Midday Leaders and Laggards: Nasdaq 100

The index, which includes 100 of the largest nonfinancial securities listed on the Nasdaq Stock Market, fell 56.53 points, or 2.9 percent, to 1,877.33 in midday trading. The broader Nasdaq composite fell 58.41 points, or 2.4 percent, to 2,342.85.

Goldman Sachs added Citigroup Inc. to a list of stocks to sell and cut its rating on the brokerage sector late Wednesday. The investment bank also downgraded General Motors Corp., saying it expects the storied automaker's shares to continue to underperform.

Meanwhile, light, sweet crude for August delivery rose as high as $138.95 a barrel shortly after the New York Mercantile Exchange opened before retreating some to trade up $3.93 at 138.48.

Shares of Level 3 Communications Inc. slipped 23 cents, or 6.5 percent, to $3.32.

Shares of NII Holdings Inc., a wireless service company, shed $2.75, or 5.5 percent, to $46.94.

Shares of truck maker Paccar Inc. fell $2.41, or 5.4 percent, to $42.58.

On the gaining side, only five stocks rose.

Shares of Bed Bath & Beyond Inc. added $1.64, or 5.7 percent, to $30.21. The home furnishings retailer posted better-than-expected fiscal first-quarter results despite U.S. economic weakness.

Shares of Teva Pharmaceutical Industries Ltd. increased 49 cents to $45.50.