Retreating crude oil prices weighed the markets down during the midday with the Dow losing 27 points to 17,046. Nasdaq fell 20 points to 4,688.
On the upside
Omeros (Nasdaq: OMER) narrowed losses for the fourth quarter and initiated a Phase 3 OMS721 program to treat atypical hemolytic uremic syndrome.
Second quarter earnings for United Natural Foods (Nasdaq: UNFI) topped analyst estimates.
Town Sports International (Nasdaq: CLUB) reversed year ago losses to post a profit for the fourth quarter.
On the downside
Falling crude oil prices weighed down shares of California Resources (NYSE: CRC) and Rex Energy (NYSE: REXX).
Shares of contract drilling services provider Unit (NYSE: UNT) fell along with oil producers.
Credit Suisse downgraded Bonanza Creek Energy (NYSE: BCEI) from an Outperform rating to a Neutral rating and cut its price target from $4 to $2.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on both the NYSE and on Nasdaq. The broader S&P 500 dropped 9 points to 1,992. Bitcoin held steady at $413.
