The markets extended its losses during the midday with the Dow falling 66 points to 21,049. Nasdaq dropped 31 points to 5,872.
Law enforcement personnel searched several Caterpillar facilities in Peoria, Illinois. Officials from the Internal Revenue Service's Criminal Investigation Division, the Office of Export Enforcement at the U.S. Department of Commerce's Bureau of Industry and Security and the Federal Deposit Insurance Corp.'s Office of Inspector General all participated in the searches. Caterpillar said that they were cooperating the investigation but did not disclose any details about the searches.
Snapchat parent company Snap made its debut on the New York Stock Exchange at $24 per share, which is approximately 41% over its initial offering price of $17 per share. With an opening price of $24 per share, the messaging app is valued at approximately $33 billion. While the offering was oversubscribed by ten times, questions remain about any potential path to profitability for a company that just reported losses of $515 million in 2016.
According to analysts at WoodMackenzie, gasoline demand is expected to peak in the United States next year. The U.S. already consumes 10% of the global supply of oil. In 2016, domestic consumption surged to a record 9.326 million barrels of oil per day. Vehicles are becoming more energy efficient and electric vehicles expanding their market share,
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 index fell 10 points to 2,385. Bitcoin soared $45 to $1,257.
