General Motors, facing rising commodity costs in a trade showdown with Europe and elsewhere, cut its outlook for the year.

The diminished expectations overshadowed a strong second quarter. GM now expects 2018 per-share profits of $5.14, down from $6. It cited "recent and significant increases in commodity costs" along with unfavorable currency exchange rates. Wall Street had been projecting 2018 per-share earnings of $6.42.

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