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Adding to worries, the cost of insuring exposure to U.S. sovereign debt rose to the highest level since 2011 over market jitters that the government could hit its debt ceiling sooner than expected.

At 11:45 a.m. ET, the Dow Jones Industrial Average was down 96.16 points, or 0.28%, at 33,800.85, the S&P 500 was down 18.73 points, or 0.45%, at 4,135.79, and the Nasdaq Composite was down 49.15 points, or 0.40%, at 12,108.07.

IBM Corp gained 1.6% after the software company beat estimates for first-quarter profit.

Among regional banks, Zions Bancorp, Truist Financial Corp and KeyCorp dropped between 2.2% and 5.5% after their quarterly profits missed estimates.

Declining issues outnumbered advancers by a 1.82-to1 ratio on the NYSE and a 1.72-to-1 ratio on the Nasdaq.

The S&P index recorded 21 new 52-week highs and three new lows, while the Nasdaq recorded 39 new highs and 89 new lows.

(Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Additional reporting by Vansh Agarwal; Editing by Arun Koyyur and Vinay Dwivedi)