U.S. stocks mostly fell on Tuesday, but the big rush for safety that coursed through global markets after the United States killed a top Iranian general on Friday slowed. Gold’s momentum eased a day after touching its highest price in nearly seven years, several Asian and European stock markets clawed back much of their losses from Monday and benchmark U.S. crude dropped for the first time in four days. The S&P 500 dipped but remains within 0.6% of its record, and a measure of fear in the stock market moved lower. The S&P 500 fell 9.10 points, or 0.3%, to 3,237.18. The Dow Jones industrial average lost 119.70, or 0.4%, to 28,583.68, and the Nasdaq composite slipped 2.88, or less than 0.1%, to 9,068.58. Energy stocks dropped with the price of crude. Benchmark U.S. oil fell 57 cents to settle at $62.70 per barrel. It had jumped more than $2 per barrel over the last two days. Brent crude, the international standard, fell 64 cents to $68.27 a barrel. Gold slowed its momentum and rose $5.60 to settle at $1,571.80 per ounce.
Fla. passed Texas for 2019 U-Haul arrivals
Florida topped the nation in net arrivals of U-Haul trucks in 2019, providing more evidence of the rapid migration that’s fueling economic gains there. The Sunshine State, previously No. 2 in the ranking, overtook Texas, the leader from 2016 through 2018, according to the Phoenix-based moving-equipment company. Florida’s arrivals rose 1% from a year earlier, while departures fell 1%. U-Haul said its data — compiled from more than 2 million truck transactions — gauges a region’s ability to lure residents, but isn’t directly correlated with population or economic growth Florida, like Texas, has been booming thanks to its combination of warm weather, developing cities and lack of state income tax.
Boeing supplier in dire financial straits
The looming production shutdown of Boeing 737 Max jets is taking a toll on a key supplier. Spirit AeroSystems Holdings Inc. is asking employees if they will take voluntarily buyouts. Spirit suspended production of fuselages and other parts for the Max on Jan. 1, after Boeing told the Wichita, Kan., company to suspend shipments. Spirit employees learned about the buyout offer — with terms depending on union contracts for workers in Wichita, Tulsa and McAlester, Okla. — in a Monday memo from CEO Tom Gentile, who said the company still has no clear idea of when Max production will resume.
Pharmacies aim at prescribers in filings
Doctors and other health care practitioners who write prescriptions bear ultimate responsibility for improper distribution of opioids to patients, not pharmacists who are obliged to fill those prescriptions, a series of pharmacy chains argued in federal court. The filings, which were submitted Monday to the federal judge in Cleveland who has been overseeing the national opioid lawsuits, asked the judge to rule in the pharmacies’ favor and reject claims brought by some Ohio counties. The judge has scheduled an October trial for claims against CVS, Rite Aid, Walgreens, HBC and Discount Drug Mart. Officials from Summit and Cuyahoga counties, home to Akron and Cleveland respectively, allege that pharmacies contributed to the addictions crisis by filling prescriptions for an “excessive volume” of opioids written by doctors and other practitioners.
Cannabis company exits CES gadget show
A Canadian cannabis tech company has pulled out of the CES gadget show after being given constraints on how it could promote its products. Nearly a dozen states allow the use and sale of marijuana for recreational purposes, and policies around the world vary. Broad marijuana sales began in Nevada in 2017. Las Vegas, where CES takes place, is now home to what’s claimed to be the world’s largest cannabis dispensary, Planet 13. But CES organizers said marijuana’s acceptance isn’t widespread yet. CES organizers prohibited Keep Labs from mentioning the word cannabis, showing cannabis in promotional materials or discussing what the Keep device does. Keep Labs was awarded a prestigious CES Innovation Award in October for its “Keep” home cannabis-storage device. It connects wirelessly to an app and lets users unlock the storage unit with a fingerprint or facial recognition. After CES placed limits on what Keep can show, the company decided it was better not to attend at all.
Pier 1 Imports will close up to 450 stores
Pier 1 Imports is closing nearly half its 942 stores as it struggles to draw consumers and compete online. The home-decor company said it is closing up to 450 stores and will also shutter distribution centers. It didn’t say where the store closures would occur, but it operates stores in the U.S. and Canada. Pier 1 also plans layoffs at its corporate headquarters in Fort Worth, Texas. The company didn’t say how many workers will be affected.