The Nasdaq retreated further from records following disappointing earnings from Amazon.com Inc. (AMZN) and Starbucks Corp. (SBUX) . The S&P 500 joined the tech-heavy index to trade in the red. Consumer sentiment retreated in July, though not as fast as analysts anticipated. Sentiment has remained robust since the November election, though measure remains sharply divided between Republicans and Democrats. Tobacco companies such as Philip Morris International Inc. PM and British American Tobacco PLC (BTI) took a dive after the FDA announced plans to pursue lowering nicotine content in cigarettes. The FDA's strategy aims to limit the substance amount to combat U.S. addiction rates. Chevron Corp. (CVX) moved higher after swinging to a quarterly profit of $1.5 billion over its recent quarter. Revenue of $33 billion was in-line with estimates.

More from Video

Replay: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

Replay: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

Video: You Could Live in a Ritz-Carlton or St. Regis Home

Video: You Could Live in a Ritz-Carlton or St. Regis Home

KPMG Chair & CEO: There's No One-Size-Fits-All Approach to Diversity

KPMG Chair & CEO: There's No One-Size-Fits-All Approach to Diversity

Best Buy's Billionaire Founder: We Were 'Late to the Game' in Online Shopping

Best Buy's Billionaire Founder: We Were 'Late to the Game' in Online Shopping

Jim Cramer: Intuit Had a Fantastic Quarter

Jim Cramer: Intuit Had a Fantastic Quarter