The S&P 500 declined 1.1% in midday trading to 2,774.09.

The Dow Jones Industrial Average was down 0.9% to 25,951.43.

The Nasdaq declined 1.9% to 7,391.41.

The yield on a 10-year Treasury bond rose 1.3% to 3.19%.

The price of gold was down 1.3% to $1,208.

TECHNOLOGY

Skyworks Solutions Inc. (Nasdaq: SWKS) was down 8.1% to $76.61 and a market cap of $13.7 billion. The Irvine-based chipmaker yesterday forecast fiscal first quarter profit at $1.91 per share, compared with the analyst consensus of $2.08.

Santa Ana-based Universal Electronics Inc. (Nasdaq: UEIC) was up 14% to $36.03 with a market cap of $501.1 million. The maker of TV remote controls yesterday reported third quarter sales rose 5% to $182.7 million. It also said it will introduce a voice enabled artificial intelligence platform for consumers at the annual CES, the largest consumer electronics show scheduled for January.