U.S. imports jumped 3.1% in April and the goods trade deficit widened to the highest level since May 2022. Estimated U.S. economic growth for the first quarter was revised downward to 1.3%.
Kohl's lost $27 million last quarter as comparable-store sales fell 4.4%. Best Buy's same-store sales fell a worse-than-expected 6.1% in the retailer's fiscal first quarter. Grocery micro-fulfillment specialist Takeoff Technologies filed for bankruptcy protection and plans to sell its assets.
Nippon Steel received all regulatory approvals outside the U.S. for its proposed acquisition of U.S. Steel. The Trucking Association of New York is suing authorities over a congestion pricing plan they say would violate constitutional protections for interstate commerce. The United Nations has logged a growing number of crew members abandoned by shipowners and stuck at sea for months or years.
Greek shipowner Evangelos Marinakis is set to order 10 midsize containerships with LNG dual-fuel capability from a Chinese shipbuilder. Ross Stores is opening a 1.7 million-square-foot distribution center.
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