The markets traded lower during the midday with the Dow losing 35 points to 22,377. Nasdaq fell 14 points to 6,441.
The European Commission is exploring the possibility of updating its corporate tax code in order to increase tax revenue from online firms. Digital companies such as Facebook and Google avoid paying taxes in most European countries by rerouting their profits to jurisdictions with low tax rates such as Ireland. Some options being considered are taxes on online ads or a withholding tax on payments to online multinational firms.
CVS announced plans to tackle the opioid epidemic that caused approximately 64,000 drug overdose deaths last year. Prescriptions for opioids will be limited to seven days for new patients while funding for addiction programs will be increased. Pharmacists at the drug store chain's locations will call doctors if they notice prescriptions that seem too strong to treat a patient's condition.
Google is expanding its smartphone hardware business with a $1.1 billion acquisition of HTC's phone design and engineering division. HTC makes Google's Pixel smartphone, which accounts for less than one percent of the world's smartphone market share. The acquisition includes a non-exclusive license for HTC's intellectual property but does not include any manufacturing assets.
In the broad market, declining issues outpaced advancers by margin of nearly 6 o 5 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The broader S&P 500 fell 4 points to 2,503. Bitcoin collapsed $236 to $3,702.
