulence over the White House’s tough stance on China will give Trump “hesitation.”
Last week, Moore withdrew his name from consideration to join the Fed amid a firestorm of controversy over years of disparaging comments he made about women and concerns about his qualifications.
Moore tried to make light of the controversy regarding his comments about women.
“I like women. I just don’t like women’s basketball,” Moore said, though his comment failed to draw any laughter from the sparse conference room.
On China, Moore said that he advised Trump to take as good of a trade deal as he can and then get “really tough with China” after winning re-election.
“This isn’t going to stop now,” Moore said. “This trade dispute with China will last for years and years and years. This is the issue of our time.”
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There's now a gig economy ETF: Here's who is in it
From CNN Business' Paul R. La Monica
SoFi, the personal finance company popular with millennials, has launched a new investment that’s squarely in the wheelhouse of its younger users: a gig economy ETF.
The company said the The SoFi Gig Economy ETF (GIGE) will be run by investment firm Toroso as an actively managed fund. In other words, managers will pick the stocks instead of relying on an index. SoFi also launched a new ETF geared toward high-growth stocks.
Noto left his job as the COO of Twitter in January 2018 to take over as SoFi’s CEO. Interestingly enough, Twitter (TWTR) is the sixth-largest holding in the ETF.
Here’s a look at the top five stocks. They collectively make up more than 20% of the fund.
Other big picks? Eventbrite (EB). Facebook (FB) and Alibaba (BABA). And SoFi said the fund is set up so that companies that just went public can be included about a month after the IPO. So don’t be surprised to see Uber (UBER) show up as a top holding in June.
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Opportunity Zones are not a 'Trump program.' They're 'bipartisan'
From CNN Business' Nathaniel Meyersohn
Hedge fund manager and philanthropist Manny Friedman said the idea to create tax incentives for investments in underdeveloped neighborhoods was “a massive bipartisan effort.”
Friedman was critical of investors and reporters who call the initiative a Trump-inspired program. “This is not a Trump program,” said Friedman, an advocate for Opportunity Zones. “It’s a bipartisan program.”
Friedman said there was a risk to the future of opportunity zones if the White House changes hands in the 2020 election.
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What happens when a bitcoin bull and bear duke it out
From CNN Business' Matt Egan
Things got a little heated when Nouriel “Dr. Doom” Roubini and bitcoin bull Michael Novogratz clashed at SALT on Wednesday.
The bear’s take
Roubini slammed bitcoin as the “mother and father of all bubbles and busts.”
The NYU professor pointed out that bitcoin’s crash was deeper than history’s other bubbles like the dotcom boom and even the tulip mania of the 1630s.
Roubini said bitcoin is subject to “massive manipulation” and has “no future as a currency.”
The bull’s take
Novogratz, the CEO of Galaxy Digital, believes the future is very bright for bitcoin despite the price collapse. He pointed to moves by establishment players like Fidelity into the crypto space and bitcoin’s $100 billion market cap.
Roubini repeatedly took issue with Novogratz cutting him off, saying at one point “let me finish.”
Novogratz tried to make peace with Roubini at the end of the panel by making a friendly bet.
If bitcoin finishes the year above its current price of roughly $6,000, Roubini would have to wear a t-shirt saying bitcoin is great. If bitcoin ends the year below $6,000, Novogratz offered to wear a t-shirt saying: “Nouriel was right.”
Roubini declined the offer, saying: “I don’t care about the price of bitcoin.”
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Here's why investors at SALT are excited
From CNN Business' Nathaniel Meyersohn
Investors are super excited about “Opportunity Zones.”
There are several panels at SALT focusing on opportunity zones — underdeveloped neighborhoods across the nation that are ripe for investment.
As a result of recent tax reform, opportunity zones have become a way for distressed neighborhoods to attract real estate, housing, small business and community development investment. Investors in these projects receive favorable tax treatment.
Peter Brack, founding partner of Hypothesis Ventures, predicted that opportunity zones will “transform the country” in the same way Amazon (AMZN) or Google (GOOGL) have.
“We’re not even in the first inning yet,” he said of opportunity zones. But “if we do what we intend to do, we can do well and do a heck of a lot of good at the same time.”
Brack was also honest about why he’s investing in opportunity zones.
“We’re not looking at this from an impact lens,” he said. “We’re looking at this from a pure, opportunistic thesis.”
