The markets extended its losses during the midday with the Dow tumbling 94 points to 18,173. Nasdaq dropped 34 points to 5,271.
Volkswagen is recalling approximately 281,500 vehicles in the U.S. to fix fuel leaks. No injuries have been reported but the leaks could cause a fire. The Audi brands that are being recalled are the gasoline versions of the 2009-2012 model year Audi Q5 SUVs, 2007-2012 Audi Q7 SUVs, 2012-2013 Audi A6 and A7 sedans and all engine models of the Audi A3 sedans and Audi A3 Cabriolets. Also being recalled are all engine models of the 2015-2016 VW Golf, VW SportWagen and VW GTI.
Facebook is working to bring its Free Basics app to the United States. Free Basics is currently available in 49 countries and provides free access to basic online services such as news, maternal health, local jobs and local government information. Domestically, Facebook would offer the service to low-income and rural residents.
The British pound tumbled overnight to briefly hit a 31-year low against the U.S. dollar in a flash crash in the Asian markets. Losses were later recovered but the pound continues to trade lower against the dollar. The U.K. is taking a hardline stance on immigration in its Brexit talks while the EU maintains that without free movement of people, there will be no free movement of goods, services and capital.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 dropped 13 points to 2,146. Bitcoin rose $3 to $613.
