Month: May 2019

The International Chamber of Commerce, the world’s largest business organization, has become the latest group to criticize a proposed change to Hong Kong law that would allow for criminal extradition to mainland China. 

In a scathing letter issued to legislators Wednesday, the ICC questioned why Hong Kong is fast-tracking such significant changes to its legal system with a limited public consultation, calling the move “most unbecoming in terms of public governance.” 

The ICC’s letter follows similar concerns echoed by the European Union, the American Chamber of Commerce, the Hong Kong Bar Association and US Consul General Kurt Tong. 

The bill was introduced in April and is set to be voted on in July by its semi-democratic legislature, in which the majority is held by pro-establishment legislators. 

If passed, it would allow the city to extradite to other jurisdictions where it lacks a permanent extradition agreement, including China and Taiwan, on a case by case basis. Chief Executive Carrie Lam has previously said that such changes would close legal “loopholes.”

​It follows a high profile murder case last year in which a Hong Kong man was accused of murdering his pregnant girlfriend while on holiday in Taiwan, where the autonomous Chinese city also lacks a long term extradition agreement. The government has said speed is necessary as the murder suspect, who is serving a prison sentence on related money laundering charges, could be released as early as October. 

The changes, however, and the speed at which they have been introduced have raised international concern about the future of Hong Kong’s legal system and its global reputation. 

Hong Kong, an autonomous special administrative region until 2047, has a dramatically different legal system from the mainland because of its former status as a British colony. Its strong rule of law has led dozens of multinational firms to make the city their Asia headquarters, although the ICC said this could change if the extradition law is put in place. 

“Enactment of the amendment bill would mean more people in Hong Kong will be put to risk of losing freedom, property, and even their life in future of being surrendered, than merely passing judgment on the convicted of the Taiwan murder case,” the ICC said, urging lawmakers to take more time on the bill. 

Earlier this week, the U.S. China Economic and Security Review Commission also added its concern to the growing list and said the extradition agreement could “create serious risks for U.S. national security and economic interests in the territory” and “pose increased risks for U.S. citizens and port calls in the territory.” 

It also said the new law could impact the 1992 US-Hong Kong Policy Act, which grants the city special trading privileges, different from mainland China. 

In late April, an estimated 130,000 Hong Kong residents participated in a protest against the extradition agreement, according to organizers, in the largest demonstration in years. Police estimates put the figure at closer to 23,000. 
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The United States has increased tariffs from 10% to 25% on $200 billion worth of Chinese imports.

China on Friday said it “deeply regrets” the increased tariffs and will take the “necessary countermeasures” without giving any details.

The increases are going into effect amid talks between Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin.

On Thursday the U.S. and Chinese trade negotiators ended the first of two days of talks aimed at saving a trade deal even as President Donald Trump said the new “very heavy tariffs” on Chinese products would go ahead.

The White House said Thursday evening that “Ambassador Lightizer and Secretary Mnuchin met with President Trump to discuss the ongoing trade negotiations with China. The ambassador and secretary then had a working dinner with Vice Premier Liu He and agreed to continue discussions tomorrow morning at USTR.”

Talks on Friday

Liu He is leading the Chinese negotiating team for the talks, which threatened to collapse after the Trump administration accused Beijing of backtracking.

“We were getting very close to a deal, then they started to renegotiate the deal,” said Trump Thursday in the Roosevelt Room of the White House.

“It was their idea to come back” and resume discussion ahead of the Friday deadline for additional tariffs, the president said.

Trump said he had also received “a beautiful letter” from Xi that expressed a sentiment of “let’s work together.”

Trump told reporters that he happens “to think tariffs for our country are very powerful,” in line with a view he has been expressing that such increased punitive taxes would be good for America’s economy.

​Tariffs and economic growth

Some economists, however, predict such tariffs would cut in half the U.S. economic growth seen in the first quarter of this year.

Earlier officials in Beijing said they have “made all necessary preparations” if Trump followed through on the pledge to impose the new set of tariffs.

Chinese Commerce Ministry spokesman Gao Feng told reporters in Beijing Thursday that China will not bow to any pressure and warned it has the “determination and ability to defend its own interests.”

The ministry issued an earlier statement vowing to take any necessary countermeasures if the tax is implemented.

