The S&P 500 fell 0.67% to 1,783.13 in afternoon trading Wednesday.
The Dow Jones Industrial Average was off 0.60% to 15,819.10, while the Nasdaq was down 0.47% to 4,018.33.
The yield on a 10-year Treasury bond rose 2.63% to 2.85%.
The price of gold was up 2.20% to $1,247.60 per ounce.
Irvine-based disk drive maker Western Digital Corp. was up 3.5% to $78.17 after Morgan Stanley upgraded the company's stock from "equal weight" to "overweight.” Western Digital, which had a recent market value of $18.47 billion, said Tuesday it was partnering with Chinese search engine Baidu on a digital storage service. The plan would combine Western Digital's cloud and external storage offerings with Baidu’s public cloud service.
Homebuilders were generally down on Wednesday with Newport Beach-based William Lyon Homes seeing the biggest decline locally.
William Lyon was off about 5% to $20.40 for a market value of $641.41 million.
Standard Pacific Corp. of Irvine was down about 2% to $7.94 for a market value of $2.76 billion.
Irvine-based TRI Pointe Homes Inc. was flat at $19.21 for a market value of $606.98 million.
Aliso Viejo-based drug maker Avanir Pharmaceuticals Inc. was down about 4% to $4.33 for a market value of $629.15 million. Drugmakers were generally down on Wednesday.