The stock market fell in a broad sell-off on Tuesday, dropping for a second session as investors remained nervous about the start of the corporate earnings season.
The Dow Jones industrial average fell 117.59 points, or 0.69 percent, to close at 16,906.62, putting it back below the psychologically important 17,000 level.
The Standard & Poor's 500-stock index slid 13.94 points, or 0.70 percent, to 1,963.71, according to preliminary figures. The Nasdaq composite index dropped 60.07 points, or 1.35 percent, to 4,391.46.
The S.&P. 500 hovered around its 14-day moving average, in a sign of weak near-term momentum. Nine of the 10 primary S.&P. 500 sector indexes were lower, with only utilities, a defensive group, higher for the day.
About 60 percent of stocks trading on the New York Stock Exchange fell, and about three-fourths of Nasdaq-listed names.
Weakness in technology shares weighed on the Nasdaq, with Internet names especially hit hard. Netflix fell 3.4 percent while Facebook dropped 3.9 percent. TripAdvisor sank 6 percent.
"All the bubble talk eventually gets to people, and with earnings facing us imminently, it's not a bad time to be a bit more cautious," said Tim Ghriskey, chief investment officer of the Solaris Group.
"We haven't seen a lot of pre-announcements and the ones we have seen were pretty predictable, which probably means earnings are not going to be bad, and they could surprise to the upside," Mr. Ghriskey said. "But we think the market is likely to take that a bit in stride and remain a bit cautious here."
Stocks have performed well recently, with major indexes hitting repeated records and the Dow breaking above 17,000 for the first time ever. The advance has largely come on the back of strong data. Market participants are looking to earnings for confirmation that the economy recovered in the second quarter from the impact of a harsh winter.
In a cautious sign about consumers, Bill Simon, the chief executive of Walmart's United States division, told Reuters that while the domestic job market was getting better, the improvement was not giving consumers enough confidence to stimulate their spending.
After the close of trading, Alcoa reported earnings that exceeded expectations, marking the unofficial start of the earnings season. Alcoa's shares jumped nearly 2 percent in immediate after-hours trading, after closing regular trading up 0.8 percent.
Airline stocks were among the weakest of the day. Delta Air Lines fell about 1.3 percent, while Southwest Airlines lost 1.7 percent. Overseas, Air France-KLM gave a full-year profit warning, citing weak prices and overcapacity.
NeuroMetrix shares leapt 23.8 percent after the Food and Drug Administration cleared the company's wearable technology for over-the-counter use in the treatment of chronic pain.
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