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Biz/Tech

NEW YORK (AP) — Stocks are moving lower in afternoon trading on Wall Street as investors digest data that suggests the U.S. economy is in need of more stimulus. The benchmark S&P 500 index fell 0.3%, dragged down by technology and industrial companies. Verizon Communications and Chevron bucked the downward trend and moved higher after Warren Buffett’s Berkshire Hathaway said it made major new investments in those companies in the second half of 2020. The yield on the 10-year Treasury note held steady near its highest level in a year. Traders will also be looking over minutes from the Federal Reserve’s last policy meeting in January to see what the central bank expects for inflation.

UNDATED (AP) — New York is suing Amazon, claiming the company has failed to provide workers with a safe environment at two warehouses as COVID-19 infections surged nationwide. The suit from New York Attorney General Letitia James comes just days after Amazon preemptively sued to block the suit over its coronavirus safety protocols and the firing of one of its workers who objected to conditions. In the suit filed late yesterday, New York claims Amazon showed a “flagrant disregard for health and safety requirements” and retaliated illegally against employees who raised alarms.

WASHINGTON (AP) — The GameStop saga has been portrayed as a victory of the little guy over Wall Street giants but not everyone agrees, including some lawmakers in Washington. GameStop shares soared 1,600% in January before falling back to earth. Entangled in the mess are massive short-selling hedge funds, a social media message board and ordinary investors wanting in on the hottest new trade among others. The House Financial Services Committee is ready to dig into the confounding episode at a hearing tomorrow. Among those expected to appear are the CEO of the online trading platform Robinhood and swaggering 34-year-old YouTube personality and GameStop evangelist known online as Roaring Kitty.

WASHINGTON (AP) — The Justice Department has charged three North Korean computer programmers in a broad range of global and destructive hacks, including targeting banks and a movie studio. That’s according to a newly unsealed indictment. It builds off an earlier criminal case brought in 2018. The new cases add two additional North Korean defendants. Prosecutors say all three programmers are members of a military intelligence agency of the North Korean government.

DUBAI, United Arab Emirates (AP) — The United Arab Emirates says it has lifted its ban on Boeing’s troubled 737 Max. The country’s Civil Aviation Authority will allow the plane to return to its skies after being grounded for nearly two years following a pair of deadly crashes. The UAE’s state-run WAM news agency reported today that all safety conditions have been met after the U.S. Federal Aviation Administration ended the grounding last fall. The planes were grounded worldwide in March 2019 following crashes in Indonesia and Ethiopia that killed 346 people. Dubai’s budget carrier flydubai is one of the biggest customers of the 737 Max.

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