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The S&P 500 was down 1% in midday trading to 2,350.56.
The Dow Jones Industrial Average declined 0.8% to 20,734.80.
The NASDAQ fell 1.3% to 5,826.31.
The yield on a 10-year Treasury bond fell 1.6% to 2.43%.
The price of gold rose 0.9% to $1,245.
Pacific Premier Bancorp Inc. declined 6.7% to $36.05 and a $1 billion market cap. The banking sector fell on worries a new tax measure may not pass Congress.
Aerie Pharmaceuticals Inc. fell 5.3% to $46.65 and a $1.53 billion market cap.