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Sam Zell warns of ‘disaster’ if Fed slashes rates like Trump wants
From CNN Business' Matt Egan
Real estate billionaire Sam Zell agrees with President Donald Trump: The American economy would take off if the Federal Reserve slashed interest rates.
“He’s right,” Zell said on Wednesday at the SALT Conference in Las Vegas. “The economy would soar, and so would inflation. And the dollar would fall accordingly.”
“I don’t think there’s any justification for any kind of significant decrease,” Zell said.
Zell warned cutting rates and causing the dollar to plunge would threaten the greenback’s status as the world’s reserve currency.
However, the real estate tycoon credited Trump with confronting China on trade, calling it “probably one of the best things he’s done.”
And Zell thinks fears about tariffs are overdone.
“We’ve had tariffs for more than a year, and the end of the world hasn’t come,” Zell said.
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Anthony Scaramucci: I did something fireable
From CNN Business' David Goldman
Wondering why Anthony Scaramucci thinks he lasted just 10 days in the White House? He’s not shy about it.
Scaramucci will interview former White House Chief of Staff John Kelly at the SALT investors conference in Las Vegas Wednesday. He said won’t be afraid to ask tough questions about their prior relationship.
“I won’t leave the elephant sitting in the room ignored.”
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Sam Zell calls ‘bulls—t’ on $2 trillion infrastructure plan
From CNN Business' Matt Egan
Real estate billionaire Sam Zell isn’t buying the $2 trillion price tag on Washington’s tentative infrastructure agreement.
“I think it’s all bulls—t,” Zell said at the SALT Conference in Las Vegas.
“That $2 trillion number is the number they agreed to because they thought it would create a big headline and it sounded good,” Zell said.
Last month, Democratic congressional leaders announced an agreement with President Donald Trump on a $2 trillion infrastructure plan, though few details have been worked out.
Zell warned that promises to enact an infrastructure plan are unlikely to be delivered for the next few years.
The real estate tycoon also pushed back on the anti-immigrant sentiment of recent years. He pointed to the shortage of skilled talent that is holding back the American economy.
“Immigration is what’s made this country great,” Zell said to applause. “We have to encourage immigration because that’s a critical element to growth.”
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Anthony Scaramucci: I am worried about the market
From CNN Business' David Goldman
“I am worried about the market. We’ve had an incredible bull market. There’s a lot of cyclicality in the markets,” Scaramucci told CNN Business’ Markets Now live show, hosted by Richard Quest.
“Everyone is a long-term investor until they have short-term losses. So I have to prepare my clients for that.”
He predicted yields will stay where they are, noting the Fed wanted to get ahead of some cracks in the economy. Scaramucci said his firm, Skybridge Capital, has hedges against volatility in the markets caused by the environment.
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Anthony Scaramucci: Be cautious about Uber
From CNN Business' David Goldman
“Uber and Lyft are great services, but it’s not clear how they make money and not clear how drivers are doing over the long term as well,” Anthony Scaramucci said on CNN Business’ Markets Now live show, hosted by Richard Quest.
“I admire what they built. I’d advise people to be cautious here. I prefer the Warren Buffett / Charlie Munger approach: Buy something with predictable cash flow,” Scaramucci added. The former White House communications director spoke from the SALT investing conference, which is presented by the firm he founded, Skybridge Capital.
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Fake meat is killing it on Wall Street
From CNN Business' David Goldman
Looking for positive news on Wall Street? Look no further than fake meat.
Trade has brought volatility to markets. But McDonald’s, Beyond Meat, Burger King and many others are wowing the markets with the plant-based meat-substitute trend.
“Fake meat … I mean, look at these kind of rallies!” said Matthew Cheslock, equities trader at Virtu Financial on CNN Business’ Markets Now live show, hosted by Richard Quest. “It’s all good for them.”
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What's the next big tech investment? Privacy
From CNN Business' David Goldman
One big opportunity for investment is privacy, AOL founder and former CEO SteveCase said on CNN Business’ Markets Now live show. He said the “third wave” of the internet will “Not just be the internet of things, but the internet of everything: billions of connected devices.”
He noted that entrepreneurs won’t want to hear that, but it’s important to “strike the right balance between regulation and innovation.”
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Steve Case: It's time to invest all over the US — not just Silicon Valley
From CNN Business' David Goldman
AOL founder and former CEO Steve Case said it’s time to move investment around the United States.
