The U.S. stock markets opened lower even as personal income and spending data rose. Personal income rose 0.4 percent in June and was better than expected. Personal spending was up 0.2 percent for the month, in line with consensus but lower than May’s revised number of 0.7 percent. For the quarter of April to June, consumer spending rose 2.9 percent, much stronger than the first quarter rise of 1.8 percent. Those numbers combined to crush oil further, bringing down crude to $45. The S&P 500 was down 2.89 points to 2,101, The Dow Jones Index was down 54.12 points to 17,635, but the Nasdaq was up 8.26 to 5,136.

Sears’s stock opened higher, but then lost steam and traded down as same-store sales dropped 10.6 percent in the second quarter. Both Sears stores and Kmart stores fell, 13.9 percent and 6.9 percent, respectively. Sears revealed the extension of a $3.28 billion credit line, that plus the $2.7 billion from selling its real estate assets would give the retailer some additional financial flexibility. The stock is down almost 1 percent to trade at $21.35.

Later today, Delta Apparel reports its earnings after the market closes. The stock has moved tremendously over the past six months, rising 32 percent to trade near $12.29, but in the last month has lost some of the momentum, giving back 12.4 percent. The South Carolina-based company manufactures athletic products under the brands Soffe, Intensity Athletics and Junk Food, to name a few. The average earnings per share expected by analysts is $0.58.

Looking ahead, both Michael Kors and Coach will report their earnings this week. Investors aren’t expecting very good news as Kors stock is trading down almost 5 percent at $39.90 and Coach is trading down 2.5 percent to $30.41.

Macy’s and Bloomingdale’s revealed they are expanding same-day delivery to more markets beginning this month. The new markets include Atlanta, Boston, Dallas, Honolulu, Las Vegas, Miami, New York City and Western Long Island. Macy’s stock is down 28 cents to trade at $68.78 in the early session.

Uber has managed to get even more funding, giving the venture-backed transportation a valuation of $51 billion. It accomplished this feat in five years, something that took Facebook seven years. The latest funding came from Microsoft and is believed to be $100 million. The investment isn’t a total surprise since Microsoft sold a portion of its Bing mapping unit to Uber and it looks like the two companies will continue as partners.

Internationally, the Greek stock market reopened and the sellers came out in droves sending the market down 22 percent. The market wasn’t helped by a report that manufacturing collapsed in Greece. The Chinese stock market also slid another 23 percent at the open and traded down to the limit before a tepid recovery trimmed the losses to just being down 17 percent.

A positive turn of events from the problems in China is that shipping freight rates have dropped. According to the Shanghai Containerized Freight Index, shipping freight rates for transporting containers from ports in Asia to Northern Europe dropped 22.8 percent to $400 per 20-foot container in the week ending Friday. It’s the third consecutive week of falling freight rates on the world’s busiest route.


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