The Dow extended its losses during the midday by falling 34 points to 20,947. Nasdaq added 2 points to 6,051.

Nintendo announced its new Nintendo 2DS XL handheld gaming console that will be available on July 28. The 2DS XL will have a larger screen than the 2DS and have the same functionality as the 3DS XL except for the 3D feature. The 2DS XL will be priced at $149.99 which is $50 less than the 3DS XL.

The proposed merger between Anthem and Cigna has been blocked by an appeals court. A lower court had ruled that combining the nation's two largest health insurers would hurt competition and lead to higher healthcare costs. Eleven individual states as well as the Department of Justice have already rejected the proposed merger.

During the first quarter of 2017, the gross domestic product grew at a mere 0.7% annual rate. The pace of expansion was the weakest in three years. Economists had expected the nation's economy to increase by a much stronger 1.2%. The weakness was attributed to a sharp drop in business inventory investment and stagnant consumer spending.

In the broad market, declining issues outpaced advancers by more than a margin of more than 5 to 3 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 index lost 3 points to 2,384. Bitcoin plunged $25 to $1295.