The markets traded lower during the midday with the Dow dropping 70 points to 20,549. Nasdaq rose 5 points to 5,820.

Fiat Chrysler will temporarily lay off 3,200 employees for up to six months at a Toledo manufacturing plant. Production of the Jeep Cherokee will be moved from Toledo to a plant in Belvidere, Illinois. The Toledo North Assembly Plant will be remodeled to produce the next generation Wrangler.

Samsung Group vice president Jay Y. Lee was arrested for bribery and embezzlement. The son of Samsung chair Lee Kun-hee is the third generation to lead South Korea's largest conglomerate and has been accused of giving $36 million in bribes to a close friend of South Korean president Park Geun-hye. The corruption scandal lead to the impeachment of president Park.

In the ongoing unlimited data war, AT&T announced that its unlimited data will no longer require that customers to also have an AT&T DirecTV or U-verse plan. The price for a single plan will be $100 per month or $180 for four lines. Users who consume more than 22GB will have their speed slowed down.

The broader S&P 500 index lost 4 points to 2,343. Bitcoin climbed $22 to $1,044.