China had unusually high imports and exports in May. Worries about a slowing economy took a blow as these key indicators showed its factories are working at high capacity and its consumer appetite for goods and services is strong. Exports were up 8.7% from May of last year, and imports by 14.8%, according to information released by the General Administration of Customs, a government agency.
The Fortune 500 list was released. One of the oldest business lists in media showed Wal-Mart Stores Inc. (NYSE: WMT) at the top with revenue of $485 billion, followed by Berkshire Hathaway Inc. (NYSE: BRK-B) at $223 billion and Apple Inc. (NASDAQ: AAPL) at $215 billion.
Crude oil prices plunged as U.S. oil and gas supplies showed surprising strength. According to Reuters:
Crude stocks in the United States grew 3.3 million barrels to 513 million barrels, according to the U.S. Energy Information Administration (EIA). That confounded forecasters who had predicted a drop of 3.5 million barrels, especially a day after data from the American Petroleum Institute indicated an even bigger fall.
Pinterest became one of the most valuable “unicorns” as it raised $150 million, which set its valuation at $12.5 billion.
Amazon.com Inc. (NASDAQ: AMZN) announced it had loaned $1 billion to small companies in the past year. It added:
Amazon today announced Amazon Lending surpassed $3 billion in loans to small businesses to date since the program launched in 2011.
Famous bond investor Bill Gross told attendees at the Bloomberg Invest New York summit that market risk is as high as it has been in 2008 before the Great Recession.
Tech sit Recode reported that the combination of AOL and Yahoo would trigger 1,000 layoffs. Both will be owned by Verizon Communications Inc. (NYSE: VZ), which is closing a deal to buy Yahoo.