The S&P 500 fell 1.03% to 1,642.89 in afternoon trading Wednesday.
The Dow Jones industrial average was off 1.04% to 15,248.58, while the Nasdaq was down 0.92% to 3,456.67.
The yield on a 10-year Treasury bond rose 0.52% to 2.15%.
The price of gold was up 0.99% to $1,392.50 per ounce.
Shares of Foothill Ranch-based teen and contemporary retailer Wet Seal Inc. were up about 10% to $4.97, a day after the company provided better-than-expected guidance for the current quarter. Chief Executive John Goodman said the business stabilized during the quarter ended May 4 after years of the chain wrestling with a turnaround under several CEOs. Wet Seal had a recent market value of $445.72 million.
The latest data from the Mortgage Bankers Association showed mortgage applications fell 8.8% for the week ended May 24, sending homebuilders’ stocks down on Wednesday.
Irvine-based Standard Pacific Corp. was down about 4% to $9.12 for a market value of $3.16 billion.
Irvine-based TRI Pointe Homes Inc.'s shares were off about 2% to $17.83 for a market value of $563.53 million.
Newport Beach-based William Lyon Homes slipped about 1% to $26.10 for a market value of $803.49 million.
Santa Ana-based title insurance company First American Financial Corp. was down about 6% to $22.90 for a market value of $2.48 billion.
Irvine-based Sabra Health Care REIT Inc.’s shares were off about 9% to $27 for a market value of $1.01 billion. REITs were generally down on Wednesday.