Good evening,
Wednesday was a day for technical issues. The New York Stock Exchange halted trading for an unprecedented three and a half hours due to a glitch. Needless to say, no one was happy. The Dow Jones Industrial Average fell 1.5% to a five month low. The S&P 500 was down 1.7% and the Nasdaq Composite index fell 1.75%. …U.S. crude futures were down more than 1% Wednesday as well. …United Airlines had a computer glitch as well, grounding flights worldwide for more than an hour. …China is suffering a market crash being likened to the U.S. in 1929. China put harsh limits on stock selling Wednesday, hoping to prevent a further slump. Within 10 minutes of morning trading, a number of companies hit the 10% drop limit, triggering a trading suspension.
Fed minutes released. Minutes from the June FOMC meeting show that the Fed remains dovish in their tone about monetary policy. The economy is getting better, they admit, but it still doesn’t quite seem time to raise rates. The economy has sent mixed signals, with jobs being created but inflation staying flat. FOMC members also expressed concerns about Europe, with a potential Grexit. CNBC
Alcoa disappoints as earnings season kicks off. Aluminum producer Alcoa saw prices fall to 19 cents. Estimates had put Alcoa at 22 cents. Aluminum prices dipped as China pushes more aluminum exports. Bloomberg
Baltimore police commissioner fired. Baltimore Mayor Stephanie Rawlings-Blake has fired Police Commissioner Anthony Batts, naming the deputy commissioner as interim commissioner. No reason for the firing was given, but the city has had a sharp rise in homicides, and was hurt earlier this year by the death of a young black man in police custody. Six police officers have been criminally charged in that death. Homicides are up 48% so far this year compared to the same period in 2014. NBC
Add London to your list of European destinations not to visit this week. The city’s transit workers are on strike, leaving Tube driver-less. Service definitely won’t resume Thursday, but could after as the unions and London Underground continue to negotiate pay changes. Sorry Wimbledon visitors. BBC
Did you say cultural cruise? That’s right. Beginning next May, Carnival will be offerings “cultural” cruises from the U.S. to Cuba, as travel for tourism is still not allowed. It will be the first time in more than 50 years that a cruise ship has been able to take passengers from the U.S. to Cuba. Miami Herald
Photo: Silveira Neto via Flickr.