The Trump administration hopes the new tariffs will force changes in China’s trade, subsidy and intellectual property practices.

The two sides have been unable to reach a deal thanks, in part, to differences over the enforcement of an agreement and a timeline for removing the tariffs.

Trump says despite being poised to impose the additional tariffs, he is not looking for a trade war with Beijing.

“I want to get along with China,” he told reporters. 
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A strike by Uber and Lyft drivers in cities across the United States this week caused barely a ripple to passengers looking to catch a ride, highlighting the challenges in launching a labor movement from scratch in an industry that is by nature decentralized.

Activists and others involved in the labor movement are still declaring it a success. It grabbed headlines, trended on Twitter and won the support of several Democrats running for president. The action was also closely watched by labor organizers, who are brainstorming about ways to build worker power in the 21st-century economy.

Drivers say they wanted to draw the attention of the public, technology investors and political leaders to their plight: low pay and a lack of basic rights on the job.

“The goal is to bring awareness to the incredible disregard for workers,” said Lyft driver Ann Glatt, who helped organize the San Francisco strike and protest outside Uber headquarters.

Starting to organize

App-based workers are thought to comprise a small fraction of the economy, but there are still millions of people making a living in gig work. Uber alone says it has nearly 4 million drivers, while Lyft has more than 1 million.

In pockets around the country, workers are starting to organize themselves, often with the help of workers’ rights groups and labor unions. In Silicon Valley, a workers’ rights group established Gig Workers Rising, which helped with Wednesday’s strike. In New York state, the AFL-CIO is pushing the Legislature to take steps to protect workers who get jobs through digital platforms. A campaign that started in Washington state this year pressured shopping service Instacart to stop counting tips toward workers’ base pay, and even won them back pay.

Among the Lyft and Uber drivers’ top issues are pay, a lack of transparency that makes it difficult to understand how much they were paid and why, and no due process when they are “deactivated,” or barred from the service.

The drivers and workers at other app-based platforms such as Instacart or food delivery service DoorDash are classified by the companies as independent contractors, leaving them without the same safeguards traditional workers receive, such as minimum wage, unemployment insurance, workers compensation and health and safety protections.

Uber settlement

Uber on Thursday disclosed ahead of its Friday IPO that it had reached an agreement to settle with tens of thousands of drivers who dispute the company’s contention that they are independent contractors. It said the payments and attorneys’ fees could reach $170 million.

Uber maintains the drivers are independent because they choose whether, when and where to provide services, are free to work for competitors and provide their own vehicles. It said it has taken steps to make drivers’ earnings more consistent and to improve working conditions, including by providing discounts on gasoline and car repairs and tuition reimbursement for some drivers.

Lyft also pushed back on the complaints, saying its drivers’ hourly earnings have increased 7% in the last two years, that on average, they earn more than $20 per hour and that three-quarters of its drivers work fewer than 10 hours per week.

Legislation push

In California, labor leaders are pushing legislation to classify many gig workers and other independent contractors as regular employees, after a state high court ruling last year.

Nicole Moore is a Lyft driver and organizer with the Los Angeles-based group Rideshare Drivers United. This week’s action came out of a strike drivers held in Los Angeles in March to protest Lyft’s IPO and a cut in Uber’s reimbursement rate from 80 cents to 60 cents per mile. Drivers after that action wanted to do more, and this week’s protest was hatched.

A core group of about 25 drivers organized it, she said, with many of the other 4,300 driver members pitching in to help.

Drivers in different cities described how they spread the word. Some spoke to fellow drivers face-to-face in driver hotspots: airport parking lots, car washes and gas stations. They reached out to driver networks in different immigrant communities and took out targeted ads on Facebook and Google.

Organizing people who don’t work in the same job location can be difficult and requires new, tech-savvy approaches, said Rachel Lauter, executive director of the Seattle-based workers’ rights group Working Washington. The group has helped organize in industries such as fast food and domestic workers, and last year started talking to workers in the gig economy about what mattered to them.

Success vs. Instacart

Their efforts galvanized this year when Instacart changed its pay model and began counting tips toward its shoppers’ base pay. The group launched a campaign using text messages, Facebook, Reddit, online petitions and other digital tools to reach out to workers and customers to let them know about the change. They encouraged customers to give only a minimal tip to send a message of protest to the company then add a tip after delivery or tip in cash. They also created online calculators to help workers understand how much Instacart was actually paying them. They held Zoom conference calls where hundreds of Instacart workers and customers called in to coordinate.

