Stocks turned lower on Tuesday, with the Dow falling more than 100 points, as investors took a cautious view of a mixed bag of earnings from companies including Delta Air Lines and Verizon Communications.
The Dow Jones Industrial Average was 124 points lower in midday trading.
After coming within points of the record high of 1,850.84 it hit last week, the S&P 500 scaled back its gains, declining 3 points.
And the Nasdaq, which hit a more-than 13-year high last week, also trimmed its advance, but was still slightly positive.
"There's not a whole lot of direction, we're waiting to see more earnings roll out," said Ian Kerrigan, a JP Morgan Private Bank investment specialist in Seattle.
Corporate results so far have been mixed. "We still want to see it driven by revenue numbers increasing, but we are still seeing cost cutting" and other management moves keeping earnings in line, said Kerrigan.
Shares of Dow Chemical jumped on news Dan Loeb's Third Point had taken a $1.3 billion stake in the company, and was calling for a strategic review.
Delta Airlines advanced almost 3 percent to all-time highs after the carrier posted fourth-quarter results that beat expectations.
But Verizon fell after the telecommunications company reported fourth-quarter results. In a separate move, the company said it would purchase Intel's pay-television startup.
The 10-year Treasury note rose basis 1 point to 2.836 percent, and the U.S. dollar edged lower against other global currencies.
For every three shares falling, roughly three gained on the New York Stock Exchange, where 239 million shares traded as of 11:20 a.m. Eastern. Composite volume topped 1.3 billion.