The markets extended its losses during the midday with the Dow plummeting 193 points to 18,135. Nasdaq plunged 78 points to 5,250.
Fiat Chrysler reached a last minute deal with the Canadian workers' union Unifor. Approximately 10,000 workers were preparing to strike Monday night but the direct involvement of Fiat Chrysler chief executive Sergio Marchionne averted a strike. The agreement must be ratified by union workers.
In the wake of a fake accounts scandal that led to a $185 million fine against Wells Fargo, the bank has restructured its top management team. A number of top executives will report to president and chief operating officer Timothy J. Sloan beginning November 1, 2016. Sloan is expected to succeed chief executive officer John G. Stumpf.
OPEC will begin discussions tomorrow with non-member countries on details of an oil production cap for at least six months as energy executives and representatives from 85 countries convened for the World Energy Congress in Istanbul. OPEC had agreed last month to reduce output but details has never been discussed.
In the broad market, declining issues outpaced advancers by a margin of nearly 8 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The broader S&P 500 plunged 30 points to 2,133. Bitcoin surged $21 to $636.
