Indices were down in midday trading on concerns that countries are set to enact tighter monetary policies.

The S&P 500 was down 1.7% to 2,144.61. The Dow Jones Industrial Average was down 1.5% to 18,209.16. The NASDAQ was down 1.8% to 5,162.70.

The yield on a 10-year Treasury bond was up 3.3% to 1.67%.

The price of gold was down 0.5% to $1,335.

REAL ESTATE

OC homebuilders were down on expectations the Federal Reserve will begin to raise interest rates later this year.

Irvine-based CalAtlantic Group Inc. was down 5.3% to $35.15 and a $4 billion market cap. Irvine-based Tri Pointe Group Inc. was down 5.3% to $12.75 and a $2 billion market cap. Newport Beach-based William Lyon Homes was down 7.6% to $16.56 and a $520 million market cap. Aliso Viejo-based New Home Co. Inc. was down 2.2% to $10.89 and a $229 million market cap.

FINANCE

Irvine-based Impac Mortgage Holdings Inc. was down 7.5% to $15.55 and a $192 million market cap. The mortgage lender is selling up to about 2.9 million shares of common stock. It currently has 12.3 million shares outstanding.

RESTAURANTS

Huntington Beach-based BJ’s Restaurants Inc. was down 1.6% to $38.30 and a $926 million market cap. Wedbush cut its rating on the restaurant chain to “neutral” with a $40 price target.

Costa Mesa-based El Pollo Loco was up 5.3% to $14.24 and a $547 million market cap. The fast food chicken chain will join the S&P SmallCap 600 after the close of trading Monday.

RETAIL

Irvine-based Boot Barn Holdings Inc. was down 10% to $11.04 and a $292 million market cap. B. Riley cut its rating on the western wear retailer’s shares to “neutral.” Boot Barn shares had risen about 20% in the last month.