Stocks backtrack...Consumer confidence slips...Senate Democrats ask Trump for answers on China trademarks
NEW YORK (AP) — U.S. stocks are taking small losses today as energy companies once again slump with the price of oil and banks slide in tandem with bond yields and interest rates. The losses threaten a seven-day winning streak for major stock indexes. Technology companies and consumer-focused companies continue to climb. Amazon.com briefly surpassed $1,000 a share for the first time.
WASHINGTON (AP) — A measure of consumer sentiment finds that U.S. consumers were slightly less confident in May for the second straight month, but they remain bullish overall. The Conference Board says its consumer confidence index fell to 117.9 from 120.3 in April. The index hit 124.9 in March, its highest mark in 16 years. Consumers’ feelings about the current economic situation increased slightly, while their confidence about the future declined slightly. Consumers’ outlook for the job market was also mixed.
SHANGHAI (AP) — Eight Senate Democrats have sent a letter to President Donald Trump requesting information about a raft of trademark approvals from China this year. The senators say China’s rapid approval of the trademarks after years of court battles raises questions about whether Trump would be willing to stand up to China on behalf of American workers and their businesses. China has granted or provisionally granted 40 trademarks to the president and a related company, DTTM Operations LLC, since his inauguration.
OMAHA, Neb. (AP) — Conagra Brands is selling Wesson oil for $285 million to the J.M. Smucker Company as it continues to reshape the company to focus on its strongest consumer brands. Conagra CEO Sean Connolly says the Wesson sale is part of the reorganization that he has overseen since taking over in 2015. Smucker says Wesson will complement its Crisco brand nicely. Conagra will initially continue producing Wesson after the sale until the work moves to Smucker’s existing oil manufacturing plant in Cincinnati, Ohio.
MIAMI (AP) — Developers are proposing a massive 6 million-square-foot project on the edge of the Everglades in bustling South Florida that would dwarf any other shopping mecca in North America, including Minnesota’s Mall of America. Developer Triple Five Worldwide Group of Edmonton, Canada, says this will be more than just a mall. It will combine retail space with an indoor ski slope, a water park, a submarine ride attraction, a skating rink, 2,000 hotel rooms, theaters, a performing arts center, and places to eat and drink. Miami-Dade County officials could approve it this fall.