The Dow Jones Industrial Average picked up 0.6%, to 26,024.96 after earlier sliding 203 points. The Nasdaq composite, which is heavily weighted with technology stocks, climbed 1.1%, to 10,056.47, extending its winning streak to a seventh day.
Small company stocks, which have lagged the broader market’s rebound that began in April, also notched solid gains, with the Russell 2000 index adding 1.1%, to 1,433.53.
TRUMP-CHINA TRADE DEAL TWEET
Trump says China trade deal still on after adviser’s remarks
WASHINGTON (AP) — President Donald Trump has tweeted that an initial trade agreement with China is still on after a top White House adviser’s comments seemed to suggest it was over, spooking markets late Monday. Trump tweeted: “The China Trade Deal is fully intact. Hopefully they will continue to live up to the terms of the Agreement!” The Trump administration has been extremely critical of China’s efforts to contain the novel coronavirus early on and the president repeatedly blames China for the pandemic in his remarks, leading to questions about future cooperation in areas such as trade.
In January, the U.S. and China reached an interim trade deal to reduce tariff tensions. China agreed to buy massive amounts of U.S. products.
China launches final satellite in GPS-like Beidou system
BEIJING (AP) — China has launched the final satellite in its Beidou constellation that emulates the U.S. Global Positioning System. The satellite navigation system is a further step in China’s advance as a major space power. The launch of the satellite onboard a Long March-3 rocket was broadcast live from a base in the mountains of southwestern China. The third iteration of the Beidou Navigation Satellite System promises to provide global coverage for timing and navigation, offering an alternative to Russia’s GLONASS and the European Galileo systems, as well as America’s GPS.
Patagonia joins Facebook boycott
UNDATED (AP) — Outdoor gear company Patagonia is the latest brand to announce a July advertising boycott of Facebook and its Instagram app, saying the social media giant has failed to take steps to stop the spread on its platform of “hateful lies and dangerous propaganda.”
Patagonia joins The North Face and the outdoor gear company REI, which have announced similar boycotts in recent days. It is not clear how much the boycotts will affect Facebook’s advertising revenue, which was nearly $70 billion in 2019, making up nearly all of its total revenue.
Patagonia, which is based in Ventura, California, spent nearly $1 million on ads about social issues or politics between May 2018 and June 2020, according to Facebook’s ad library. The ads got the “social issues” moniker because they were about environmental issues.
Lyft settles disabled discrimination claims in California
LOS ANGELES (AP) — Lyft Inc. has agreed to settle allegations that it violated federal law when some of its drivers refused to give rides to people using folding walkers or collapsible wheelchairs in the Los Angeles area.
The U.S. attorney’s office says Lyft agreed to pay thousands of dollars to four riders along with a $40,000 penalty. The investigation was launched after a man who uses a collapsible wheelchair filed at least 12 complaints that he was rudely treated or denied lifts in the Los Angeles area, and a veteran who lost both legs in combat alleged he was denied a ride because of his chair.
The government alleged that Lyft violated the Americans with Disabilities Act. In its settlement agreement, Lyft denied that it is subject to the act, which specifies certain transportation services. Lyft also denied discriminating against anyone.
Michigan asks judge to shut Enbridge pipeline in Great Lakes
MACKINAW CITY, Mich. (AP) — Michigan’s attorney general is asking a judge to shut down a pipeline in the Great Lakes after an energy company discovered that an anchor support had shifted deep below the surface.
Enbridge insists the Line 5 pipeline itself was not damaged. The company resumed the flow of oil and natural gas liquids in the west leg of the system Saturday.
Meanwhile, the east line in the Straits of Mackinac remains closed. That’s where the anchor support assembly had moved. State attorneys say both east and west lines should be turned off until an independent review is conducted.
Gov. Gretchen Whitmer said Enbridge restarted the west leg of Line 5 without sharing enough information about the incident. She called it a “brazen disregard for the people of Michigan” and the safety of the Great Lakes.
WEED KILLER LABEL
Judge: California can’t require cancer label for weed killer
SACRAMENTO, Calif. (AP) — A federal judge says California can’t require a cancer warning label on the weed killer Roundup.
The San Francisco Chronicle says a judge in Sacramento issued a permanent injunction Monday barring the label requirement.
California wanted the label because Roundup — the world’s most widely used weed killer — contains glyphosate (GLY’-foh-sayt), which an international agency said was a probable cause of cancer.
But the judge says the Environmental Protection Agency and others have found no connection to cancer. He says the “great weight of evidence” indicates it isn’t a known carcinogen.
US meat industry puzzled by China’s import ban for 1 plant
OMAHA, Neb. (AP) — China’s decision to ban imports from a single Tyson Foods poultry plant where there was a coronavirus outbreak has raised concerns about the implications on the U.S. meat industry if the action is expanded to other plants.
The short statement the Chinese customs agency issued about suspending imports from the Springdale, Arkansas, plant didn’t offer any hint of whether the ban would be expanded.
The country imposed a similar ban last week on pork imports from a German plant where a number of workers tested positive for COVID-19. It hasn’t taken action against other U.S. meat suppliers. U.S. officials say there’s no evidence of the virus being transmitted by food or food packaging.
Investors warn Brazil ambassadors about Amazon deforestation
RIO DE JANEIRO (AP) — A group of mostly European investment firms sent a joint letter to Brazilian ambassadors in their countries to express concern over rising Amazon deforestation.
Storebrand Asset Management collected the signatures of 29 companies that have a total $3.75 trillion in assets under management. The letter says the “dismantling of environmental and human rights policies, are creating widespread uncertainty about the conditions for investing in or providing financial services to Brazil.″ It requests the start of dialogue to address the matter.
The letter was sent to embassies in Norway, Sweden, France, Denmark, Netherlands, the U.S and the U.K.