The markets traded lower during the midday with the Dow losing 52 points to 18,255. Nasdaq fell 14 points to 5,297.
The U.S. National Highway Traffic Safety Administration will open two separate investigations into Ford sport utility vehicles and cars. The auto safety regulator will investigate a door latch warning light in 380,000 2011-2013 Ford Edge SUVs. The NHTSA will also investigate 262,000 2010 Ford Fusion cars for steering issues.
In reaction to Wells Fargo's fake accounts scandal, the state of Illinois will suspend business with the bank for a year. The state engages in $30 billion of investment activity with Wells Fargo annually. Wells Fargo will lose millions of dollars in fees from the suspension.
Facebook launched its Marketplace online rummage sale for users to buy and sell items on the social network. Currently, individuals are able to engage in commercial activity on Marketplace. Businesses may be invited to partner with Marketplace in the future. Marketplace prohibits the sale of marijuana, pharmaceuticals, illegal drugs, and guns. The service is available in the U.S., the United Kingdom, Australia and New Zealand.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 lost 8 points to 2,160. Bitcoin edged up to $609.
