The markets tanked during the midday with the Dow crashing 406 points to 24,539. Nasdaq collapsed 168 points to 7313.

An Uber autonomous vehicle struck and killed a pedestrian in Arizona prompting the ride hailing service to suspend all self-driving tests. A human safety driver was behind the wheel when a woman crossed the street outside of the crosswalk. This is the first known fatality caused by an autonomous car.

McDonald's will settle a labor rights case with the National Labor Relations Board to avoid a court ruling that may change the franchise business model. After McDonald's workers were fired for participating in protests that demanded higher hourly wages, worker advocacy group Fight for $15 sued McDonald's claiming that the corporate entity was a joint employer of franchise workers. Terms of the proposed settlement are not available.

Volkswagen will update an assembly plant in Chattanooga,Tennessee to build a new sport utility vehicle. The German automaker expects the $340 million investment to double its American market share from 5% to 10%. Building the SUV in America would also avoid potential tariffs in the event of a trade war.

In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 plunged 50 points to 2,701. Bitcoin soared $313 to $8,548.