European Union Readies Possible Tariffs on U.S. Goods
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The U.S. and U.K. have announced a trade deal, but in the meantime, the European Union said it could target American cars, car parts, airplanes, and other products with tariffs if negotiations with the U.S. break down. The list of about $107 billion worth of goods also includes U.S. chemicals and plastics, whiskey, and agricultural products. The EU's executive body also plans to launch a World Trade Organization dispute against the U.S. over its tariffs.

Jobless claims in the U.S. fell to 228,000 last week, signaling labor market resilience. The Labor Department also said today that the number of continuing unemployment claims, a measure of the size of the total unemployed population, decreased to 1.88 million. The continuing claims data lags by a week.

Molson Coors, the brewer of Miller & Coors beers, reported a 42 percent drop in first quarter net income today. The company logged earnings of $121 million, down from roughly $208 million a year earlier. It also slashed its sales and underlying earnings projections for the year, citing intensified competition overseas and economic blues among consumers.

And the Johnson & Johnson spinoff Kenview saw earnings growth ahead of expectations, named a new chief financial officer, and boosted its sales growth projection for the year.

The maker of drugs like Benadryl and Tylenol reported Q1 earnings of $322 million, up from $296 million a year earlier. It also increased its sales growth forecast for the year to a range of 1 to 3 percent, but expects foreign exchange to weigh on adjusted earnings.

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