US stocks falling … EU slams Trump … US construction spending up in May
NEW YORK (AP) – U.S. stocks are falling today amid weak economic data from Asia and an election result in Mexico that’s likely to complicate talks on renegotiating the NAFTA trade agreement. At 10:27 a.m. Eastern Time, the S&P 500 index lost 10 points, to 2,709. The Dow Jones Industrial Average fell 119 points, to 24,151. And the Nasdaq composite slid 16 points, to 7,495.
BRUSSELS (AP) – The European Union is slamming the Trump administration for considering tariffs on auto imports, saying they could lead to global retaliation against some $300 billion in U.S. goods. European Commission spokesman Margaritis Schinas (MAHR’-guh-ree-tuhs SKEE’-nuhs) says the U.S. investigation into the possibility of auto tariffs “lacks legitimacy, factual basis and violates international trade rules,” just like last month’s U.S. tariffs on steel and aluminum imports.
WASHINGTON (AP) – Spending on U.S. construction projects edged up 0.4 percent in May, while April’s figure was revised down significantly – signs that new building is still uneven despite a growing economy. The Commerce Departments says the uptick in May brought total construction spending to a seasonally adjusted all-time high of $1.31 trillion, 4.5 percent higher than a year ago.
NEW YORK (AP) – Dell is going public again after a five-year sojourn as a privately held company. As part of a $21.7 billion agreement, the PC and data storage company is offering to exchange tracking stock for a new class of common shares. The investment firm Silver Lake took Dell Technologies Inc. private in 2013. Founder and majority shareholder Michael Dell will hold on to his role as chairman and CEO, while Silver Lake will keep its minority stake.
LONDON (AP) – British supermarket chain Tesco and France’s Carrefour are creating a strategic alliance to give them more clout with global suppliers. The companies say a three-year deal will cover their relationship with suppliers and include joint purchasing of the stores’ own-brand goods.