Falling crude oil prices weighed the markets down during the midday with the Dow falling 36 points to 18,496. Nasdaq lost 18 points to 5,206.
The nation's inventory of crude oil unexpectedly rose by 1.1 million barrels last week sending crude oil prices lower. The Organization of Petroleum Exporting Countries announced yesterday that an informal meeting will be held in September to discuss different strategies to address low prices. Saudi Arabia, OPEC's largest exporter, produced a record 10.67 million barrels of crude oil per day in July which raised concerns that a production freeze would be unlikely.
Sony will begin selling its Z Series 65-inch 4K Ultra HD TV at Video & Audio Center in Woodland Hills, CA tomorrow. The 75-inch model will be on display. Orders will be taken for larger model. The 65-inch model is priced at $5,999.99 while the larger model will cost $9,999.99. A 100-inch model will be available soon.
GoPro will release its Omni 360-degree virtual reality camera on August 17 with a price tag of $5,000. The Omni was created using six GoPro cameras inside an aluminum rig to film 360-degree videos. Editing software is included.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 4 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 lost 6 points to 2,175. Bitcoin soared $11 to $594.
