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NEW YORK (AP) — U.S. stocks are down in early trading today as investors return from the Labor Day holiday weekend. Banks and technology companies are down more than the rest of the market. Energy companies are leading gainers as the price of crude oil heads higher. At 10:42 a.m. Eastern Time, the Dow was down 178 points, at 21,809. The S&P 500 was down 13 points, at 2,464. And the Nasdaq dropped 30 points, to 6,404.
WASHINGTON (AP) — Orders at U.S. factories tumbled in July, dragged down by a sharp fall in orders for civilian aircraft. The Commerce Department says that factory orders declined 3.3 percent in July, after a 3.2 percent gain last month. July's decline was mostly because of a 19.2 percent drop in orders in the volatile transportation equipment category. Orders for civilian aircraft — which can vary wildly from month to month — tumbled 70.8 percent in July after a 129.3 percent gain last month.
WASHINGTON (AP) — Congress is returning after a five-week summer recess today with storm-ravaged states clamoring for Harvey aid. The immediate focus will be rushing a $7.9 billion disaster relief package to Harvey victims. Treasury Secretary Steve Mnuchin (mih-NOO'-shin) raised the stakes last weekend by calling on Congress to combine the aid with a contentious increase in the nation's borrowing limit.
COPENHAGEN, Denmark (AP) — Danish toy maker Lego will cut 1,400 jobs, or about eight percent of its global workforce, after reporting a rare decline in sales and profits in the first half of 2017. Lego says it "now prepares to reset the company." A new CEO due to take over in October will have the task of simplifying the business after years of high growth and expansion into new ventures like film. Revenue dropped 5 percent to $2.4 billion in the first six months of the year.
UNITED (AP) — United Technologies is acquiring Rockwell Collins for $22.75 billion in order to expand its aerospace capabilities. United Tech, based in Farmington-Connecticut, makes Otis elevators and Pratt & Whitney engines. Rockwell Collins, based in Cedar Rapids, Iowa, makes flight deck avionics, cabin electronics and cabin interiors for commercial and military customers. The companies expect the deal to close by the third quarter of 2018, subject to approval from Rockwell Collins shareowners and regulators.
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