“We should invest venture capital money all across the country, not just in Silicon Valley,” Case said on CNN Business’ Markets Now live show, hosted by Richard Quest.
Case noted 75% of venture capital money went to three states: California, New York and Massachusetts. It’s time to spread the money around, he said.
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'Coast is clear' on a recession in next year, says SkyBridge investment chief
From CNN Business' Nathaniel Meyersohn
American consumers and the economy are in strong shape, said Troy Gayeski, SkyBridge’s co-chief investment officer & senior portfolio manager.
“The next twelve months — coast is clear,” he said about the possibility of a recession on a panel about investment strategy. “The consumer is just too strong for a recession to occur.”
The Federal Reserve made the right call to start to raise interest rates last year, but the Fed’s “communication policy was botched,” he added.
Stocks turned positive after White House Press Secretary Sarah Sanders said the Trump administration had received indication that China wants to make a trade deal with the United States. At one point, the Dow was up more than 100 points.
But then, China’s Commerce Ministry said Beijing could be forced to react to US tariffs with countermeasures. This knocked stocks off their highs and even into mildly negative territory.
The Dow was last up 0.1%, or 19 points. The S&P 500 was little changed, but up, and the Nasdaq was little changed, but down.
United Technologies (UTX) and Walgreens Boots Alliance (WBA) are the best performers in the Dow, each up 1.1%.
In the S&P 500, Diamondback Energy (FANG) is on top, 8.4% higher.
He’ll join CNN Business anchor Richard Quest on a special extended edition of our live digital show from the NYSE, Markets Now, at 12:45 pm ET Wednesday. (Tune in here.)
Dozens of business leaders will be at SALT discussing markets, strategy and policy. Prominent speakers include Stephen Moore, Nouriel Roubini, Chamath Palihapitiya, Angelo Mozilo, Mark Cuban, and Sean Rad.
Several politicians will speak at SALT as well, including Rudy Giuliani, David Petraeus, Susan Rice, John Kelly and Nikki Haley.
Steve Case, cofounder of AOL and CEO of tech company Revolution, will also appear at SALT — and on Markets Now Wednesday.
He’ll talk to CNN Business about Revolution, venture capital, tech regulation and the IPO market.
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Worries about the American dream at SALT
From CNN Business' Matt Egan
Lynn Forester de Rothschild started the SALT Conference on a gloomy note.
“I’ve lived the American dream – and I’m really worried about where we’re going,”the American-British businesswoman said in Las Vegas.
Rothschild, who chairs an investment company that owns The Economist magazine, said 60% of people believe the United States is not working for them.
Scaramucci kicks off SALT by joking about his White House tenure
From CNN Business' Nathaniel Meyersohn
Anthony Scaramucci, founder and managing partner of SkyBridge Capital, opened up the 10th anniversary SALT investment conference in Las Vegas Wednesday by poking fun at himself.
Scaramucci will interview Kelly on a panel late Wednesday. “Our friendship – on a stock chart—didn’t start off too well 22 months ago,” Scaramucci joked. But he said today it’s “rising on heavy volume.”
There was no conference last year when Scaramucci was trying to sell SkyBridge. But the sale fell through and conference is back this year, with business and political leaders set to discuss markets, the global economy and state of the country.
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Stocks climb higher on White House optimism over trade deal
From CNN Business' Anneken Tappe
US stocks turned positive and extended their gains after White House Press Secretary Sarah Sanders said the administration had received indication that that China wants to make a trade deal with the US.
The Dow was last up 0.3%, or 73 points. It was up more than 100 points at one point.
The S&P 500 and the Nasdaq were up 0.2% and 0.3%, respectively
Prior to the market open, President Donald Trump tweeted that Chinese Vice Premier Liu He, who is scheduled to be in Washington today, was in the US to make a deal. That led stocks to pare their earlier losses in early trading.
Beyond Meat shares are lower for the first time since its IPO
From CNN Business' Jordan Valinsky
Beyond Meat (BYND) is on track to have its first down day in its short existence.
The stock slid as much as 2% today before slightly recovering, perhaps signaling that its explosive start might be coming to an end.
If it stays in negative territory, it will be the first time it has closed lower since opening on May 2.
But don’t fret, investors: The stock has soared roughly 235% since it began trading last week.
