The markets extended its losses during the midday with the Dow dropping 73 points to 19,871. Nasdaq tumbled 41 points to 5,445.
Delta Air Lines has cancelled an order for 18 Boeing 787 Dreamliner aircraft valued at more than $4 billion. The order had originally been placed by Northwest which merged with Delta in 2008. At the time of the merger, Delta had deferred the Dreamliner order. Delta will continued to take delivery of new 737-900ER aircraft through 2019.
Japanese auto parts supplier Takata is close to resolving allegations of wrongdoing by the Department of Justice for its faulty air bag inflators. The settlement could be as high as $1 billion with the company pleading guilty to criminal misconduct. The faulty air bag inflators have been linked to 11 deaths and more than 180 injuries.
Toshiba warned that it would have to record a loss in the billions of dollars for work related to managing project operations and plant contracts at nuclear facilities in the U.S. Toshiba's subsidiary Westinghouse Electric acquired the nuclear construction and integrated services units of Chicago Bridge & Iron in 2015. After reviewing the ongoing projects, Westinghouse concluded that the cost to complete the projects far exceeded original estimates.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 index fell 14 points to 2,253. Bitcoin gained $18 to $937.
