The markets traded sharply lower during the midday with the Dow plunging 108 points to 19,845. Nasdaq dropped 36 points to 5,527.
The Environmental Protection Agency has accused Fiat Chrysler Automobiles of emissions cheating. The automaker allegedly installed software designed to defeat emissions tests in model years 2014-2016 Jeep Grand Cherokees and Dodge Ram 1500 trucks with 3.0 liter diesel engines. Approximately 104,000 diesel vehicles have the emissions cheating software.
Amazon.com plans to hire 100,000 full-time employees over the next 18 months as the online retailer expands its network of warehouses. In order to fulfill and deliver orders more quickly, warehouses will be created in local communities across the nation. The new jobs will include staff for the additional warehouses as well as developers for software.
Ford Motor widened its recall of vehicles with Takata air bags by approximately 816,000 to 3 million. The front passenger airbag inflator is defective and must be replaced. No known injuries have been reported due to the faulty airbag inflator. Most of the recalled vehicles are in the U.S. and Canada.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 index fell 11 points to 2,263. Bitcoin climbed $16 to $799.
