The S&P 500 was down 1.5% in midday trading to 1,823.58.
The Dow Jones Industrial Average was down 2% to 15,591.60.
The NASDAQ was down 0.8% to 4,248.03.
The yield on a 10-year Treasury bond was down 5.6% to 1.61%
The price of gold was up 4.5% to $1,249.
Irvine-based HCP Inc. was down 4.4% to $26.03 and a $12.1 billion market cap. Shares in the healthcare facility REIT were downgraded to “sell” from “hold” by Stifel Nicolaus.
Mission Viejo-based Ensign Group Inc. was down 8.5% to $18.41 and a $945 million market cap. The healthcare facility operator missed analyst expectations on earnings.
Irvine-based First American Financial Corp. was up 5% to $34.43 and a $3.8 billion market cap. The financial services company said revenue rose about 11% and net income rose about 23% in 2015.