Cummins CEO Tom Linebarger. Photo: Chip Somodevilla/Getty Images

U.S. engine maker Cummins on Wednesday reported lower-than-expected quarterly profit and forecast full-year sales below analysts' estimates, Reuters reports.

The state of play: The news plays out almost exactly as CEO Tom Linebarger warned in a July New York Times op-ed. "These tariffs put us in a worse position now than when we started these negotiations, and we are concerned there is no end in sight," he wrote. "Because of this uncertainty, companies like ours are standing still, unclear on how and where to invest."

What it means: Cummins' soft guidance further amplifies concerns of a slowdown in sales of heavy-duty trucks in North America.

  • As we noted in late January, truck shipments' year-over-year growth fell in December for the first time since 2016. Truck shipments are thought to be a leading indicator of the economy's health as they're very sensitive to market fears.
  • Cummins said Wednesday it expects 2019 production of heavy-duty trucks in North America to rise just 2%, a significant pullback from the nearly 30% growth the industry chalked up last year.

Don't forget: The company's stock dropped 11.5% in December and fell 24% in 2018.

Go deeper: Trucking's troubles could preview an economic downturn

Go deeper

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.