The markets traded lower during the midday with the Dow losing 38 points to 20,771. Nasdaq slipped 9 points to 5,826.
After a disappointing holiday quarter, J.C. Penney announced cost cutting measures that are expected to save approximately $200 million annually. The struggling retailer will close between 130 to 140 underperforming stores and offer voluntary retirement packages to 6,000 employees. A supply chain facility in Buena Park, California will also be sold.
J.D. Power and LMC Automotive reported that new auto sales are projected to edge up 0.6% in February from last year. Sales directly to consumers that exclude fleet sales to businesses, government agencies and rental companies will rise by 0.4%. Increased incentives have boosted sales.
Startup Embark introduced its self-driving truck that has been in development for nearly a year. Nevada granted the company permission to test self-driving commercial trucks on its public highways. Embark plans to develop fully automated trucks that do not use any human drivers during long stretches of highway. Human drivers will enter the truck to drive on city streets.
In the broad market, declining issues outpaced advancers by a margin of 4 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 index slipped 3 points to 2,360. Bitcoin soared $28 to $1,186.
