This looks like profit taking and sector rotation to me. Funds appear to be taking profits on year-long runups in stable high yield companies like utilities and tobacco and moving into home builders, industrial, and automotive manufacturers, among others. I'd expect the recent downward moves in stock price to slow/stop as effective yields move back above the 5% range.
I think once Qe3 runs its course and the dollar starts to strengthen again. The defensive plays drugs tobacco and utilities will be back in the spot light. Oil is down again today. Currencies are mixed and Europe is more of a disaster than US.