The markets traded lower during the midday with the Dow falling 59 points to 21,212. Nasdaq tumbled 43 points to 6,164.
Gymboree filed for Chapter 11 bankruptcy protection despite posting a profit for 2016. The children's clothing retailer will close between 375 to 450 locations as it reorganizes and restructures $1.4 billion of debt. Chief executive Daniel Griesemer said that move will reposition the company for long term growth.
The U.S. Supreme Cout overturned a 9th Circuit Court of Appeals decision in a class action case against Microsoft. The lower court allowed individual Xbox 360 console owners who were part of a class action lawsuit to file individual appeals to the dismissal of the class action suit. However, the nation's highest court disagreed and sided with Microsoft.
Uber's board of directors unanimously approved all the recommendations that were made by former U.S. Attorney General Eric Holder. Holder was hired to investigate the ride hailing service's culture and company practices after allegations of sexual harassment were detailed in a blog post by a former engineer. Details of the report will be released on Tuesday and are expected to include increased cost controls and human resources oversight. Chief executive Travis Kalanick may be asked to take a three month leave of absence and senior vice president Emil Michael has resigned.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 lost 6 points to 2,425. Bitcoin plummeted $246 to $2638.
