By Ryan Vlastelica NEW YORK (Reuters) - Stocks fell on Tuesday, dropping in a broad selloff as a weak outlook from courier company UPS weighed on sentiment and pressured transportation stocks. Although a rally in telecom stocks helped to limit the broader market's decline, the S&P 500 ended below its 14-day moving average for a second straight day. United Parcel Service shares fell 3.7 percent to $98.86 after the world's biggest courier company slashed its earnings forecast for the year due to spending to boost capacity. Nonetheless, this earnings season has largely been a positive for equities.
SAN FRANCISCO (Reuters) - Twitter Inc's monthly active users rose a better-than-expected 24 percent in the second quarter as the online messaging service mostly succeeded in stemming a dwindling pace of growth, sending its shares soaring almost 30 percent after hours. Twitter, which has battled to reverse a steady decline in its once-heady pace of user growth, grew users to 271 million, still dwarfed by rival Facebook Inc's 1.3 billion. Timeline views, a measure of the engagement of its users, also exceeded expectations with a 15 percent increase. ...
By Anna Yukhananov WASHINGTON (Reuters) - Sharply higher interest rates around the world could combine with weaker growth in emerging markets to slice as much as 2 percentage points off global growth in the next five years, the International Monetary Fund said on Tuesday. In a report assessing how individual national policies could interact to undermine the world economy, the IMF also warned the conflict between Russia and Ukraine could reverberate to the rest of the region if sanctions against Russia escalate, hitting natural gas supplies to Europe and weakening European banks. The resulting impact could prompt further gyrations in financial markets, in contrast to the recent period of market calm, the IMF said in its 'spillovers' report. In its worst-case scenario, the IMF said the United States and United Kingdom could tighten monetary policy sooner than expected, leading to higher borrowing costs worldwide, even as key emerging market growth slows a further 0.5 percentage point over the next three years.
By Chuck Mikolajczak NEW YORK (Reuters) - U.S. single-family home prices fell unexpectedly in May, declining for the first time in more than two years in the latest signal of the wobbly state of the housing market. Still, U.S. consumers remained confident in the broader economic picture, with a key measure of consumer attitudes at its highest since October 2007 and views of the job market the brightest in six years.
By Marina Lopes, Soyoung Kim and Liana B. Baker WASHINGTON/NEW YORK (Reuters) - The long-anticipated merger of Sprint Corp and T-Mobile US Inc is not expected to occur before September, with the companies continuing due diligence and preparing a detailed case for a deal before U.S. regulators, according to people familiar with the matter. Japan's SoftBank Corp , which controls Sprint, and T-Mobile owner Deutsche Telekom AG have agreed to broad terms of a deal, under which Sprint would pay around $40 per share for T-Mobile, valuing the smaller rival at nearly $32 billion, Reuters reported in early June. Representatives for Deutsche Telekom could not be immediately reached for comment, while representatives for Sprint, T-Mobile and SoftBank declined to comment.