The markets traded lower during the midday with the Dow dropping 72 point to 18,399 as the nation's homeownership rate fell to match its lowest level in 51 years. Nasdaq eased a point to 5,138.
Ford disappointed with lower second quarter earnings as the nation's second largest car maker posted losses in Asia and South America. Sales were flat in the U.S. and is expected to fall for the year. However, Ford maintained its full year earnings outlook.
Fiat Chrysler will stop production of passenger cars in the U.S. by early 2017 due to disappointing sales. The popular Jeep SUVs and Ram pickup trucks will continue to be made as the company retools its operations in order to increase profit margins. Passenger cars will be made in Mexico, Canada or other countries.
Despite an emissions scandal, Volkswagon sold more vehicles in the first half of 2016 than any other car maker to become the world's largest automaker. Volkswagon dethroned Toyota by increasing the number of vehicles sold by 1.5% to 5.12 million. Toyota sold 4.99 million.
In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE and by more than 7 to 5 on Nasdaq. The broader S&P 500 lost 3 points to 2,162. Bitcoin slipped $1 to $651.
