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The S&P 500 was down 0.4% in midday trading to 2,769.15.
The Dow Jones Industrial Average declined 0.2% to 25,662.98.
The Nasdaq fell 0.5% to 7,383.28.
The yield on a 10-year Treasury bond leapt 2% to 2.92%.
The price of gold was $1,318.
Microsemi Corp. (Nasdaq: MSCC) in Aliso Viejo was up about 1% to $65 and a $7.6 billion market cap. Shares are up about 3% since talk began late in Monday’s trading session that the chipmaker might be acquired by Chandler, Ariz.-based Microchip Technology Inc. (Nasdaq: MCHP). Microchip rose 3% to a $21 billion market cap.
Glaukos Corp. (NYSE: GKOS) in San Clemente was up 4% to $31.70 and a $1.1 billion market cap. The company reported positive study results for a stent it makes to treat glaucoma.