The S&P 500 was down 0.8% in midday trading to 2,059.08.
The Dow Jones Industrial Average was down 0.6% to 17,722.35.
The NASDAQ was down 0.8% 4,768.36.
The yield on a 10-year Treasury bond was up 0.1% to 1.84%.
The price of gold was up 2% to $1,291.
Irvine-based Western Digital Corp. was down 13% to $39.96 and a $9.3 billion market cap. The storage products maker reported lower quarterly revenue and adjusted profits, both missing analyst expectations. Baird downgraded Western Digital shares to “neutral.”
Irvine-based California Republic Bancorp was up 45% to $36 and a $281 million market cap. The bank agreed to be bought by Mechanics Bank in Walnut Creek.
Aliso Viejo-based New Home Co. Inc. was down 7% to $11.38 and a $236 million market cap. The builder reported quarterly revenue of $85 million, down from $103 million, and a net loss of $800,000, down from $4.6 million in net profit, year-over-year.
Irvine-based Autobytel Inc. was down 5% to $16.62 and a $177 million market cap. Shares in the automobile sales leads provider was trading at above-average volume at midday; the company is scheduled to report earnings May 5.