The S&P 500 was down 0.7% in midday trading to 2,253.75.
The Dow Jones Industrial Average was down 0.4% to 19,871.21.
The NASDAQ was down 0.8% to 5,445.01.
The yield on a 10-year Treasury bond fell 0.6% to 2.54%.
The price of gold rose 0.1% to $1,140.
Orange County homebuilders’ shares are down on a drop in a national pending home sales index. A National Association of Realtors measurement of signed purchase contracts for existing homes in November fell 2.5% compared with October; economists had expected a 0.5% increase in the index. The measurement hit its 2016 low last month and was also down 0.4% compared with November 2015.
CalAtlantic Group Inc. in Irvine was down 1.7% to $34.32 and a $4 billion market cap. Tri Pointe Group Inc. in Irvine was down 2% to $11.93 and a $1.9 billion market cap. William Lyon Homes in Newport Beach was down 2.6% to $19.44 and a $617.5 million market cap. New Home Co. Inc. in Aliso Viejo was down 1.5% to $11.96 and a $248 million market cap.