US stocks fall … US industrial production improves in May … Retails sales rose in May
NEW YORK (AP) – Stocks are falling today on signs the trade war between the U.S. and China is putting the squeeze on the semiconductor industry. Technology shares dropped after chip maker Broadcom reduced its 2019 revenue forecast by $2 billion, saying customers are trimming orders because of the trade tensions. Broadcom shares fell 7.2%. At 10:15 a.m. Eastern Time, the S&P 500 index dropped 8 points, or 0.3%, to 2,882. The Dow slipped 93 points, or 0.4%, to 26,013. And the Nasdaq fell 48 points, or 0.6%, to 7,788.
WASHINGTON (AP) – U.S. industrial production improved in May, but manufacturers showed weakness despite eking out a slight gain. The Federal Reserve says that industrial output, which includes factories, utilities and mines, rose 0.4% in May, after tumbling 0.4% in April. Manufacturing output increased just 0.2% last month, not enough to overcome declines in prior months. Factory production is down 1.5% since the end of 2018, an indication of the potential damage from the import taxes the Trump administration has placed on China.
WASHINGTON (AP) – Americans stepped up their retail spending last month, a sign that low unemployment and modest wage gains are encouraging consumers to shop. The Commerce Department says retail sales rose 0.5% in May, after a smaller gain of 0.3% in the previous month. April’s figure was revised up from an earlier estimate that had showed a decline. The figures suggest that Americans remain confident enough in the economic outlook to spend.
WASHINGTON (AP) – Calling Iran “a nation of terror,” President Donald Trump has confirmed the assessment of his top advisers and is publicly blaming the Persian Gulf nation for recent attacks on oil tankers near the strategic Strait of Hormuz. Trump says that Iran’s culpability was “exposed” by the United States. While calling into Fox News Channel’s “Fox & Friends,” Trump said of the Thursday attacks, “Iran did do it.” Iran has denied being involved in the attacks and Trump did not preview any potential U.S. response.
DUBAI, United Arab Emirates (AP) – Japanese Foreign Ministry press secretary Takeshi Osuga is condemning Thursday’s attacks on a Japanese-operated tanker near the Strait of Hormuz, calling it a threat to Japan’s peace and prosperity. Osuga didn’t identify a suspected attacker in today’s statement, and pledges to continue gathering information and securing the safety of maritime navigation. A Japanese-operated tanker was targeted in a suspected attack Thursday near the Strait of Hormuz.