The markets traded higher during the midday with the Dow climbing 96 points to 21,383. Nasdaq gained 11 points to 6,156.
Nike partnered with Amazon to sell its products directly to consumers as part of Nike's plan to increase control of its brand. Nike is currently the top selling clothing brand on the online retailing giant but it is third party resellers who are profiting because Nike itself does not sell its products through Amazon. With the new partnership, third party resellers will no longer be allowed to offer the athletic apparel maker's merchandise.
With rising demand for records, Sony Music Entertainment will begin making vinyl music records again at a facility southwest of Tokyo. It has been a long 28 years since Sony last pressed a black, plastic record as consumer tastes shifted to CDs and digital music. A new generation of music fans have discovered the vinyl format.
Beginning on July 10, all companies will be able to confidentially file registration documents for an initial public offering. Smaller companies with revenue below $1 billion have been allowed to file confidential IPO documents for the past five years. The Securities and Exchange Commission expanded the benefit to all companies to encourage more initial public offerings.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The broader S&P 500 rose 8 points to 2,427. Bitcoin lost $16 to $2508.
