Economic news

Nasdaq edges lower as Amazon on course for worst month since 2016

The Nasdaq Composite slipped in morning deals on Wednesday, dragged down by tech giants, while the S&P 500 and the Dow inched higher led by financial and healthcare stocks.

Photo: Reuters

The Dow Jones Industrial Average gained 0.19 percent, to 23,902.56. The S&P 500 edged down 0.04 percent, to 2,611.69. The Nasdaq Composite tumbled 0.44 percent, to 6,977.86.

Shares of Amazon rose 5 percent. According to CNBC, U.S. President Donald Trump has discussed altering the company's tax treatment.

Facebook shares picked up 1.1% after the company announced a revision of the privacy settings of personal data. In addition, users of the social network will be able to delete their data.

Gross domestic product increased at a 2.9 percent annual pace in the final three months of 2017, the Commerce Department reported.

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