Wall Street’s extended its slide for a second day as China devalued its currency even further in an effort to revive China’s exports by making them less expensive abroad. That fueled concerns that China’s economy is faltering. The S&P 500 turned negative for the year. The Dow and Nasdaq gave back roughly one and a-half percent. The worry is that any slowdown in China, which is the world’s second-largest economy, will spill over to the European and American markets. Shares of China’s biggest e-commerce company, Alibaba (BABA), slid to a record low in New York after the company’s revenues missed estimates. Alibaba also said it’s buying back as much as $4 billion of stock as it tries to pump up its share price which has been battered by concerns about China’s economy. Shares of Macy’s (M) slid after the department store cut its annual revenue outlook amid a decline in profits. Macy’s said it was hurt by weak tourist spending and West Coast port delays in Q2.
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