The work paid off when Instacart in February announced a number of steps “to more fairly and competitively compensate” its workers, including leaving tips out of it when they calculate how much each worker will be paid.

Mario Cilento, president of the New York State AFL-CIO, said it isn’t fair that gig platforms don’t have to pay minimum wage, payroll taxes, unemployment insurance and other expenses that traditional employers pay.

“We must get ahead of this now,” Cilento said. “We liken it to where we were with the Fair Labor Standards Act in 1938, when they came up with the eight-hour day, and child labor laws and overtime pay.” 
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Orlando, Florida, had 75 million visitors last year as the theme park mecca continued to be the most visited destination in the United States

Orlando had 75 million visitors last year as the theme park mecca continued to be the most visited destination in the United States, tourism officials said Thursday.

Orlando in 2018 had 68.5 million domestic visitors, a year-to-year increase of 4.1%, and almost 6.5 million international visitors, a year-to-year increase of 5.4%.

The overall 4.2% increase over 2017 figures was slightly smaller than the previous year-to-year increase of 5%. But there was a robust return of international visitors, a segment that had softened in previous years.

The international improvement was driven by Latin American visitors, especially from Brazil and Mexico, said George Aguel, CEO of Visit Orlando, the area’s tourism marketing agency.

“When folks are thinking about what they can and can’t do, we try to market why this is a good place for them to come. We focus on the feeling you get when you come here,” Aguel said. “There really is no place in the country … where you have the ability to make a connection emotionally. We play a lot on the memories we create.”

Orlando has been in the middle of a years-long expansion of rides and hotel rooms.

Accommodation expansion is at a 20-year high. The metro area already has more than 120,000 hotel rooms, the second highest in the nation behind only Las Vegas.

Additionally, attractions at the area’s theme parks are opening at a break-neck pace.

In 2017, a new water park, Volcano Bay, opened at Universal Orlando, and a new section, Pandora-The World of Avatar, opened at Walt Disney World’s Animal Kingdom.

Last year, Disney World opened a Toy Story Land.

Disney World is opening a Star Wars-themed land in August, SeaWorld debuted a Sesame Street land this spring and Universal Orlando is opening a new Harry Potter-themed ride this summer.

“We think it will help us carry over in 2020,” Aguel said. “A lot of these things start to kick in the following year.”
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Nike wants to meet your feet.

The sneaker seller will launch a foot-scanning tool on its app this summer that will measure and remember the length, width and other dimensions of customers’ feet after they point a smartphone camera to their toes. The app will then tell shoppers what size to buy each of its shoes in, which Nike hopes will cut down on costly online returns as it seeks to sell more of its goods through its websites and apps. 

But Nike will also get something it has never had before: a flood of data on the feet of regular people, a potential goldmine for the shoemaker, which says it will use the information to improve the design of its shoes. Nike mainly relies on the feet of star athletes to build its kicks.

“Nikes will become better and better fitting shoes for you and everyone else,” said Michael Martin, who oversees Nike’s websites and apps. 

Nike won’t sell or share the data to other companies, Martin says. And he says shoppers don’t have to save the foot scans to their Nike accounts. But if they do, they’ll only have to scan their feet once and Nike’s apps, websites and stores will know their dimensions every time they need to buy sneakers. Workers at Nike stores will also be equipped with iPods to do the scanning, replacing those metal sizing contraptions. 

The challenging part for Nike is convincing people they need to measure their feet in the first place. Most think they already know what their shoe size is, says Brad Eckhart, who was an executive at shoe store chain Finish Line and is now a principal at retail consultancy Columbus Consulting, 

But Nike says it gets half a million complaints a year from customers related to fit and sizing. And it admits what many shoppers have already suspected: Each of its shoe styles fit differently, even if they are in the same size. A leather sneaker may be tighter and require a bigger size. Knit ones may be more forgiving. And shoelaces can throw everything off.

Shoe size is “effectively a lie,” said Martin. “And it’s a lie that we’ve perpetuated.”

