The markets extended its losses at midday with the Dow dropping 73 points to 19,078. Nasdaq fell 19 points 5,379.
The holiday weekend was a success for retailers with more than 154 million people making purchases. Last year, about 151 million shopped over the four-day weekend. Approximately 43.8% of shoppers bought items online. On average, each consumer spent about $298.19 which is lower that last year's average of $299.60.
Still reeling from an emissions cheating scandal, Volkswagen teased a new design for a four-door sedan that will be introduced at the Geneva Motor Show in March. The Volkswagen Arteon will be larger than the Passat and priced at a premium. The automaker is attempting to boost lagging sales in the aftermath of the emissions scandal.
Royal Dutch Shell may sell its interest in various oil fields in Iraq as falling oil prices have hurt investment returns. Last year, Iraq oil and gas production amounted to 4.4% of Shell's total oil and gas production. Shell will maintain and develop its gas business in Iraq.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 fell 8 points to 2,205. Bitcoin added $2 to $730.
