Midday Report: NXP Semiconductors Sells Division; U.S. Stocks Slump

U.S. stocks extended their decline as the Fed kicked off a two-day monetary policy meeting on Tuesday. 'Brexit' fears also dragged on markets after the latest poll showed U.K. voters favoring an exit by a seven-point lead. Second-quarter economic growth in the U.S. was tracking at 2.6 percent, according to Barclays. The firm revised its estimate down after a weaker-than-expected increase in April business inventories. Alibaba (BABA) - Get Report climbed after noting it would no longer rely so heavily upon the gross merchandise volume sales metric. The measure has been in question since U.S. regulators began an investigation into the practice. NXP Semiconductors (NXPI) - Get Report fell after reaching a deal to sell its Standard Products business to a consortium of investors for around $2.75 billion. TheStreet's Keris Lahiff reports from Wall Street.