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10:12 a.m. ET: Brace yourselves, winter is coming…for french fries
A dispatch from Bloomberg notes that there’s a potential potato supply shortage brewing, which may have grave implications for North America’s love affair with french fries:
Potato processors are rushing to buy supplies and ship them across North America in order to keep French fries on the menu after cold, wet weather damaged crops in key producers in the U.S. and Canada.
Cool conditions started to hit growing regions in October, lashing potatoes with frost. Farmers in Alberta and Idaho were able to dig up some damaged crops for storage. But growers in Manitoba, North Dakota and Minnesota received snow and rain, forcing them to abandon some supplies in fields.
“French fry demand has just been outstanding lately, and so supplies can’t meet the demand,” Travis Blacker, industry-relations director with the Idaho Potato Commission, said in a phone interview.
9:50 a.m. ET: Bridgewater loses its co-CEO
Bloomberg reports that Bridgewater Associates, the $160 billion firm founded by billionaire investing guru Ray Dalio, is losing co-CEO Eileen Murray. The hedge fund behemoth has reportedly struggled to put together a top-tier management team, which has sparked questions of who’ll eventually succeed Dalio — who’s become something of a crusader against income inequality.
9:40 a.m. ET: Alibaba is raising money hand over fist
Alibaba (BABA), China’s answer to Amazon (AMZN) has reaped nearly $1.7 billion via a Hong Kong secondary listing, the company said in a regulatory filing, an indication of massive demand even in a volatile market. Last month, Alibaba brought in almost $13 billion — Hong Kong’s the largest share sale in nine years and a world record.
9:30 a.m. ET: Stocks plunge as Trump stokes new US-China trade fears
Wall Street suffered at the opening bell, shedding over 1% at the start of trading after President Donald Trump pushed back the timetable for a U.S-China trade truce — suggesting it could happen after the 2020 elections instead of this month.
Here’s where major benchmarks began trading:
S&P 500 (^GSPC): -1.12%, or 34.81 points
Dow (^DJI): -1.18%, or 327.49 points
Nasdaq (^IXIC): -1.31%, or 114.37 points
Crude (^CL=F): -0.34% to $55.77
10-year Treasury yield (^TNX): -0.067 to 1.767%
Gold (GC=F): +1% to $1,483.60 per ounce
With the stock market near record highs and the economy outperforming expectations, Trump may feel he has greater leeway to drag out negotiations. Markets were already pressured by Monday’s weak manufacturing data, and new doubts about a trade deal certainly won’t aid in the recovery from the knee-jerk selloff.