The New York equities markets were lower at midday.
The Dow Jones Industrial Average was 0.69 percent lower to 13,858.80, while the Nasdaq Composite had dropped 0.54 percent to 2,676.18 and the S&P 500 was down 0.69 percent to 1,530.96.
Part of the declines came as quarterly reports disappointed.
In the chemicals sector, DuPont (NYSE: DDPRA, DDPRB, DD) reported that profits did not grow in the second quarter even as sales were better overseas.
DuPont had dropped $2.96 to $50.30 by mid-session.
Texas Instruments (NYSE: TXN) fell $1.32 to $36.86 as it reported profits lower than the same time last year.
Fast food chain McDonald’s (NYSE: MCD) was 33 cents lower to $52.17 after it reported a losing quarter on a charge growing out of its sale of Latin American outlets.
AT&T (NYSE: T) was 18 cents higher to $40.21 after it said that its earnings were up by 61 percent in the second quarter, but reported that fewer Apple iPhone numbers than had been anticipated were activated following the new phone’s release.
Apple (NAS: AAPL) dropped $3.88 to $139.82 on the news of fewer iPhone activations and ahead of its quarterly report, due on Wednesday.
Companies exposed to bad loans were lower.
American Express (NYSE: AXP) dropped $1.94 to $62.72 after it reported an increase in write-downs on bad loans in the second quarter.
Meanwhile, mortgage lender Countrywide Financial (NYSE: CFC) fell $3.08 to $30.98 after it reported significantly lower profits in the second quarter and cut its earnings forecast.