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Trade war fears and a presidential attack on Amazon are rocking Wall Street.The Dow dropped more than 700 points on Monday, and the Nasdaq plunged 3%. The S&P 500 hit its low for the year and was on track for its lowest close since November. The sell-off left all three major indexes in the red for 2018.By the end of the day Monday, the Dow slightly recovered, closing down 458 points for the day.The sell-off on the first day of the second quarter came after President Trump once again attacked Amazon on Twitter. Amazon, one of the biggest drivers of the 2017 market rally, tumbled 5%, wiping out more than billion of its market value.Trump once again accused Amazon of taking advantage of the US Postal Service, and he suggested that Amazon does not pay its fair share of tax.In fact, Amazon pays the same lower rate that the post office charges other bulk shippers, and it collects sales tax in every state that charges it. Amazon does not collect sales tax on purchases made from third-party vendors."You've got the president of the United States attacking a single company over what he considers to be unfair practices," said Ian Winer, head of equities at Wedbush Securities.Amazon wasn't the only tech stock in trouble. Tesla, Netflix and Cisco all dropped by at least 4%. Intel plunged 8% on a?Bloomberg News report that Apple plans to switch to its own chips. Almost every stock in the Nasdaq 100 lost ground.The Nasdaq has plunged more than 10% from its all-time high on March 12."When investors see market leaders suddenly stumble, they become more cautious about the entire group," said Kate Warne, investment strategist at Edward Jones.Wall Street is also fretting about rising trade tensions, especially with China. Beijing responded to Trump's steel and aluminum tariffs on Monday by following through on its threat to impose tariffs on billion of US imports. The tariffs apply to 128 products, ranging from pork and meat to steel pipes.Trump plans to place additional tariffs on about billion worth of Chinese goods — and Beijing has promised to respond.John Toohey, head of equities at USAA, blamed the sell-off on concerns about the China tariffs. "Global trade could slow down, global supply chains could be impacted, and CEOs could be more cautious on capital spending," Toohey said.NAFTA worries are also on the rise after Trump took aim at the trade deal between the United States, Canada and Mexico. Trump on Sunday linked NAFTA to his efforts to build a wall along the border with Mexico."They must stop the big drug and people flows, or I will stop their cash cow, NAFTA. NEED WALL!" Trump tweeted."It's a cause for concern. That mixing of issues is contributing to uncertainty," said Kristina Hooper, chief global market strategist at Invesco.No matter the cause, signs of fear abounded. The VIX volatility index jumped more than 15%. CNNMoney's Fear & Greed Index of market sentiment dropped further into "extreme fear." Crude oil plunged about 3%. Gold, which tends to do well when investors are worried, climbed more than 1%."None of it makes a lot of sense," said Michael Block, chief strategist at Rhino Trading Partners. "I don't know what we learned that was new. Chinese tariffs are not surprising."After spiking last year, the stock market hit extreme turbulence during the first three months of the year as investors worried about tariffs, inflation and tech stocks. The Dow snapped its longest quarterly winning streak in 20 years.Stocks may be volatile, but the backdrop looks bright. Global economic growth is expected to accelerate and corporate profits are likely to surge, thanks in part to Trump's corporate tax cuts."It's unlikely to be the end of the bull market," Warne said. "The underlying fundamentals remain positive." 3823
There are options when it comes to getting a car. You can lease or buy, and now, you can get a car subscription.Luxury car makers like BMW, Jaguar, and Cadillac offer subscription services to their high-end cars, but it’s set you back a couple thousand. That’s why Ford is offering a more affordable service with used vehicles."You're going to be looking at around 0 monthly subscription cost, but that's inclusive of the vehicle the driving insurance your maintenance,” explains Allison Braley with Canvas, Ford’s subscription service. “You don't have to worry about out-of-pocket maintenance costs. There's no down payment." Braley says it's an all-inclusive bundle, unlike with a lease. Many subscription services don’t' have a down payment or require car insurance. "A lease is great solution for people who know what kind of car they want for two to three years or more,” Braley says. Through subscriptions, you pay a fee to swap out a car. For example, when winter comes around and you want to trade in your sedan for an SUV, with Canvas you pay a fee to swap cars. FiveCentNickel.com says, on average, a car owner will spend ,200 a year on maintenance. If your car breaks down or needs an oil change, most subscription services will pay for out of pocket maintenance. Subscription services are great if you want convenience, flexibility and a lifestyle where you change vehicle often.However, convenience often comes with a price. If you’re on a budget, financial expert Jonathan Duong says it may not be worth it. 1572

