Concerns about Deutsche Bank sent the markets tumbling during the midday with the Dow plummeting 196 points to 18,142. Nasdaq dropped 46 points to 5,272.
Both Mercedes-Benz and Volkswagen debuted electric car concepts at the Paris Motor Show. Mercedes introduced its Generation EQ sport utility coupe with a range of up to 310 miles on one charge. The first EQ brand electric vehicle will be available in 2020. Volkswagen unveiled its I.D. electric concept with a range of approximately 249 to 373 miles on one charge. A compact version of the concept car will be also be available in 2020.
Samsung may have to recall certain models of its top loading washing machines. Some customers have complained that the machines vibrated extensively when washing bulky items, were really loud, and jumped around. Samsung is working with the Consumer Product Safety Commission on a process to address the problem washing machines.
For the first time in eight years, OPEC has agreed to a modest cut in oil production. A global glut of crude oil sent prices plummeting below $27 per barrel earlier this year. OPEC will trim production by approximately 700,000 barrels per day to a range of between 32.5 to 33.0 million bpd. Specific details of the cut will be decided in November when OPEC will formally meet.
In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 fell 19 points to 2,152. Bitcoin added $1 to $604.
