Pence Wealth Management chief investment officer Dryden Pence:
SOUNDBITE: PENCE WEALTH MANAGEMENT CHIEF INVESTMENT OFFICER DRYDEN PENCE (ENGLISH) SAYING:
"Every time we get around these top these new highs, you get some increased volatility. And so I think we're going to see for the next several weeks these moments where the markets open lower or headlines will create some downward volatility and then fundamentals will push it back up."
Chip makers like Micron Technology and Texas Instruments, which get a big chunk of their sales from China, dragged down tech stocks. Qualcomm weighed on the S&P 500 and Nasdaq after Morgan Stanley downgraded the chipmaker's shares to "equal-weight" from "overweight."
Among the day's biggest gainers on the S&P 500: Boeing and Walgreens Boots Alliance. The planemaker said it expects to resume commercial service for its grounded 737 MAX jets in January. Walgreens got a lift after Bloomberg reported KKR has approached the drug store chain operator about a deal in what could be one of the largest leveraged buyouts.