Stocks mixed…China tells US to correct attitude…Ram pickups recalled for tailgate issue
NEW YORK (AP) – Stock indexes are mixed in early trading on Wall Street. The Dow Jones industrial average and the S&P 500 are lower, while the Nasdaq composite is higher. Energy and basic materials companies are taking some of the worst losses. Safe-play stocks like utilities and real estate companies are gaining.
BEIJING (AP) – China is telling the U.S. to “correct its attitude” following a new threat to raise tariffs on $200 billion of Chinese goods in a dispute over technology policy. The Trump administration announced yesterday that it’s considering raising import duties on an additional list of Chinese goods by 25 percent instead of the previously planned 10 percent. At a news conference today, a foreign ministry spokesman advised the U.S. to “be level-headed and avoid simply acting on impulse.”
BEIJING (AP) – Starbucks and Chinese e-commerce giant Alibaba Group have announced a coffee delivery venture that adds to growing competition in China’s premium coffee market. They say the venture will start deliveries next month in Beijing and Shanghai, and expand to 30 cities by the end of the year. The service mimics Luckin Coffee, a Chinese upstart that opened this year and is challenging Starbucks by delivering coffee ordered over a mobile phone app.
DETROIT (AP) – Fiat Chrysler is recalling more than 1.4 million Ram pickups in the U.S. and Canada because tailgates with power locks can open while the trucks are moving. The recall covers Ram 1500, 2500 and 3500 pickups from the 2015 through 2017 model years. The company says that if the tailgates open, unsecured cargo could fall into the road and cause a crash. Fiat Chrysler says it has no reports of any crashes or injuries.
UNDATED (AP) – Brookstone is filing for Chapter 11 bankruptcy protection again. The specialty gift store says in a filing that it has assets of $50 million to $100 million, and liabilities of $100 million to $500 million. It first filed for bankruptcy protection in 2014. The Merrimack, New Hampshire, company was sold at auction in June of that year before emerging from bankruptcy protection.