The markets traded lower during the midday with the Dow falling 37 points to 20,844. Nasdaq lost 19 points to 5,856.
eMarketer cut its 2017 revenue forecast for Snapchat by $30 million to $770 million. The digital marketing firm said that Snapchat was sharing more revenue with its partners than expected. Overall spending on digital marketing is expected to soar to $83 billion this year.
Embattled German automaker Volkswagen Group has indicated that it would be open to discussions with Fiat Chrysler Automobiles for a potential merger. Fiat Chrysler had approached General Motors in 2015 to consider consolidating the two companies but was rejected by the American automaker. Fiat Chrysler has made no comment on a possible deal with Volkswagen.
Luxury retailer Neiman Marcus Group is exploring and evaluating strategic options as it struggles with falling revenue. The company has already made some changes to its corporate structure to enhance its financial flexibility. Hudson Bay, which had been exploring a potential merger with Macy's, has reportedly shifted its focus to Neiman Marcus.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 index fell 8 points to 2,365. Bitcoin added $1 to $1,235.
