Stocks edge lower…Union departs from friendly tone as auto talks begin…Prime protests
NEW YORK (AP) – Stocks edged lower in midday trading on Wall Street as a decline in banks offset solid gains in technology companies. The losses follow record high finishes for every major stock index last week. JPMorgan and Bank of America led banks lower as the sector leads the first round of second quarter corporate earnings reports.
DEARBORN, Mich. (AP) – Contract talks between the United Auto Workers and Detroit’s three automakers have kicked off with the union president departing from the traditionally friendly tone by telling Ford executives that workers want a bigger share of the companies’ record profits. While Ford executives talked often about working together at a ceremony today, UAW President Gary Jones emphasized that he wants to end concessions and the outsourcing of jobs to countries with lower-cost labor.
NEW YORK (AP) – The market for small businesses cooled for the third straight quarter during the spring as tariffs from the trade war with China made some sellers and buyers uneasy about making a deal. That report comes from BizBuySell.com, an online marketplace for small companies. It counted fewer than 2,500 transactions reported by business brokers from April through June, down 9.6% from the second quarter of last year.
NEW YORK (AP) – Amazon’s Prime Day is coming with a wave of deals – and protests. The company’s fifth annual Prime Day now stretches two days. It was invented as an effort to try to drum up sales during sluggish summer months and sign up more users for its Prime loyalty program. This year, some used the high-profile event as a way to garner attention for protests against Amazon. At a warehouse in Minnesota, workers planned a strike to raise awareness over working conditions. Amazon says it already offers what the workers are striking for.
ALBANY, N.Y. (AP) – Former New York Gov. David Paterson is joining Las Vegas Sands to lead the casino and resort developer’s push for a casino in New York City. Voters have already authorized up to three casinos for the nation’s largest city, but state law currently says they can’t be approved until 2023 at the earliest. Paterson is joining Sands as a senior vice president.