Amazon falls 5% on reports of Trump targeting co by changing tax treatment

The Nasdaq Composite index fell on Wednesday, dragged down by losses in Amazon and Apple, while gains in healthcare stocks propped up the Dow and the S&P 500.

Amazon fell more than 5 percent after reports that President Donald Trump is looking to target the company by changing its tax treatment.

Apple dropped 1.6 percent after Goldman Sachs analyst cut sales estimate for iPhone for March and June quarters, citing weak demand.

However, Facebook's shares rose more than 2 percent after the company said it was giving users more control over their privacy by making data management easier and redesigning the settings menu.

The social network has lost more than $100 billion in market value since March 16, when it first acknowledged that user data had been improperly harvested by a consultancy firm.

"We had Facebook making some announcements. That's obviously taking some pressure off the stock at the moment," said Andre Bakhos, managing director of New Vines Capital LLC in Bernardsville, New Jersey.