Cimarex Energy (N:XEC) fell more than 7 percent after posting disappointing quarterly results.
The Turkish lira briefly dropped almost 20 percent against the dollar after US President Donald Trump tweeted that he has authorized the doubling of tariffs on steel and aluminum imports from Turkey.
The S&P 500 was just 1 percent shy of a record it hit on January 26 on Tuesday as an estimated 24 percent jump in earnings from S&P companies underscored the strength of the world's biggest economy and corporate sector.
"When we see the earnings growth in 2018, the multiples are reasonable at that record level", said Art Hogan, chief market strategist at B. Riley FBR in NY. "You worry about the collateral damage".
The Dow Jones Industrial Average fell 74.52 points, or 0.29 per cent, to 25,509.23, the S&P 500 lost 4.12 points, or 0.14 per cent, to 2,853.58 and the Nasdaq Composite added 3.46 points, or 0.04 per cent, to 7,891.78. "You have banks losing because the 10-year U.S. Treasury (yield) came down".
Bookings Holdings (BKNG.O) fell 5.9 percent and weighed the most on the S&P and the Nasdaq after it forecast third-quarter profit below expectations.
The S&P 500 is up 179.97 points, or 6.7 per cent.
Bank shares led the way lower in the U.S.as Bank of America, Goldman Sachs and Morgan Stanley all dropped at least 1 percent.
"Any time that there's any movement in currencies, financials tend to reap the contagion risks", said Jamie Cox, managing partner for Harris Financial Group in Richmond, Virginia.
Economic data showing USA consumer inflation rose steadily in July, supporting the case for another interest rate hike next month by the Federal Reserve.
The S&P 500 posted 12 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 87 new highs and 102 new lows.
Meanwhile, in the US, the dollar strengthened, gaining 0.68%.
Advancing issues outnumbered decliners by a 1.68-to-1 ratio on the NYSE and by a 1.58-to-1 ratio on the Nasdaq.