Interest rate-sensitive financials dropped 1.72 percent, weighing the most on the S&P 500, as U.S. 10-year Treasury yields fell.
Ten of the 11 major S&P sectors were lower, while the defensive utilities sector was the only sector to eke out a gain.
At 12:32 p.m. ET the Dow Jones Industrial Average was down 200.49 points, or 0.80 percent, at 24,969.04, the S&P 500 was down 15.70 points, or 0.58 percent, at 2,690.35 and the Nasdaq Composite was down 40.87 points, or 0.56 percent, at 7,247.48.
Nasdaq and Dow were headed for their first weekly loss for the year.
With earnings season crossing its halfway mark, 71.5 percent of the S&P 500 companies that have reported beat profit estimates, according to IBES data from Refinitiv.
Coty Inc surged 27.05 percent - the most on the S&P 500 - after the cosmetics maker reported better-than-expected quarterly results.
Mattel Inc gained 24.19 percent after the toymaker posted a surprise quarterly profit as it benefited from a makeover of its iconic Barbie doll.
Declining issues outnumbered advancers for a 2.22-to-1 ratio on the NYSE and for a 1.69-to-1 ratio on the Nasdaq.
The S&P index recorded 17 new 52-week highs and two new lows, while the Nasdaq recorded 24 new highs and 30 new lows.
22:30 LOCAL TIME 19:30 GMT