The markets extended its losses during the midday with the Dow plunging 139 points to 21,339. Nasdaq tumbled 58 points to 6,092.
Volkswagen issued a global recall of 766,000 vehicles to fix a problem with the antilock braking system. In certain driving conditions, the brakes may fail to function properly. No specific details about car models and years have been released.
Microsoft is restructuring its sales and marketing staff to better serve its clients. Thousands of employees may lose their jobs and many have been notified that their positions are being evaluated for possible elimination. Most of the changes will impact non-U.S. sales operations.
The Insurance Institute for Highway Safety identified three large cars with the Top Safety Pick Plus designation. The Lincoln Continental, Mercedes-Benz E-Class and the Toyota Avalon all passed five safety tests including front and side crashes. The Tesla Model S, which achieved the highest safety rating from the National Highway Traffic Safety Administration in 2013, failed a small overlap front crash test.
In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 plunged 21 points to 2,411. Bitcoin slipped $9 to $2560.
