The markets extended its losses during the midday with the Dow dropping 63 points to 22,286. Nasdaq plummeted 68 points to 6,358.
Target will increase the minimum hourly wage that it pays employees to $11.00 per hour beginning in October. The retailer cited its need to attract and retain workers for the raising the hourly wage, especially during the crucial holiday shopping season. Wages will continue to incrementally increase until the minimum pay reaches $15.00 per hour in 2020.
Daimler will begin testing its platooning technology to improve fuel efficiency in Oregon. A convoy of trucks that are connected digitally and use autonomous vehicle safety features can drive close together with the truck drivers taking turns controlling all the vehicles without stopping for rest breaks. Delivery times will be faster while fuel costs will drop.
Uber chief executive Dara Khosrowshahi apologized for mistakes that it made in London in response to the loss of its license to operate in one of the ride hailing app's most profitable markets. London mayor Sadiq Khan asked that Transport for London meet with Uber executives in order to resolve their differences. There are 40,000 Uber drivers in London who provide rides to 3.5 million passengers.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE while decliners edged out advancers by 5 to 4 on Nasdaq. The broader S&P 500 fell 8 points to 2,493. Bitcoin leaped $252 to $3,920.