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What meatless revolution? Wendy's is thriving
From CNN Business' Paul R. La Monica
Even as the plant-based protein trend continues, many Americans still want to eat burgers made from beef. And the more bacon on it the better, apparently.
Wendy’s, which proudly describes its Baconator as something for carnivores to rejoice, reported earnings and sales that topped forecasts today.
Wendy’s (WEN) is finding success even as more consumers (and investors) flock to plant-based burgers. Wendy’s rival Burger King has an Impossible Whopper while newly public Beyond Meat (BYND) has quickly become a Wall Street darling. Shares have soared more than 235% since last week’s initial public offering.
Wendy’s didn’t talk about the veggie burger craze during its earnings call with analysts. But it’s clear that the company – famous for its 1980s Where’s the Beef ad campaign – is doing just fine with real red meat. The stock rose 2% Wednesday and is up more than 20% this year.
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Swipe right! Tinder-owner Match is at an all-time high
From CNN Business' Paul R. La Monica
Love is in the air! Match Group, the owner of Tinder, OKCupid, PlentyofFish and several other dating apps, reported sexy results that topped Wall Street’s forecasts. Match (MTCH) soared 9% to a new record high in the process. The stock is now up more than 50% this year.
Here’s a breakdown of the numbers:
Sales up 14%
Total subscribers up 16% to 8.6 million
Tinder subscribers rose by 1.3 million year-over-year to 4.7 million
The strong results from Match appears to be great news for its parent company IAC (IAC) as well. The Barry Diller-led firm reports results after the close Wednesday. IAC shares rose 4% and also hit a new all-time high.
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Zayo Group agrees to go private in $14.3 billion deal
From CNN Business' Anneken Tappe
Fiber-optics company Zayo Group (ZAYO) has agreed to go private after it was purchased by investment firm Digital Colony and private equity firm EQT for $35 per share.
The purchasing price represents a 32% premium over the share price’s six-month average.
The deal for the communications infrastructure business was valued at $14.3 billion, including $5.9 billion of debt, the company said in a statement.
Zayo’s shares were last up 8.4%.
Moffett Nathanson analysts Nick Del Deo and Sydney Marks described Zayo’s four-and-a-half year period as a public company as rocky.
“All things considered, this has to be considered a satisfactory outcome for Zayo shareholders. While the acquisition price is below the high $30 range at which the stock peaked about a year ago, the outlook for the business deteriorated meaningfully in the time since,” Del Deo and Marks wrote in a note.
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Stocks briefly see some green
From CNN Business' Anneken Tappe
Stocks pared their losses after opening lower. The Dow, S&P 500 and Nasdaq all briefly flipped into the green.
Stocks had been poised to spend another day sliding lower, until President Donald Trump suggested in a tweet that a trade deal with China might be coming. That was enough to lift investors’ spirits.
In the Dow, Disney (DIS) was the biggest gainer at 0.9%. The company will report earnings after the bell.
Dimondback Energy (FANG) is leading gainers in the S&P, rising 7.1% after reporting results on Tuesday.
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Stocks slide further amid uncertainty about trade
From CNN Business' Anneken Tappe
US stocks started the day slightly lower, adding on from their sharp losses on Tuesday that came on the back of worries about a fully fledged trade war between the US and China.
The Dow opened little changed in negative territory.
President Donald Trump tweeted just before the market open that Chinese Premier Liu He, who was already scheduled to travel to Washington, was coming to “make a deal”, which gave stock futures a boost ahead of the open.
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Investors perk up after Trump tweets China wants to make a deal on trade
From CNN Business' Anneken Tappe
US stock futures bounced back from their lows after President Donald Trump tweeted a suggestion that Chinese Vice Premier Liu He was coming to Washington to make a deal on trade.
Futures for the Dow, S&P 500 and Nasdaq are still pointing at a slightly lower open, but the losses might be less steep than before the tweet.
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The exchange of Flash Boys fame now does more trading than the London Stock Exchange
From CNN Business' Matt Egan
Brad Katsuyama, the trader turned famous overnight by the Michael Lewis novel Flash Boys, believes his investor-friendly exchange is gaining ground in its battle against the New York Stock Exchange and Nasdaq.
Katsuyama’s IEX Group only launched in 2016, but today it handles $8 billion to $10 billion of equity trading a day. While that trails IEX’s rivals, it’s more than foreign exchanges like the London Stock Exchange, Deutsche Boerse and the Toronto Stock Exchange.
