The markets reversed course to trade lower during the midday with the Dow falling 22 points to 20,892. Nasdaq lost 10 points to 5,890.
Snapchat parent company Snap received its first Buy rating from an analyst today. Crespi, Hardt & Co. analyst James Cakmak initiated coverage of the messaging site with a Buy rating saying that the company's revenue growth would outpace its peers by 7x. Currently, five analysts have a Sell rating on Snap while four are Neutral.
Wells Fargo reported a sharp 43% drop in new checking accounts in February compared with a year ago. Similarly, customers opened 55% fewer credit card accounts when compared with last year. New accounts have been dropping every month for six months straight after the Consumer Financial Protection Bureau accused Wells Fargo of opening more than 2 million fake accounts in September 2016.
Jeff Jones abruptly quit his position as Uber president after a brief six months on the job. Uber recruited Jones from his position as Target's chief marketing officer to lead marketing and operations for the ride hailing service. Jones is the third Uber executive to leave in as many weeks.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 7 to 5 on Nasdaq. The broader S&P 500 index fell 7 points to 2,370. Bitcoin gained $7 to $1,053.
