(CNBC) -- U.S. stocks fell on Wednesday as declines in tech shares and Macy's dampened investor sentiment. Equities also followed overseas stocks lower.
The Dow Jones Industrial Average dropped 137.51 points to 25,162.41, while the S&P 500 declined 0.8 percent to 2,818.37. The Nasdaq Composite pulled back 1.2 percent to close at 7,774.12. The Dow and Nasdaq briefly broke below their 50-day moving averages.
The major indexes trimmed losses late in the day after CNBC reported that the White House is preparing to expand rules favoring American products in government projects.