“We use technology to protect pension funds from getting picked off by high-speed traders,” Katsuyama told CNN Business on the sidelines of the SALT Conference in Las Vegas.
Katsuyama, who played the leading character in the novel Flash Boys, criticized the establishment exchanges for making more money off high-speed data than in their traditional role of matching buyers and sellers.
IEX, which has been profitable since its launch, has drawn takeover interest from Silicon Valley.
“We’ve been approached by bigger tech companies,” said Katsuyama, who declined to say when the negotiations took place nor say which firms.
He added that while an IPO of IEX is not in the short-term plans, it’s definitely a long-term option.
IEX also announced on Tuesday the addition of former Democratic SEC commissioner Kara Stein to its board.
“The SEC’s mission is to protect investors and the public. That’s also IEX’s mission in many ways,” said Katsuyama.
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US stocks' slide continues: Dow futures point to a lower open
From CNN Business' Anneken Tappe
US stocks are poised to open lower after Tuesday’s fear-inspired selloff marked the worst one-day drop since January.
Futures for the Dow, S&P 500 and Nasdaq are all more than 0.5% lower.
The Dow fell more than 600 points at one point and slipped below 26,000 points for the first time since March 29. The Nasdaq dropped below 8,000 points for the first time since April 18.
Uber drivers around the world are logging out of the company’s app to protest its compensation policies ahead of a blockbuster public offering.
Strikes are scheduled for Wednesday in major US cities, as well as parts of the United Kingdom, Australia and South America. The message from participants: Uber needs to offer its drivers job security and higher wages.
It’s been a rough ride for Lyft’s (LYFT) investors since the company went public: The stock has lost roughly 20% of its value.
But after its CFO said the company sees “a path to profitability,” perhaps things are looking up. Wedbush Securities analyst Daniel Ives called its first earnings report “strong” and Lyft’s strong guidance “should stop the bleeding in the stock for now.”
He wrote in a note to clients:
The firm maintains its neutral rating on the stock and its $67 price target until it gets “more confidence in the company’s ability to morph over the coming years into more than a one trick pony domestic ride sharing player that it is today.”
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Christine Romans: Investors should expect stock market swings until trade talks finish
From CNN Business' Christine Romans
We’re approaching the endgame for US-China trade talks, so I don’t think investors should be surprised by 2% daily moves in US stocks until there is resolution.
Until then, trade anxiety is chipping away at the year’s gains.
After all, the stock market recovery this year is built on three big factors:
Progress in US-China trade talks.
A dovish Fed.
A strong US economy with low inflation.
Two days of trade-related selling has shaved three weeks of gains from the Nasdaq. The Nasdaq is still up 20% year-to-date, the S&P 500 up 15% and the Dow is up 11%.
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Apple's first store in India is becoming closer to reality
From CNN Business' Jordan Valinsky
Apple’s highly anticipated first retail store in India is getting closer, according to a new report.
Bloomberg says the company has created a “short list of locations” for the store in Mumbai. It will probably be near an iconic location in the city, which follows Apple’s playbook of opening retail stores in recognizable spots, including Fifth Avenue in New York City.
A decision could be made in the coming weeks, the report said. India is a fast-growing-growing smartphone market that Apple believes could help its iPhone return to growth.
Hong Kong’s Hang Seng Index (HSI) and the Shanghai Composite Index (SHCOMP) both closed more than 1% lower.
Chinese stocks have now fallen around 6% so far this week.
Today’s slide comes on the eve of trade talks in Washington between China and the US.
China’s top trade negotiator, Liu He, is leading a delegation heading to the US for talks on Thursday, just days after President Trump said he would raise tariffs on $200 billion of Chinese exports.
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Lyft reveals billion-dollar loss
From CNN Business' Seth Fiegerman
Lyft (LYFT) said yesterday that it lost $1.14 billion in the first three months of the year, primarily due to stock-based compensation and other expenses connected to its IPO.
With those costs excluded, Lyft’s net loss for the quarter was $211.5 million, a staggering amount by some standards but roughly on par with the $234 million it lost in the same period a year earlier.
While it mostly kept its losses in line with the previous year, Lyft managed to nearly double revenue. The company posted revenue of $776 million for the quarter, a 95% increase from the year prior.
Despite the steep losses, Lyft CFO Brian Roberts tried to reassure investors that the company sees “a path to profitability” in its core ride-sharing business.
