US oil and fuel inventories declined last week, pushing oil prices down slightly today in trading. The Energy Information Administration reported US refineries were operating at 93.1% capacity last week, compared to 94.6% the previous week.
FedEx this morning reported quarterly losses of $895 million and lower-than-expected revenue, which hit $12.11 billion. The lackluster data is due in large part to pension costs.
U.S. network equipment maker Cisco announced it would invest more than $10 billion to expand its reach in China.
US consumer spending on Father’s Day is expected to reach $13 billion, according to the National Retail Federation. However, turns out we still spend more on Mom, with Mother’s Day spending hitting $21 billion.
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