The markets traded lower during the midday with the Dow slipping 12 points to 17,947. Nasdaq fell 28 points to 5,076.
Google rejected allegations by European Union antitrust regulators that the search engine abused its dominant market position. Regulators have accused Google of diverting traffic from rivals to its own comparison shopping site. Google is also charged with promoting its own services over those offered by competitors.
Wells Fargo warned that its legal expenses could soar to $1.7 billion. Investigations into the bank's sales practices have been initiated by the Justice Department as well as a number of state attorneys general. The Securities and Exchange Commission has also opened an inquiry into Wells Fargo. Despite the significant legal costs, Wells Fargo said that the amount would not have a material adverse effect on the company's consolidated financial conditions.
Uber has redesigned its app to make it easier for customers to use. The ride hailing app will now provide upfront pricing and arrival time estimates for each Uber service so that consumers can see cost differential for using UberPool compared with its regular solo service. The new app can also suggest convenient pick-up spots and send notifications to contacts that a customer is meeting.
In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while decliners outpaced advancers by nearly 9 to 7 on Nasdaq. The broader S&P 500 lost 4 points to 2,093. Bitcoin dropped $13 to $711.
