Consumer spending rose 0.4% in December but the markets opened lower with the Dow losing 32 points to 26,584. Nasdaq fell 21 points to 7484.

On the upside

KapStone Paper & Packaging (NYSE: KS) will be acquired by WestRock for a premium of approximately $3.5 billion.

Dr Pepper Snapple Group (NYSE: DPS) will merge with Keurig Green Mountain to create a new beverage company, Keurig Dr Pepper.

The Canadian Drug Expert Committee granted a positive recommendation for Amicus Therapeutics' (Nasdaq: FOLD) Galafold for listing with provincial drug formularies.

On the downside

Sogou (NYSE: SOGO) reported higher fourth quarter earnings and revenue but the stock price fell.

Shares of Wynn Resorts (Nasdaq: WYNN) continued to fall amidst sexual misconduct allegations against founder and chief executive Steve Wynn.

Adient (NYSE: ADNT) reported a greater than expected loss for the first quarter.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 lost 5 points to 2,867. Bitcoin crashed $498 to $11,214.