Wall Street pulled back from record highs on Monday, as the Federal Reserve Bank of Dallas President Richard Fisher said the central bank is moving closer to scaling back its $85 billion-a-month bond-buying program.

On the earnings front, Tyson Foods, Inc. (NYSE: TSN) saw shares jump more than 4 percent in morning trade, as the company reported better-than-expected quarterly earnings. The meat processor reported a profit of $249 million, or 69 cents a share, up from $76 million, or 22 cents a share, in the year-ago period.

As of 12:28 p.m. Eastern, shares of Tyson Foods rose 4.17 percent to $29.70.

Fossil Group Inc. (Nasdaq: FOSL) was downgraded to underweight from equal weight by Barclays on Monday, as the company prepares to release its earnings for the second quarter on Tuesday.

Fossil is expected to report second-quarter earnings of 93 cents per share on revenue of $691.20 million, compared with earnings of 92 cents per share on revenue of $636.10 million in the year-ago quarter, according to analysts polled by Reuters.

Shares of Fossil fell 4.39 percent to $109.30 in mid-day trade.

In other company news, Revlon Inc (NYSE: REV) announced it will buy private Spanish beauty care company The Colomer Group for $660 million. The news comes after the cosmetics maker released second quarter earnings last week that more than doubled, as Revlon earned $24.7 million, or 47 cents per share, compared with $11.1 million, or 21 cents per share, in the year-ago quarter.

Shares of Revlon jumped 6.41 percent to $26.07 in afternoon trade.

As of 12:37 p.m. Eastern, the Dow Jones Industrial Average fell 55.23 points, or 0.35 percent, to 15,603.13. The S&P 500 Index was down 2.63 points, or 0.15 percent, to 1,707.06. The Nasdaq Composite Index fell 2.97 points, or 0.08 percent, to 3,686.67.