Closing Bell
The major U.S. averages had a volatile day of trading, with each index spending time in both positive and negative territory. All three closed Thursday's session in the red however as the Nasdaq sold off into the close
The Dow Jones Industrial Average fell 0.3%, or 76 points to 25,657, while the S&P 500 also declined 0.17%, or 5 points to 2,857, and the Nasdaq dropped 0.13%, or 11 points to 7,878.
Fiat Chrysler Recalls 154,000 Dodge, Jeep Vehicles
Fiat Chrysler (FCAU) announced the recall of 154,335 Dodge and Jeep vehicles over poor braking performance caused by rear brake caliper pistons that may have an "out-of-specification chrome coating on the pistons."
The affected vehicles include the 2018-2019 Dodge Grand Caravan, 2018 Journe, 2018-2019 Jeep Compass and 2019 Cherokee models.
Fiat Chrysler filed the recall with the National Highway Traffic Safety Administration and the company has said that it will contact owners of affected vehicles.
Ford Recalls 50,000 Hybrid and EV Charging Cords
Ford (F) is issuing a recall for 50,000 hybrid and electric vehicle charge cords for 2012-15 models of the Focus and 2013-15 models of the Fusion Energi and C-Max Energi vehicles.
Ford says that using an AC outlet that is not on a dedicated circuit or is damaged, worn or corroded could cause increased temperature at the wall outlet and potentially lead to a fire.
Ford shares were down less than 1% Thursday on the news.
Kroger to Go Plastic Bagless by 2025
Kroger (KR) , the country's largest grocery chain, said that it will stop offering plastic bags at all of its 2,800 stores by 2025.
The company says that it orders about 6 billion bags a year for its nearly 9 million daily shoppers. Kroger will begin phasing out plastic bags today at its QFC stores in and around Seattle.
"We listen very closely to our customers and our communities, and we agree with their growing concerns," said Mike Donnelly, Kroger's chief operating officer. "That's why, starting today at QFC, we will begin the transition to more sustainable options. This decision aligns with our Restock Kroger commitment to live our purpose through social impact."
Tim Cook Is In Line for a $120 Million Pay Day
Apple's (AAPL) stock performance is about to make CEO Tim Cook an even richer man.
Cook's annual compensation plan will award him a total of 560,000 shares on Friday, which could be valued at about $120 million, barring a serious decline in value over the next two days.
Over the past 12 months, Apple is up 35% and has become the first publicly traded U.S. company to reach a $1 trillion market cap.
L Brands Tanks After Slashing Forecasts
Women's apparel maker L Brands (LB) is down nearly 10% premarket after the parent company of Victoria's Secret and Bath & Body Works lowered its full-year price target to between $2.45 and $2.70 from between $2.70 and $3.
For the just-concluded quarter, the company topped analysts top- and bottom-line estimates for the quarter, earnings 36 cents per share on revenue of $2.98 billion.
Comparable store sales fell 1% at Victoria's Secret while growing 10% at Bath & body Works. Company-wide, comps grew 3%.
Premarket
U.S. futures are flat across the board Thursday, August 23, as markets prepare to digest the latest breakdown in trade talks between the U.S. and China.
Dow and S&P futures were both basically flat while Nasdaq futures declined 0.12%, indicating an open 9 points lower.
World markets were mixed, with the Shanghai Composite and Nikkei rising 0.37% and 0.22% respectively while the Hang Seng fell 0.43%.
In Europe, the DAX was falling 0.1%, while the FTSE 100 and CAC 40 were gaining 0.03% and 0.16% respectively with about four hours left in trading.
