Stocks end mixed after early sell-off
NEW YORK — Stocks gave up some of their recent gains to start the week, though the selling eased toward the end of the day, leaving the major indexes mixed.
The S&P 500 slipped less than 0.1 percent June 7 after having been down 0.3 percent in the early going. The benchmark index, which is coming off two straight weekly gains, is within 0.2 percent of the all-time high it reached a month ago.
The Dow Jones Industrial Average also closed lower, while the Nasdaq notched a modest gain. Small-company stocks far outpaced the rest of the market.
The quiet opening to the week follows several choppy weeks as investors continue to gauge the economy's recovery and the risks of rising inflation. Wall Street faces a relatively light week of economic data, though investors will get more information on how much consumer prices rose last month on Thursday.
"The market is treading water right now and waiting for another catalyst to move higher," said Sam Stovall, chief investment strategist at CFRA.
Apple previews new tools for gadgets
NEW YORK — Apple kicked off its second annual all-virtual developer conference with a keynote that outlined new updates to its software for iPhones and other devices. The presentation highlighted more privacy options for paid iCloud accounts and a "Find My" service that helps find errant AirPods, but included no major product announcements.
Apple CEO Tim Cook and other executives outlined updates to software for Apple's many devices including its MacBooks, iMacs, iPhone, iPad and Watch.
Apple's new MacOS software, dubbed Monterey, supports what Apple calls "universal control," which allows one mouse and keyboard to control an iMac desktop computer, MacBook laptop and iPad at the same time.
Forrester analyst Julie Ask said the improvements Apple showed off, like the "universal control," play to Apple's strengths in blending its products and services.
A "Live Text" feature in iOS 15 will let users highlight text in photos and copy and paste it or look it up online. It will also integrate Air Pods into its "Find My" service, which helps to find lost or misplaced Apple products.
Apple is introducing more privacy features to its paid iCloud plans, including a way to hide email addresses, encrypt videos, and a "Private Relay" feature of Safari that encrypts data from the web browser.
Paid plan pricing isn't changing.
Cars, schools fuel rise in borrowing
WASHINGTON — U.S. consumer borrowing rose by $18.6 billion in April, fueled by a big rise in auto and student loans that offset a drop in credit card use.
The April gain reported Monday by the Federal Reserve was the third straight month of strong increases in consumer borrowing. It followed a similar $18.6 billion increase in March.
The latest increase reflected a $20.6 billion increase in the Fed's category that covers auto and student loans. It was the biggest increase in those loans since a $22.7 billion rise in June 2020.
The category that covers credit cards saw a decline of $2 billion. Credit card borrowing is down 12.2 percent since hitting a peak in February 2020 right before the pandemic struck with force, shutting down businesses and resulting in the loss of 22 million jobs.
Since that time, credit card use has only posted increases in three months as consumers cut back on their spending in favor of building up savings.
Total borrowing in the Fed's monthly report stood $4.24 trillion in April, 0.4 percent above the pre-pandemic peak of $4.22 trillion set in February 2020. The Fed report does not cover home mortgages or any other loans secured by real estate.
Baby soothers recalled after 4 deaths
EL SEGUNDO, Calif. — Fisher-Price says it is recalling a model of its baby soothers after the deaths of four infants who were placed on their backs unrestrained in the devices and later found on their stomachs.
In a joint statement with the Consumer Product Safety Commission, Fisher-Price said it is recalling its 4-in-1 Rock 'n Glide Soothers, which are designed to mimic the motion of a baby being rocked in someone's arms.
The fatalities between April 2019 and February 2020 were a 4-month old from Missouri, a 2-month old from Nevada, a 2-month old from Michigan and an 11-week old from Colorado, according to the statement.
Fisher-Price, a division of El Segundo, California-based Mattel Inc., is also recalling a similar product, the 2-in-1 Soothe 'n Play Glider, although there were no reported deaths connected to it.
About 120,000 4-in-1 Rock 'n Glide Soothers and 55,000 2-in-1 Soothe 'n Play Gliders were sold from January 2014 through December 2020 for about $108. The 2-in-1 Soothe 'n Play Gliders were sold from November 2018 through May 2021 for about $125. There were also 25,000 4-in-1 Rock 'n Glide Soothers and 27,000 2-in-1 Soothe 'n Play Gliders distributed in Canada.
Cruise line plans Fla. sailings
MIAMI— Norwegian Cruise Line Holdings has announced plans to set sail from two Florida ports while requiring guests be fully vaccinated against COVID-19, despite state legislation banning businesses from asking proof.
The company said June 7 that it is in talks with Gov. Ron DeSantis’ staff and attorneys “to ensure that we can offer the safest cruise experience for our passengers.”
Norwegian announced sailings from New York, Los Angeles, Port Canaveral and Miami.
Carnival Cruise Line, also based in Miami, announced sailings from the Port of Galveston, Texas, with vaccinated guests and was working with Florida officials for a ship to leave from PortMiami.
Royal Caribbean International said Friday that eight of its ships will resume U.S. voyages in July and August with trips leaving Florida, Texas and Washington state ports.
Its passengers are “strongly recommended” to get vaccinated, adding that unvaccinated passengers must be tested for the virus and follow other measures.
Disney Cruise Line said last week that the CDC approved a request to conduct a two-night simulation cruise later this month departing from Port Canaveral.
Volvo truck workers on strike again
DUBLIN, Va. — Nearly 3,000 workers at a Volvo truck plant in southwest Virginia went back on strike June 7 after they overwhelmingly rejected another tentative 6-year agreement over a wide range of concerns, the United Auto Workers said.
It's back to the negotiating table for the union and management at the plant. The workers' bargaining committee has requested a meeting to discuss the unresolved issues, UAW said.
The plant's general manager called the action "difficult to understand" since the tentative deal included economic improvements for all workers.
Volvo Trucks says the 1.6 million square-foot Dublin plant is the world's largest manufacturer of Volvo tractor-trailer trucks. It is one of the largest private sector employers in the region, with about 3,300 employees.
Google fined over digital ad abuses
PARIS — Google is being fined$268 million by France's antitrust watchdog for abusing its 'dominant' position in online advertising.
The search engine giant is also promising to overhaul the way its platform is used for buying and selling digital ads, at least in France, which could have repercussions on its ongoing legal fights with regulators elsewhere in Europe, the U.S. and around the world.
Google's advertising practices have harmed its competitors along with publishers of mobile websites and applications, the French Competition Authority said Monday. The authority said it is the responsibility of a company with a dominant market position to avoid unfairly undermining its competition.
Google did not dispute the facts and opted to settle after proposing some changes, according to a prepared statement from the Competition Authority.
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