The S&P 500 was down 0.4% in midday trading to 2,011.91.
The Dow Jones Industrial Average was down 0.1% to 17,217.08.
The NASDAQ was down 0.5% to 4,726.52.
The yield on a 10-year Treasury bond was up 0.2% to 1.97%.
The price of gold was down 1% to $1,231.
Shares in Irvine-based computer memory maker Western Digital Corp. were down 4% to $46.19 per share and a $10.75 billion market cap despite investors’ approval for the merger with SanDisk. New York-based investment bank Jefferies & Company cut Western Digital’s target price by $12 to $65 per share. Separately Citibank, another New York-based investment bank, downgraded SanDisk to neutral from buy.
Shares in San Clemente-based medical device maker ICU Medical Inc. were down 2% to $95.86 per share and a $1.54 billion market cap in light trading as part of a general market trend.