Three freshmen on the UCLA men's basketball team accused of shoplifting in the Chinese city of Hangzhou could be months away from returning home while the legal process in their case plays out.ESPN, citing a source with firsthand knowledge, reported Wednesday that LiAngelo Ball, Cody Riley and Jalen Hill were released on bail after being questioned about stealing sunglasses from a Louis Vuitton store near the team hotel. ESPN's LA-based reporter Arash Markazi is covering the team from China.Chinese officials wouldn't confirm the ESPN report that Ball, Riley and Hill were arrested. Hua Chunying, a spokeswoman for China's Foreign Ministry, said the case had been reported to US authorities. "China is handling this case in accordance with the law, and will guarantee the rights in accordance with the law, for those involved in this case," she said.Ball's father, LaVar, who is in China, said in a statement on social media that the process "could take ... months.""Ball, Riley and Hill are being required by Hangzhou police to remain at their hotel until the legal process is over, which could take days, weeks or even months," he said. "The hope is obviously sooner rather than later."If convicted of grand larceny, the players could face a prison sentence of between three and 10 years, according to Chinese criminal law.UCLA is in China for a week-long visit and is scheduled to open its season in Shanghai on Saturday against Georgia Tech. When asked about the arrests at a news conference, UCLA Coach Steve Alford said the players in question would not play in Saturday's game.LiAngelo Ball is a younger brother of former UCLA star Lonzo Ball, now a rookie with the Los Angeles Lakers.In a statement on Weibo earlier Wednesday, LaVar Ball called the incident "unfortunate to both the Ball family and UCLA."Cooperation and consternationUCLA, one of the United States' premier college basketball programs, says the university is cooperating fully with local authorities."We are aware of the matter involving UCLA student-athletes in Hangzhou, China and we are gathering more information," UCLA Associate Director of Athletic Communications Alex Timiraos said in a statement.Larry Scott, commissioner of the Pacific 12 Conference, of which UCLA is a member, said in a statement that the student-athletes "were involved in a situation" and were cooperating with local authorities."We are very disappointed by any situation that detracts from the positive student-athlete educational and cultural experience that this week is about," the statement said. "Whether in the United States or abroad, we expect our student-athletes to uphold the highest standards."News of the incident broke as US President Donald Trump landed in China, part of a trip to five Asian nations.A spokesperson from the US State Department told CNN it is "aware of reports of three US citizens arrested in China. We stand ready to provide appropriate consular assistance for US citizens."Due to privacy considerations, the State Department declined to comment further.The UCLA team was in Hangzhou to visit the headquarters of Alibaba, the e-commerce giant which is sponsoring Friday's game.The Ball familyLiAngelo Ball, a freshman, is the middle child of LaVar and Tina Ball. Their youngest son, LaMelo Ball, is in high school.The outspoken LaVar Ball has made regular headlines with his provocative comments since eldest son Lonzo began starring at UCLA last year. A former college basketball player who has been training his sons since they were kids, LaVar Ball said he could beat Michael Jordan one-on-one and that Lonzo, while still in college, was better than two-time NBA MVP Steph Curry.Lavar also predicted all his sons will eventually play for the Lakers.He is already a third of the way there. Lonzo Ball was selected second overall by the Lakers in the 2017 NBA draft and is seen as a building block for the team's future.The family stars in its own reality show on Facebook, "Ball in the Family," and boasts an athletic apparel line, Big Baller Brand. Its first sneaker, the ZO2, raised eyebrows when it was priced at 5.LaVar, Tina and LaMelo Ball went to China to watch LiAngelo play his first game as a Bruin and promote the opening of a Big Baller Brand pop-up shop in Shanghai. 4295
There's a growing number of complaints on social media about a new way to see movies in theaters.MoviePass lets you see a new film every day for just a month. However, members nationwide say they're being dropped from the program for violating terms of service that state, no 3D or premium movies.Many customers are wondering if MoviePass is eliminating members who see too many movies — such as four or five a week."My pass was terminated. They claimed that I had used the pass for premium tickets. [But I] Never [did], I am a rule follower," Deb Tobin said after being asked if she had ever used her pass for a premium movie.MoviePass CEO Mitch Lowe says theaters may have mistakenly sent users to a premium showing.The best way to keep your pass from being terminated is to read the rules and follow them closely.Full MoviePass statement:"A small percentage of MoviePass users were removed from the system, due to violating the terms of service. We diligently review card transactions to prevent fraudulent activity and take our Terms of Service agreement very seriously. If individuals abuse the service, we must take action so that our model continues to be sustainable for everyone. If customers do feel there has been a mistake, they should feel free to reach out to MoviePass customer service via the phone number on the back of their card. We are diligently reviewing all complaints on a case by case basis." 1438
The YouTube headquarters where a female shooter wounded three people before apparently taking her own life has more than 1,100 workers and is located in San Bruno, about 13 miles south of San Francisco.Employees there include engineers working on site search, content channels and ad products, according to a website of Google, YouTube's parent company. The workforce also includes sales teams that work with advertisers and content creators who develop programming, the Google website says."An open, airy space makes collaboration a breeze and encourages innovation," the website says in describing the headquarters, which includes a basketball court and a lap pool.YouTube, which was founded in February 2005, quickly became the most well-known of several online video sites. In October 2006 Google said it was purchasing YouTube for .65 billion in stock. 877
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