Closing Bell: LIVE MARKETS BLOG

 | Oct 12, 2017 | 8:07 AM EDT
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Here's what happened on Wall Street Thursday, Oct. 12.

The three major U.S. indices all tracked lower Thursday morning shortly after the opening bell. However, the Dow Jones Industrial Average and Nasdaq were able to regain their footing by the afternoon session and trade in the green. But all three indices ended up closing in the red Thursday. 

The Dow and Nasdaq fell 0.14% and 0.18% respectively, while the S&P 500 tracked 0.17% lower.


Closing Factory Will Affect 1,500 GM Workers

General Motors (GM) is considering temporarily shuttering its factory in Detroit due to low demand, the Wall Street Journal reported, citing sources. The move would potentially affect 1,500 workers. 

The factory manufactures the Buick LaCrosse, the Cadillac CT6, the Chevrolet Volt and the Chevrolet Impala. The plant will produce 20% fewer vevhicles when it resumes production in 2018. 


Equifax Removes Infected Webpage After Hackers Use it to Spread Malware

Equifax is investigating another potential hack after an independent security analyst happened to stumble upon a page on the company's website that was attempting to spread malware. 

News of another potential breach of the company's network sent the company's stock down more than 3%. Equifax has pared some of its losses, but shares are still trading nearly 2% lower. 


Only 3 of 65 Antivirus Programs Recognized Equifax Malware

Hackers apparently aren't done with Equifax (EFX)

An independent security analyst visited Equifax's website to contest information on his credit report when he saw a pop up for an update for his Adobe Flash system.

However, the link really was designed to install Adware on his computer, Ars Technica reported. A video of his ordeal can be viewed below. 


U.S. Team's Failure Could Hurt Fox the Most

The U.S. Men's National Soccer Team's failure to advance to the World Cup could be especially costly to Fox  (FOXA)  after the broadcast company paid $200 million for the U.S. broadcast rights for the 2018 games in Russia. 

The U.S. men failed to advance to the tournament for the first time in 31 years, after losing to Trinidad and Tobago Tuesday. Audiences hoping to see the home team could skip out on watching the games entirely. 


Amazon to Nearly Double Workforce for Holiday Season

It's all hands on deck time for Amazon.com Inc  (AMZN) as the company announced that it will hire 120,000 workers for the holiday season this year. That total is in addition to the company's 125,000 full-time employees. 

The number of people hired this year is the same as the company hired last holiday season. In 2016, the company increased the number of people hired by 20%. 


Paris Streets Will Be Gas-Powered-Vehicle-Free by 2030

Thermic-vehicle use in Paris will be a thing of the past by 2030, deputy mayor in charge of transport, Christophe Nadjovski said Thursday, according to the Associated Press. 

Paris already has plans in place to end the use of diesel engines on its streets by 2024, the year it is scheduled to host the summer Olympics. 


Bitcoin Continues Hot Streak

Bitcoin, the most popular cryptocurrency, reached a new record high Thursday morning, climbing as high as $5,231.28 Thursday morning, according to CNBC. The currency was still trading above $5,200 about an hour ahead of Thursday's opening bell. 

Rumors that the currency could resume trading in China after being banned are helping bitcoin's exchange rate. 


Citi Climbs Premarket on Beats -- Drops in Afternoon Trading

Citigroup (C) shares were up 0.4% premarket after the bank reported quarterly earnings of $1.42 per share that topped estimates by a dime. The bank also reported revenue of $18.17 billion vs. Wall Street estimates of $17.9 billion. 

Trading revenue was down at Citi in the third quarter, as it was for JPMorgan Chase & Co (JPM) in the period, as low market volatility ate in the financial sector's revenue. 

Citi shares were down around 2.5% in early afternoon trading.


JPMorgan's Earnings Beat Clouded by Weak Bond Trading

JPMorgan Chase & Co (JPM) shares were little changed in premarket trading in spite of the bank's top-and-bottom-line beats Thursday morning, as weak bond market results clouded an otherwise-strong quarter.

The bank reported a 2.7% increase in revenue to $26.2 billion while overall profits increased 7.1% to $1.76 per share. Analysts were expecting revenue of $25.23 billion to yield earnings of $1.65 per share. 

However, the bank also reported that revenue from bond market trading fell 27% in the quarter. Overall, revenue from trading stocks and bonds was down 21%. 


Premarket

U.S. futures were off to a cold start ahead of the opening bell Thursday, with contracts for each of the major indices falling.

Markets will look to build off the momentum from Wednesday's session, when all three indices closed trading at record highs as earnings season continues to ramp up. 

Banks are in focus with JPMorgan Chase (JPM) and Citigroup (C) both announcing their quarterly results.

Government officials continue to negotiate the North American Free Trade Agreement, and Canadian Prime Minister Justin Trudeau headed to Mexico to continue talks after speaking with President Donald Trump yesterday. 

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