Stocks gain…Court deals blow to labor…Factory orders down
NEW YORK (AP) – Stocks are higher after President Donald Trump shifted away from a previously announced plan to impose limits on Chinese investment in American technology companies. Gains were led by the energy sector. U.S. crude oil prices rose more than 1 percent. Concho Resources jumped 3.5 percent and Halliburton rose 3.1 percent.
WASHINGTON (AP) – The Supreme Court says government workers can’t be forced to contribute to labor unions that represent them in collective bargaining, dealing a serious financial blow to organized labor. The justices are scrapping a 41-year-old decision that had allowed states to require that public employees pay some fees to unions that represent them, even if the workers choose not to join.
WASHINGTON (AP) – Orders for long-lasting U.S. factory goods declined for the second straight month in May, as demand for cars, metal products and aircraft fell. The Commerce Department says durable goods orders – items meant to last at least three years, from washing machines to tractors – dropped 0.6 percent last month. That followed a steeper drop of 1 percent in April. A category that tracks business investment slipped 0.2 percent, after a healthy gain of 2.3 percent in April.
WASHINGTON (AP) – Fewer Americans signed contracts to purchase homes in May, as sales are being stifled by a shortage of properties on the market. The National Association of Realtors says its pending home sales index slipped 0.5 percent last month to 105.9, the second straight monthly decline. On a yearly basis, pending home sales have fallen 2.2 percent.
UNDATED (AP) – Standard & Poor’s has placed motorcycle maker Harley Davidson’s debt on credit watch due to cost increases from a U.S. trade dispute with the European Union. The ratings agency says the Milwaukee company’s A-minus debt has negative implications because of tariffs imposed by the EU in retaliation for U.S. tariffs on steel and aluminum. S&P says the tariffs could lead to profit margin deterioration and increased risks when combined with falling retail sales and shipments.