Matt Powell, a sports industry analyst at NPD Group Inc., says the tool might be most valuable for people who want to run or play basketball in their sneakers, since the wrong fit can cause injury. But Powell says most people buy sneakers just to walk around in.

Still, finding the right size is a problem for shoppers: “There really is no industry standard for what is a size 10,” Powell said. 
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China is “fed up” with hearing complaints from the United States about its Belt and Road program to re-create the old Silk Road, the government said on Thursday, following stinging criticism from U.S. Secretary of State Mike Pompeo.

The initiative, a key thrust of President Xi Jinping’s administration, has hit opposition in some countries over fears its opaque financing could lead to unsustainable debt and that it aims more to promote Chinese influence than development.

China sought to tackle those concerns at a summit in Beijing last month, promising to make the program sustainable and green and follow international standards, especially regarding debt.

The United States has been particularly critical, and Pompeo, speaking in London on Wednesday, slammed China for peddling “corrupt infrastructure deals in exchange for political influence” and using “bribe-fueled debt-trap diplomacy”.

In Beijing, Foreign Ministry spokesman Geng Shuang said various people in the United States had been making “irresponsible comments” on the program, especially before the summit when, he said, such criticism reached a crescendo.

“But what was the result? One hundred and fifty countries, 92 international organizations and more than 6,000 delegates from various countries attended the second Belt and Road Forum for International Cooperation, including 50 delegates from the United States,” Geng told reporters.

“I think this is the international community taking actual actions to cast a vote of confidence and support in the Belt and Road initiative, and the best response to the words and actions of the United States.”

In the past two days, some Americans have been “singing the same old tune”, seeking to attack and smear the program, he added.

“They’re not fed up with saying it; we’re fed up with hearing it,” he said.

“I want to remind them again, don’t overestimate your ability to create rumors, and don’t underestimate the judgment of others. If they want to, let them continue talking. We will continue getting on with things.”

The spat has fueled already tense relations between Beijing and Washington, most notably over their trade war, which the two countries have been seeking to end.

Vice Premier Liu He will hold talks in Washington on Thursday and Friday aimed at salvaging a deal that appeared to be unraveling after U.S. officials accused China of backtracking on earlier commitments and President Donald Trump threatened to hike tariffs on Chinese goods on Friday.

 
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President Donald Trump said Wednesday U.S. automaker General Motors will invest $700 million in Ohio and create 450 jobs, selling one of its shuttered plants to a company that will produce electric trucks.

“GREAT NEWS FOR OHIO!” Trump tweeted.

Trump said he had talked to GM chief Mary Barra who told him of plans to sell the Lordstown, Ohio plant to Workhorse, a company that focuses on producing electric delivery vehicles.

In November, GM shuttered five U.S. plants, including auto assembly plants in Michigan and Ohio, as part of a 15 percent cut in its workforce worldwide — cutting around 14,000 employees — a move which drew Trump’s wrath on Twitter.

But in March, GM announced plans to invest $1.8 billion in U.S. operations creating 700 new jobs. About $300 million will be geared towards production of electric vehicles at the auto giant’s Orion plant in Michigan, creating 400 jobs, the company said in a statement.

“I have been working nicely with GM to get this done. Thank you to Mary B, your GREAT Governor, and Senator Rob Portman. With all the car companies coming back, and much more, THE USA IS BOOMING!” Trump said.

The U.S. president has repeatedly berated companies by name to pressure them into investing more or reversing decisions on job cuts.

 
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In the U.S., there’s an old saying that there are only two things that are certain in life: death and taxes.

But as it turns out, death is way more certain than taxes in the United States.

Corporations and some wealthy individuals, including President Donald Trump, are able to legally avoid any federal taxation in some years by deducting business expenses such as capital investments, charitable donations, interest on their home loans, health care costs and numerous other write-offs from their corporate or personal income.

In a report late Tuesday, The New York Times said from 1985 to 1994, Trump lost more than $1 billion in his real estate business operations and paid no federal income taxes in eight of those 10 years.

Trump called the report inaccurate but did not dispute any specific facts. He said it was “sport” for developers to game the U.S. tax code so they did not have to pay taxes.

Unlike U.S. presidents for the past four decades, Trump has balked at releasing his tax returns, although opposition Democratic lawmakers in the House of Representatives are seeking, so far unsuccessfully, to get him to divulge his returns for the last six years. A court fight over the dispute is possible.

