Stocks higher…Durable goods fall…Employees protest Wayfair deal
NEW YORK (AP) – Stocks are rising in morning trading on Wall Street amid optimism for a U.S.-China trade deal and a rally in chipmakers. Treasury Secretary Steven Mnuchin (mih-NOO’-shin) told CNBC that a trade deal between the U.S. and China was “about 90%” done during recent negotiations. President Donald Trump meets Chinese President Xi Jinping (shee jihn-peeng) at the G-20 summit this weekend. Chip stocks jumped after Micron Technology forecast improved demand for smartphone chips the rest of the year.
WASHINGTON (AP) – Orders to U.S. factories for long-lasting manufactured goods fell sharply in May while demand in a category that tracks business investment rose modestly. The Commerce Department says orders for durable goods fell 1.3% in May following an even bigger 2.8% drop in April.
BOSTON (AP) – Employees at online home furnishings retailer Wayfair have planned a walkout to protest the company’s decision to sell $200,000 worth of furniture to a government contractor that runs a detention center for migrant children. More than 500 employees at the company’s Boston headquarters signed a protest letter to executives when they found out about the contract. Today’s walkout was organized when Wayfair refused to back out of the contract.
BEIJING (AP) – China has renewed a demand that Canada release a top executive of the tech giant Huawei (WAH’-way), a day after announcing a suspension of all imports of Canadian meat products in an apparent bid to increase the pressure on Canada. China’s Foreign Ministry said today that Canada should “take seriously China’s concerns” and immediately release Huawei’s chief financial officer Meng Wanzhou (muhng wahn-JOH’). Meng was arrested Dec. 1 in Canada at the request of U.S. authorities, who want to try her on fraud charges.
LONDON (AP) – Bank of England Governor Mark Carney says he’d be inclined to back a stimulus package to shore up the British economy if the country crashes out of the European Union at the end of October with no deal. In testimony to lawmakers today, Carney said that the response from the bank’s rate-setting panel over a no-deal Brexit “would not be automatic” and that it’s “more likely” that some stimulus would be provided but that there are “no guarantees”.