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September 01, 2020 1:37pm
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GM reaches $120 million settlement

The markets traded lower during the midday with the Dow slipping 18 points to 23,139. Nasdaq dropped 35 points to 6,589.


General Motors reached a $120 million settlement with 49 states and the District of Columbia over its faulty ignition switches. The defective switches could have caused engines to stall and may have prevented airbags from being deployed in a crash. The automaker has already paid approximately $2.5 billion in penalties over the faulty ignition switches that have been linked to 124 deaths and 275 injuries.


Target reported strong performance at its 44 small-format stores that are key to the retailer's turnaround plan. Sales per square foot at traditional stores average $300 while the metric is double that, $600, at the small-format centers. Sales have also been inching up at over 70 locations that have been remodeled.


Consumer Reports expects the new Tesla Model 3 to receive "Average" ratings for its reliability. Every year, the magazine surveys new vehicle reliability and provides a scorecard that consumers can use when making decisions about buying a new car. Toyota has ranked number one for reliability for five years in a row.


In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 3 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 slipped 2 points to 2,558. Bitcoin jumped $143 to $5,649.


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