Midday Report: Crude Stockpiles Fall for Sixth Week in a Row; Trump Scandal Sinks Stocks

Stocks were on track for one of the worst sessions of the year as another Donald Trump scandal shook the White House. The latest flood of distractions appears to have put progress on tax reform on the backburner. Crude surged to three-week highs after U.S. oil inventories declined for their sixth week in a row. The Energy Information Administration also reported that gasoline and distillate stockpiles had dropped. American Eagle Outfitters (AEO) - Get Report tumbled on second-quarter guidance. The teen retailer anticipates same-store sales to come in flat to down slightly, disappointing analysts looking for a 0.5% rise. Ford (F) - Get Report confirmed reports of job cuts, announcing plans to cut workforce costs by roughly 10% in North America and the Asia Pacific this year. Ford expects to reduce its employee base by as many as 1,400 jobs by September.