The S&P 500 fell 0.45% to 1,684.75 in afternoon trading Wednesday.
The Dow Jones industrial average was down 0.37% to 15,509.80, while the Nasdaq was flat at 3,579.41.
The yield on a 10-year Treasury bond rose 3.10% to 2.59%.
The price of gold slipped 1.16% to 1,319.20 per ounce.
Irvine chipmaker Broadcom Corp. slumped about 15% to $27.09 on multiple analyst downgrades after the company reported mixed results for the second quarter and guidance on revenue in the current quarter that fell below Wall Street expectations. Broadcom had a recent market value of $15.47 billion.
Irvine disk drive maker Western Digital Corp. was down about 2% to $66.47 for a market value of $15.71 billion. Rival Seagate Technology was also down about 4% to a market value of $15.59 billion, after reporting a decline in sales and earnings for the June quarter.
Huntington Beach-based BJ's Restaurants Inc. was down about 4% to $35.31 for a market value of $994.40 million. Wunderlich Securities initiated coverage on the restaurant operator with a "hold" rating.
Aliso Viejo-based drug maker Avanir Pharmaceuticals Inc. was down about 4% to $4.65 for a market value of $674.97 million. Drug makers were generally down on Wednesday.