The Nasdaq composite closed lower for a second straight day on Wednesday as technology stocks failed to recover from steep losses seen in the previous session.

The tech-heavy index fell 0.8 percent to 6,949.23 as Amazon, Netflix and Apple pulled back 4.4 percent, 4.9 percent and 1.1 percent, respectively. At its session high, the Nasdaq rose as much as 0.4 percent.

Both the and Dow Jones industrial average also closed lower. The S&P 500 fell 0.3 percent to 2,605 as technology declined 0.9 percent. The Dow closed 9.29 points lower at 23,848.42 after trading in a wide range. At its session high, the 30-stock index rose as much as 234.76 points and fell 129.04 points at is low of the day.

Amazon fell after Axios reported that President Donald Trump was "obsessed" with the company. The report also said Trump wants to "go after" Amazon. Amazon's stock traded 3 percent lower in afternoon trade.

White House Press Secretary Sarah Sanders said Wednesday: "We have no announcements and no specific policies or actions that we're currently pushing forward [now on Amazon]."

Apple declined after Goldman Sachs analysts predicted lower iPhone sales in March and for the June quarter than the rest of the Street. They also cut their price target on the stock to $159 from $161.