Stock Market News: Ford cuts prices, Tesla’s cybertruck out, China’s economy slows

MARKETS

AT&T shares sink to 30-year low, subscribers cutting cord

Shares of AT&T have fallen to a three decade low and are now down over 26% in 2023 and 34% the last year amid a sharp decline in subscribers and use of landlines.

Shares of AT&T slumped to a 30 year low, while Verizon hit the lowest level since 2010. What's going on with the nation's biggest telecom providers?

Ford is stepping up taking on rivals with a surprise price cut for its F-150 Lightening, plus some other incentives for select models.

The move comes days after Tesla rolled out its long-awaited Cybertruck.

ECONOMY

Credit card debt rising in double-edged sword for the economy

Credit card debt is rising and while American consumers' spending shows confidence in their finances, high credit card interest rates loom as a threat if the economy slow.

JPMorgan and Citigroup executives all noted an uptick in credit card borrowing, which so far, is not a problem for the banks but it is raising some red flags with interest rates expected to keep climbing.

MARKETS

Tesla completes first Cybertruck after years of delays

Tesla announced that its first electric Cybertruck was produced at its Gigafactory manufacturing hub in Austin, Texas, after years of delays in the electric truck's production.

Tesla has finally pushed out its long awaited Cybertruck and pokes the competition with other truck rivals. It also comes as the stock price up over 100% this year.

China's economy grew less than expected in the second quarter sending ripples through the global financial system, including the U.S.

ECONOMY

China's economy misses growth forecasts, raising odds of more support for its tepid recovery

Quarterly growth, the usual measure for other major economies, was 0.8%, according to government data, in line with expectations but down sharply from 2.2% in January-June.