The S&P 500 fell 1% to 1,918.42 in midday trading Tuesday.
The Dow Jones Industrial Average fell 1% to 16,415.50, while the Nasdaq fell 0.8% to 4,347.45.
The yield on a 10-year Treasury bond rose 0.36% to 2.50%.
The price of gold fell 0.25% to $1,285.70.
Irvine-based drug maker Allergan Inc. was down 2% to $160.37 and a market cap of $47.7 billion. San Francisco-based proxy advisor Glass, Lewis & Co. LLC said Allergan should call the special shareholder meeting sought by Laval, Quebec-based Valeant Pharmaceuticals International Inc. and New York City-based hedge fund investor Pershing Square Management LP led by William Ackman.
Apparel company stocks were up on some suggestions of buying opportunities after being hit hard in recent weeks. Huntington Beach-based Quiksilver Inc. was up 3.9% to $2.94 for a market cap of $502 million. Irvine-based Tilly’s Inc. was up 1.2% to $7.69, a market cap of $215.6 million. Anaheim-based Pacific Sunwear of California Inc. was up 5.7% to $2.03 and a market cap of $140 million. Foothill Ranch-based Wet Seal was up 1% to $0.89 and a market cap of $74 million.