The markets traded mixed during the midday with the Dow dropping 84 points to 18,839. Nasdaq gained 16 points to 5,292.

Snapchat parent company Snap filed for a confidential initial public offering with plans to go public in March 2017. The company is expected to be valued at between $20 billion to $25 billion. Annual revenue is estimated to be between $250 million to $350 million for 2016. Snapchat has approximately 150 million daily users.

Target is expanding its experiment with small-format stores with plans to open hundreds of stores at new locations in dense, urban areas and college towns. The retailer currently operates 30 small-format stores. The products available at the small stores will be unique and tailored to its local customers.

Volkswagen hopes to finalize new agreements with its labor unions so that cost cuts can be implemented. In the wake of an emissions cheating scandal, the German automaker seeks to transform itself by investing in electric and self-driving vehicles. Volkswagen was fined $14.7 billion for the emissions scandal.

In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE while advancers edged out decliners by 10 to 9 on Nasdaq. The broader S&P 500 lost 6 points to 2,173. Bitcoin soared $17 to $725.