The markets traded lower during the midday with the Dow losing 24 points to 21,350. Nasdaq dropped 31 points to 6,163.
Fiat Chrysler Automobiles will recall 297,000 model year 2011 and 2012 Dodge Grand Caravan minivans to fix a problem with the airbag deployment system. Eight injuries have been reported when a driver-side airbag inadvertently deployed. Fiat will replace faulty wiring and add a protective covering to prevent the wires from chafing against pieces of the steering wheel trim.
Nike will eliminate 1,400 jobs as part of its restructuring plan. The athletic shoes and apparel maker is shifting its sales strategy from brick and mortar retailers to selling more products online. The company will also reduce its product offerings by 25% but increase the number of selections of its styles.
Nestle is exploring strategic options that include the possibility of selling its U.S. confectionary business. The annual revenue of the Swiss company's stateside confectionary business is approximately $900 million and includes brands such as Butterfinger, BabyRuth, 100Grand, SweeTarts, Laffy Taffy and Nerds. Nestle is repositioning itself as a more health conscious and nutrition focused food products company.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 lost 5 points to 2,432. Bitcoin plummeted $123 to $2339.
