A gloomy outlook from the world's largest construction equipment company is dragging the stock market lower today. Caterpillar said its earnings fell 43 percent in the second quarter and warned of slowing revenue and profit. The Dow Jones industrial average and the S&P 500 index are both lower in afternoon trading on Wall Street. The Nasdaq is slightly positive, helped by technology stocks after Apple beat analysts' estimates for quarterly earnings and revenue.
- A federal judge has put a stop to lawsuits threatening Detroit's bankruptcy and declared that he will handle any challenges. U.S. Bankruptcy Judge Steven Rhodes suspended any pending lawsuits and barred new ones. He says his court will be the exclusive venue for any legal action regarding the bankruptcy. Last week a county judge ruled that Gov. Rick Snyder ignored the Michigan Constitution and acted illegally in approving the Chapter 9 filing, the largest ever U.S. municipal bankruptcy.
- President Barack Obama says when it comes to fixing the economy, Washington has "taken its eye off the ball." Obama returned today to the college campus where he gave his first major economic address as a U.S. senator, and he chided Congress for being less concerned about the economy and more about "an endless parade of distractions, political posturing and phony scandals." He's pledging a stronger second-term commitment to tackling the economic woes that still strain many in the middle class.
- Boeing says it has finished paying airline customers whose 787s were grounded earlier this year. The company isn't saying how much it spent. It wasn't enough to show up in the company's financial results today, which were better than expected. Fifty 787s were grounded for almost four months because of problems with their batteries. Meanwhile, Boeing says it's working with Ethiopian Airlines on how to repair a 787 that caught fire in London on July 12.
- Google is introducing a sleeker version of its Nexus 7 tablet as it escalates its battle with Apple and Amazon.com in the mobile computing market. The fancier devices unveiled today in San Francisco will come with a higher price. A model with 16 gigabytes of storage will sell for $229, a $30 per increase from the original Nexus 7 released a year ago.