NEW YORK (AP) – Banks and technology companies are leading stocks lower in morning trading, but major indexes are still holding on to gains for the week. The S&P 500 slipped 0.5% in the early going and the Dow Jones Industrial Average gave back 0.6%. Wells Fargo fell 1.5% in the early going and Bank of America was down 1.3%, while chipmaker Intel fell 4.4%. European indexes were also lower and Asian markets closed mostly higher overnight.
DETROIT (AP) – U.S. safety regulators have closed an investigation into sticky power steering on thousands of older General Motors SUVs without seeking a recall. The National Highway Traffic Safety Administration says GM in 2014 issued “special coverage” to fix the problem on the Chevrolet Equinox, GMC Terrain and other models. The coverage replaced a steering gear with an improved one. The agency said a recall isn’t needed because of the coverage and low complaint and warranty repair rates.
LONDON (AP) – The Organization for Economic Cooperation and Development says Russia’s war in Ukraine and the energy and food crises it worsened will severely drag down global economic growth and push up inflation this year. The Paris-based group says China’s “zero-COVID” policy that has scrambled manufacturing supply chains also is weighing on a world economy that was starting to rebound from the COVID-19 pandemic.
UNDATED (AP) – Spirit Airlines, the target of a budget airline bidding war, is postponing a Friday vote on whether to accept one of those buyout offers after a flurry of counter proposals from JetBlue and Frontier Airlines. The carrier had scheduled a special shareholders meeting at the end of the week asking investors to sign off on what has been its preferred offer, from Colorado’s Frontier Airlines.