The markets traded lower during the midday with the Dow losing 45 points to 21,034. Nasdaq fell 8 points to 6,202
The U.S. Supreme Court overturned a Montana Supreme Court ruling that allowed injury lawsuits to be filed against a company that conducted business in Montana even if the injuries were sustained in other states. Two separate lawsuits were filed against the BNSF Railway Company in Montana for employees who were injured outside of Montana. The U.S. Supreme Court ruled that state courts only have jurisdiction if an injury is sustained in that state or if the company is based in that state.
The Commerce Department reported that April consumer spending rose a healthy 0.4% on the heels of an upwardly revised 0.3% increase in March. The April gain was the largest in fourth months and is indicative of a strengthening economy. More than two-thirds of the nation's economic activity comes from consumer spending.
Essential Products introduced its Essential titanium smartphone that features an edge-to-edge Quad HD 5.71-inch display. While the Android smartphone comes with a dual camera, a 360-degree camera accessory is available. The Essential phone also sports a magnetic connector that will allow users to wirelessly transfer data.
The broader S&P 500 slipped 2 points to 2,413. Bitcoin tumbled $50 to $2232.
