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Business Highlights: Crude up, natural gas down; New tax cut plan?

🕐 4 min read

The S&P 500 fell 11.90 points, or 0.4 percent, to 2,755.88. The Dow Jones Industrial Average lost 126.93 points, or 0.5 percent, to 25,317.41. The tech-heavy Nasdaq gained 19.60 points, or 0.3 percent, to 7,468.63. The Russell 2000 index of smaller-company stocks gave up 2.54 points, or 0.2 percent, to 1,539.50.

Benchmark U.S. crude gained 0.1 percent to settle at $69.17 per barrel in New York. Brent crude, used to price international oils, added 0.1 percent to close at $79.83 per barrel in London. Wholesale gasoline fell 0.4 percent to $1.91 a gallon. Heating oil rose 0.7 percent to $2.32 a gallon. Natural gas slid 3.4 percent to $3.14 per 1,000 cubic feet._

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As Trump rails, US allies take lead in changing trade rules

GENEVA (AP) — While the Trump administration and China fight over trade, Canada and the European Union are quietly trying to update the rulebook of commerce that has barely budged since the start of the internet. The question is how to fix the World Trade Organization, which oversees trade rules and settles disputes as part of a global order the U.S. helped create after World War II.

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Elon Musk says his transit test tunnel close to completion

HAWTHORNE, Calif. (AP) — Elon Musk says he’s planning to offer the public free rides through a tunnel he bored under a Los Angeles suburb to test a new type of transportation system. In a series of tweets Sunday, Musk said the tunnel is almost complete and there will be an opening event on the night of Dec. 10 and free rides for the public the next day. The tunnel runs about 2 miles under the streets of Hawthorne. Musk has described a system in which vehicles or people pods are moved on electrically powered platforms.

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Trump wants to push middle-income tax cut through Congress

WASHINGTON (AP) — President Donald Trump says he wants to push a new middle-income tax cut through Congress after the midterm elections. Trump says he’s looking to cut middle-income taxes about 10 percent. He tells reporters that “we’re doing it now for middle-income people. This is not for business. This is for middle.” Trump said over the weekend he hoped to move forward with the plan “sometime around” or before Nov. 1. But Congress is now out of session as lawmakers campaign for the Nov. 6 election.

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Saudi prince’s future put to the test at investment forum

DUBAI, United Arab Emirates (AP) — Saudi Arabia is moving ahead with plans to hold a glitzy investment forum that kicks off Tuesday and was intended to draw leading investors who could help underwrite Crown Prince Mohammed bin Salman’s ambitious plans to revamp the economy. But after several big names pulled out in the wake of the killing, it could instead highlight the kingdom’s growing isolation and the damage inflicted on the prince’s reputation — and potentially his political future.

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FICO to test new type of credit score

Credit scores are about to get a tweak that might help those with weaker credit. Fair Isaac Corp., the company behind the widely used FICO score, announced Monday that it will begin testing a new type of score next year with credit reporting agency Experian and technology company Finicity.

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Netflix to borrow another $2B to pay its programming bills

SAN FRANCISCO (AP) — Netflix plans to borrow another $2 billion to help pay for the exclusive shows and movies that its management credits for helping its video streaming service reel in millions of new subscribers during the past five years. The additional debt load announced Monday isn’t a surprise. Netflix needs more cash because it has been spending more money than its business generate since its expansion into original programming with the 2013 release of “House of Cards.”

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US seeking to boost LNG exports to Japan, rest of Asia

TOKYO (AP) — A top U.S. energy official says Asia is the center of growth in energy demand and offers a great opportunity to expand American liquefied natural gas exports. U.S. Deputy Secretary of Energy Dan Brouillette told reporters Monday that the U.S. is working with Japan and others to build facilities for U.S. LNG exports and improve their energy security. Japan is the world’s biggest importer of LNG.

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Italy stands firm against EU in budget dispute

MILAN (AP) — Italy’s leader is giving no indication that his government would rein in public spending plans, keeping alive a dispute with the European Union. The bloc wants the country to revise its budget, which plans a big rise in the deficit. Premier Giuseppe Conte on Monday defended the budget.

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Banks lead US stock slide, extending market’s losing streak

NEW YORK (AP) — Banks led a broad slide in U.S. stocks Monday as an early rally faded, giving the S&P 500 index its fourth straight loss. Health care and energy stocks also helped pull the market lower, outweighing gains by technology and consumer-focused stocks. The latest losses came as traders geared up for a busy week of company earnings reports that should help answer how Corporate America is coping with rising interest rates, inflation and the impact of global trade disputes.

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