The independent Tax Policy Center estimates that in 2018, 44% of Americans paid no federal income tax under the country’s progressive sliding scale of taxation, where those making the most money, in the hundreds of thousands of dollars, pay a higher percentage tax than those with way less annual income.

Various provisions of the U.S. tax code, such as the standard deduction to reduce taxable income or such allowable itemized deductions as for making donations to charities or for expenses to operate a business from home, can sharply reduce income subject to federal taxation.

But even those individuals not subject to any federal taxation, however, likely have paid payroll taxes, payments to cover mandatory withholding from their paychecks to fund the government’s pension plan for older and retired workers, and health insurance for Americans over 65. About three-quarters of American households pay federal income taxes, the payroll taxes or both.

The median annual U.S. household income is $56,516, meaning half earn more, half less.

According to one recent survey of nearly 130,000 American consumers, the average American spends $10,489 each year in federal, state, and local income taxes, about 14% of the average survey respondent’s gross income.

In the corporate world, however, with the tax overhaul pushed to passage by Trump and Republican lawmakers in 2017 that cut the basic federal corporate tax rate from 35% to 21%, 60 of the biggest U.S. corporations avoided paying any taxes last year, according to the Washington-based Institute on Taxation and Economic Policy.

The research group said these companies should have paid a collective $16.4 billion in federal income taxes, but instead, with various legal deductions from their income, received a net tax rebate of $4.3 billion.

It reported that among the 60 profitable U.S. corporations paying no federal income taxes last year were some of the country’s best known businesses, including General Motors, Amazon, Chevron, Netflix, Delta Air Lines, IBM, Goodyear Tire & Rubber, and Eli Lilly.

 
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If a rising tide lifts all boats, then Vietnam may find that there is a related saying in economics: when the tide goes out, you will see who was swimming naked.

The Southeast Asian country has fared fairly well amid the trade frictions around the world, with its foreign investment and gross domestic product continuing to grow. But even Vietnam is not immune if a recession hits the global economy, as some are expecting, which is why they are bracing for a hard landing. News this week that U.S. President Donald Trump plans to increase tariffs on Chinese goods has just added to the frictions, sending Asian stock markets plummeting.

An economic downturn — in other words, the tide going out — could expose vulnerabilities for Vietnam, the equivalent of those swimming naked. Most analysts are forecasting slower GDP growth for Vietnam in the year ahead.

Economic slowdown ahead

It “is important to recognize that the region continues to face heightened pressures that began in 2018 and that could still have an adverse impact,” said Andrew Mason, who is acting as the chief economist for the World Bank in the East Asia and Pacific region. “Continued uncertainty stems from several factors, including further deceleration in advanced economies, the possibility of a faster-than-expected slowdown in China, and unresolved trade tensions.”

His office projects the Vietnamese economy will expand 6.6 percent in 2019, while researchers at Capital Economics peg growth at an even lower rate of 6 percent year-on-year. That compares with the annualized rate of 7.1 percent in 2018.

The pending slowdown, if it comes, would be due to a variety of reasons, not least among them global demand. If more and more countries see their economies decelerate — because of the trade wars or otherwise — they will buy fewer goods from Vietnam. As an export-led economy based on factory products, Vietnam is extremely sensitive to the knock-on effects of foreign trade and consumption.

Another key risk factor for the economy is the portfolio of state-owned enterprises. The government has not divested its shares in the enterprises as quickly as planned. At the same time it faces a growing burden from tax and spending needs.

Public debt and a budget deficit

“Fiscal policy is also likely to become less supportive. Vietnam has one of the highest levels of public debt and the largest budget deficit in the region,” Capital Economics, an economic research company, said in a note to investors. “Tighter policy, in the form of slower spending growth and higher taxes, is needed to bring debt levels down to more sustainable levels.”

Both the company and the World Bank agree that, besides public debt, private debt poses a notable challenge in the country as well, especially at banks. Lenders have not completely offloaded their non-performing loan problem, which refers to loans that are unlikely to be repaid. That contributes to tightening credit, which can be a blessing and a curse.

“On the plus side, weaker credit demand is needed to reduce risks in the financial sector and put the economy on a more sustainable footing,” Capital Economics wrote. “But in the near term a slowdown in credit growth will drag on consumption and investment growth.”

