4:35 pm : The stock market fell from an opening gain to a loss of more than 1% before it came clawing back. However, resistance at the neutral line kept the move from extending into positive territory, so stocks settled with modest losses.

Stocks were up broadly in the first few minutes of the session. The positive tone came as the euro hit a new two-month high and Europe's major bourses advanced amid data that suggested eurozone economic confidence was stronger-than-expected in July. Though the euro remained strong and finished with a 0.6% gain, the continent's primary bourses retreated into the red.

Europe's markets weakened as the U.S. averages began to descend. The slide wasn't caused by any particular catalyst, but it gained momentum as sellers started to turn against tech stocks. Tech stocks settled with a 0.9% loss as participants reacted negatively to the latest earnings and forecasts from Akamai (AKAM 38.35, -5.68) and NVIDIA (NVDA 9.13, -1.00).

Consumer staples were stomped for a 1.1% loss in response to disappointing reports from Colgate-Palmolive (CL 78.12, -5.74) and Kellogg (K 47.98, -3.54). A downgrade of CVS (CVS 30.90, -0.64) further hampered the consumer staples space.

Financials helped lead an afternoon rebound attempt. Life and health insurers (+2.0%) attracted considerable support amid better-than-expected earnings from Lincoln National (LNC 25.76, +1.67). The financial sector finished with a 0.3% gain - it was the only sector to settle in higher ground.