The S&P 500 was down 1.19% to 1,426 in midday trading Friday.

The Nasdaq was off 1.33%% to 3,009 while the Dow Jones Industrial Average was down 1.12% to 13,162

The yield on a 10-year treasury bond was down 2.72% to 1.75%.

The price of gold was up 0.74% to $1,658 per ounce.

Shares of Irvine-based Resources Connection Inc. were down about 6% to $11.60 for a market value of about $480 million after it reported earnings slightly below analyst expectations for its November quarter. Resources Connection operates as Resources Global Professionals, which provides consulting services on finance, accounting and other management areas.

Shares of Foothill Ranch-based retailer Wet Seal Inc. were down about 3% to about $2.71 for a market value of about $244 million. Several competitors also saw shares fall on the heels of pared-back forecasts for overall holiday sales.