Stocks rise...Consumer spending flat...Nike to sell sneakers through Amazon...Mazdas recalled
NEW YORK (AP) — Stocks are making modest gains in early trading on Wall Street, recovering some of yesterday’s losses. Utilities and industrials companies are leading the way higher, while banks are lagging. Investors are sizing up the latest company earnings and deal news and adjusting portfolios in the final hours of the second quarter.
WASHINGTON (AP) — Americans enjoyed a healthy increase in income last month but didn’t spend much of the gain. The Commerce Department says personal income rose 0.4 percent in May, up from a 0.3 increase in April. But consumer spending rose just 0.1 percent after climbing 0.4 percent in both March and April. The gap between the increase in income and spending rove the U.S. savings rate to 5.5 percent, the highest since last September.
NEW YORK (AP) — Nike says it’s working on a test program to sell some of its sneakers through e-commerce giant Amazon. Nike boss Mark Parker says in the early stages only a small selection of shoes, clothing and accessories will be available on the platform. Nike may sell more products on Amazon if the test is successful. Shoppers can already find Nike products on Amazon, but they are sold by third-party sellers.
DETROIT (AP) — Mazda is recalling nearly 228,000 cars in the U.S. because the parking brake may not fully release or could fail to hold the cars, increasing the risk of a crash. The recall covers certain Mazda 6 cars from the 2014 and 2015 model years and the Mazda 3 from 2014 through 2016. The company says water can get into the brake caliper, causing a shaft to corrode and bind. If that happens, the parking brake can get stuck in the on position or fail to fully engage. That can let the cars roll unexpectedly if parked on a slope.
PARIS (AP) — Danish shipping giant A.P. Maersk-Moller says cargo terminals and port operations are returning to normal following a strikingly virulent and disruptive outbreak of malicious software. But back in Ukraine, the pain continues. Officials have assured the public that the malware outbreak is under control and service has been restored to cash machines and at the airport, but some bank branches remain closed.