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NEW YORK (CNNMoney)
The Dow Jones industrial average dropped 100 points, or 0.7%. The S&P 500 and Nasdaq also fell 0.7%.
Stocks have stalled this week after a strong start to the year. The Dow and S&P 500 are both up more than 5% in 2013, and near their all-time highs. The Nasdaq is up more than 4% for the year.
On the economic front, weekly initial jobless claims came in at 366,000, down 5,000 from the previous week but above forecasts.
Meanwhile, the nation's business productivity dropped 2% in 2012's fourth quarter, according to the Bureau of Labor Statistics, which was more than economists were expecting.
In the afternoon, the Federal Reserve will release data on consumer credit for December.
Related: Insiders bailing on Dow 14,000
In corporate news, Akamai Technologies (AKAM), which provides Internet content delivery, delivered weak fourth-quarter results and a disappointing revenue forecast. The lackluster news sent the company's stock plunging 16%, making it the biggest loser in the S&P 500 and Nasdaq 100.
News Corp (NWSA, Fortune 500) was also a big laggard after the media giant issued a downbeat earnings forecast for the year.
And Green Mountain Coffee Roasters (GMCR)shares tumbled on the company's weak outlook for sales growth.
Sprint Nextel (S, Fortune 500) shares edged lower after the cell phone carrier reported a fourth-quarter loss in line with expectations.
Shares of Sony (SNE) dropped after the electronics manufacturer reported a surprising third-quarter loss.
Alcatel Lucent (ALU) posted another quarterly loss, yet shares rose on news that CEO Ben Verwaayen is resigning from his post.
On the positive side, shares of Devry (DV) rallied after reporting better-than-expected earnings and revenue, and getting upgraded by JPMorgan Chase.
Retailers were also big movers as they reported sales figures for January.
Macy's (M, Fortune 500) rose after reporting a 11.7% rise in same-store sales for last month, topping forecasts. Gap (GPS, Fortune 500), Costco (COST, Fortune 500), Target (TGT, Fortune 500) and Limited Brands (LTD, Fortune 500) also posted better-than-expected January sales figures.
Shares of Blackberry (BBRY) gained ground after the smartphone maker said the Canadian launch of its new Z10 smartphone was its best launch ever.
Apple (AAPL, Fortune 500) shares were in the spotlight after activist investor David Einhorn publicly called for the electronics maker to give some of its $137 billion cash hoard to back to shareholders in the form of preferred stock.
Related: Fear & Greed Index still in extreme greed but ticked lower
LinkedIn (LNKD) headlines the group of companies reporting after markets close.
U.S. stocks finished little changed Wednesday, as investors weighed concerns about Europe against the latest corporate results.
European markets were mostly lower after the European Central Bank and the Bank of England kept interest rates unchanged. During a news conference, ECB president Mario Draghi said the eurozone economy, which is set to contract for a second year running in 2013, could gradually recover during the second half of the year. But he warned that the risks to the outlook were still tilted to the downside.
Asian markets ended in the red. The Shanghai Composite dropped 0.7%, the Nikkei declined 0.9% and the Hang Seng lost 0.3%. 
First Published: February 7, 2013: 9:52 AM ET
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