The S&P 500 lost 7.69 points, or 0.57%, to close at 1,330.66, its weakest finish since early February.
Shares of Avon dropped nearly 10% to $18.71 after Coty withdrew its $10.7 billion bid to buy Avon late Monday.
Avon shares trade at an estimated price-to-earnings ratio for next year of 15.51X; the average for personal product companies is 15.36X. For comparison, Colgate-Palmolive (CL) has a higher forward P/E of 17.05X.Twelve of the 16 analysts who cover Avon rate it at hold. Three analysts give the stock a buy rating and one rates it at sell. The stock has risen 7.1% year to date.