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The S&P 500 was down 0.3% in midday trading at 3,004.47.
The Dow Jones Industrial Average decreased 0.1% to 27,332.84.
The Nasdaq fell 0.5% to 8,219.25.
The yield on a 10-year Treasury bond jumped 1.5% to 2.12%.
The price of gold fell 0.3% to $1,409.
The price of oil was down 0.4% at $59.35 a barrel.
Axonics Modulation Technologies Inc. (Nasdaq: AXNX), the Irvine-based maker of medical devices to treat bladder and incontinence maladies, fell 7.3% to $37.24 a share with a market cap of $1.1 billion. Schaeffer Research reported that multiple brokerage firms have issued sell ratings on healthcare stocks.
Kaiser Aluminum Corp. (Nasdaq: KALU) in Foothill Ranch rose 1.8% to $96.62 a share with a market cap of $1.6 billion. The company set a quarterly cash dividend of 60 cents a share on Monday.