• In its first day as a publicly traded company, transportation service company Uber lost investors $655 million as share prices tumbled from starting at $45 to finish at $41.70. According to Dealogic the company’s valuation of $69.7 billion was still large enough to rank third in IPO history behind only Alibaba and Facebook.
  • Detroit auto manufacturer Fiat Chrysler proposed a merger with France-based Renault, which would create the world’s third largest automaker, jumping past General Motors to only trail Volkswagen and Toyota. Following news of the possibility, shares of both companies jumped more than 10 percent.
  • Following escalating trade talks between the U.S. and China, more than $1 trillion was wiped off the global markets in just one day highlighted by the Dow Jones Industrial Average dropping 618 points. In retaliation to the U.S. imposing a 15 percent increase in tariffs on Chinese-made goods, China imposed a 25 percent tariff of its own on American-made goods
  • Ford Motor Company announced it will be cutting 7,000 white-collar jobs by the end of August as part of a global corporate restructuring. The cut will represent a 10 percent reduction of salaried staff and will save the company nearly $600 million per year.