The markets extended its losses during the midday with the Dow crashing 347 points to 24,334. Nasdaq plunged 92 points to 7252.
Ford has partnered with Mahindra & Mahindra to jointly develop compact and midsize sports utility vehicles and an electric car for the Indian market. The midsize SUV will be sold by both companies under separate brands and is currently evaluating the strategy for a compact SUV and an electric vehicle. Ford may sell the jointly developed vehicles in other markets outside of India.
President Donald Trump has signed a memorandum that could potentially impose tariffs on up to $60 billion worth of imports from China. The memorandum allows for a comment period for industry lobbyists and legislators to make recommendations and suggestions on a proposed list of 1,300 products. China may retaliate with tariffs of their own on American agricultural products.
Starbucks introduced its limited release Crystal Ball Frappuccino topped with sparkling candy gems. Blue gems indicate adventure, green gems stand for good luck and purple gems bring magic and enchantment. The peach flavored drink will be available for five days 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 more than 5 to 2 on Nasdaq. The broader S&P 500 plummeted 35 points to 2,676. Bitcoin plunged $264 to $8,657.