Large trade deals

All of this comes during a transition period for Vietnam, which is preparing for new trade deals like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the European Union-Vietnam Free Trade Agreement. Academic researchers Tran Thi Bich Nhan and Do Thi Minh Huong say the transition period will create plenty of opportunities, but not everyone will come out ahead.

“In terms of society, the increased competition from participating in FTAs can push some companies in developing countries, primarily state-owned enterprises and companies with outdated production technology, into difficulties, bringing along the possibility of unemployment for a portion of the workforce,” Nhan and Huong wrote in the finance ministry’s official newspaper.

If Vietnam adds to that a slowdown in the global economy, workers and other vulnerable groups are most likely to be hardest hit. While the overall impact of a recession is generally negative, some say there is a silver lining. When the tide goes out, it can help distinguish between the efficient and inefficient companies, distinguish between an economy’s strengths and the weaknesses to be addressed. But no one expects it to be a pleasant process.
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U.S. stocks slid Tuesday as escalating trade tensions between the United States and China triggered global growth fears and drove investors away from riskier assets.

The Dow Jones Industrial Average posted its second-biggest daily percentage drop of the year, while the S&P 500 and Nasdaq registered their third-biggest percentage drops, even as the major indexes pared losses to end off their session lows.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin said late Monday that China had backtracked from commitments made during trade negotiations. Those comments followed President Donald Trump’s unexpected statement Sunday that he would raise tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent.

Beijing said Tuesday that Chinese Vice Premier Liu He will visit the United States Thursday and Friday for trade talks. Additional tariffs are set to take effect Friday if a trade agreement is not reached by then.

Investor concerns

Monday’s comments from Lighthizer and Mnuchin raised concerns among some investors that trade talks between China and the United States could take much longer to resolve than previously thought.

“Week after week, we’ve heard there has been progress and that a deal would be reached,” said Kate Warne, investment strategist at Edward Jones in St. Louis. “Now the goalposts have moved. There’s been quite a shift in expectations.”

Investors expressed concern that additional tariffs, if imposed, could interrupt supply chains and hamper economic growth.

“The threat of tariffs has not been trotted out since the end of December,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. “It could disrupt the symbiosis between (China and the United States).”

Stocks sensitive to trade 

Trade-sensitive industrial and technology stocks marked the biggest percentage declines among the S&P 500’s major sectors. All 11 sectors were in the red, with only utilities and energy falling less than 1%.

Shares of Boeing Co., the largest U.S. exporter to China, slipped 3.9%, and shares of Caterpillar Inc., another industrial stalwart sensitive to China, declined 2.3%.

Among technology stocks, Microsoft Inc. shares slid 2.1%, while Apple Inc. shares dropped 2.7%. Apple and Microsoft were the top two drags on the S&P 500.

The CBOE Volatility Index, a gauge of investor anxiety, spiked to its highest level in more than three months.

The Dow Jones Industrial Average fell 473.39 points, or 1.79%, to 25,965.09, the S&P 500 lost 48.42 points, or 1.65%, to 2,884.05 and the Nasdaq Composite dropped 159.53 points, or 1.96%, to 7,963.76.

Bright spots

In a bright spot, American International Group Inc. shares jumped 6.8% after the insurer reported a quarterly profit that blew past expectations.

With earnings season now in its homestretch, first-quarter profits are now expected to rise 1.2%, a sharp improvement from the 2.3% decline expected at the start of the earnings season.

Of the 414 S&P companies that have reported earnings so far, about 75% have surpassed analysts’ estimates, according to Refinitiv data.

Conversely, Mylan NV shares tumbled 23.8%, the most among S&P 500 companies, after the drugmaker reported lower-than-expected quarterly revenue and failed to provide greater clarity on a potential revamp of the company’s strategy.

Declining issues outnumbered advancing ones on the NYSE by a 4.13-to-1 ratio; on Nasdaq, a 3.32-to-1 ratio favored decliners. The S&P 500 posted four new 52-week highs and seven new lows; the Nasdaq Composite recorded 44 new highs and 62 new lows.

Volume on U.S. exchanges was 7.8 billion shares, compared to the 6.71 billion average for the full session over the last 20 trading days.
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