The markets extended its losses during the midday with the Dow dropping 42 points to 21,367. Nasdaq plummeted 77 points to 6,169.

European Union antitrust regulators have fined Google a record $2.72 billion for its anticompetitive search practices. The European Commission found that Google illegally gave its own products prominence over competitors when displaying search results. Google must end its practice of giving preferential placement to its own products within 90 days or further penalties will be levied.

Nestle will repurchase approximately $20.79 billion worth of common stock over three years beginning July 4, 2017. The plan is part of the food company's efforts to increase shareholder value. Nestle has been reviewing its practices and policies to identify growth opportunities either through acquisitions, investment in expanding businesses or selling underperforming divisions.

Europe was hit by a massive cyberattack that froze computers and paralyzed IT systems. Banks, government agencies, hospitals, law firms, and shipping companies all fell victim to the Peyta ransomware. Perpetrators of the attack demanded a fee of $300 in Bitcoin to unfreeze affected computers.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on both the NYSE and on Nasdaq. The broader S&P 500 fell 12 points to 2,426. Bitcoin dropped $32 to $2387.