The S&P 500 was down 0.8% in midday trading to 2,686.99.
The Dow Jones Industrial Average dropped 0.6% to 24,608.12.
The Nasdaq declined 1% to 7,223.59.
The yield on a 10-year Treasury bond jumped 1.7% to 2.92%.
The price of gold was 0.4% lower to $1,349.
Skyworks Solutions Inc. (Nasdaq: SWKS) in Irvine was down 4.8% to $94.21 and a $17.1 billion market cap on moderate volume. The semiconductor maker is scheduled to report quarterly results May 3.
OC homebuilders were down as the three are scheduled to report earnings in the next couple weeks. Tri Pointe Group Inc. (NYSE: TPH) in Irvine was down 6.6% to $16.12 and a $2.4 billion market cap. William Lyon Homes (NYSE: WLH) in Newport Beach was down 4.8% to $26.81 and a $1 billion market cap. New Home Co. Inc. (NYSE: NWHM) in Aliso Viejo was down 4.9% to $10.40 and a $218 million market cap.