The markets traded lower during the midday with the Dow plunging 133 points to 19,837. Nasdaq fell 11 points to 5,602.
U.S. regulators fined Deutsche Bank $425 million while British regulators fined the bank $204 million for a Russian stock trading scheme. The regulators said that bank policies should have been in place to detect, investigate and prevent the questionable trades. The $10 billion in mirror trades that occurred between 2011 and 2015 could have been used to launder money.
Walmart will now offer free two-day shipping on purchases of $35 or more. Previously, free two-day delivery was available to customers who joined the retailer's Shipping Pass program for $49 per year. The change is expected to expand the retailer's online sales. Customers who already paid the Shipping Pass fee will receive a refund.
President Donald Trump met with the chief executives of major pharmaceuticals to discuss drug prices and regulations. The president said that prices were astronomically high and must be lowered. He also promised to ease regulations so that new medicines can be approved more quickly.
In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The broader S&P 500 index lost 6 points to 2,274. Bitcoin soared $30 to $947.
