The S&P; 500 fell 0.5% to 4,459.05 in midday trading.The Dow Jones Industrial Average was down 0.5% at 34,325.45.
The Nasdaq slumped 1.1% to 13,735.52.
The yield on a 10-year Treasury bond climbed 1.2% to 2.6390%.
Gold went up 0.7% to $1,937 per ounce.
Oil declined 1.7% to $94.61 per barrel.
Shares of Mullen Automotive Inc. (Nasdaq:MULN) fell 13% to $2.31 per share after Hindenburg Research released a short report on Wednesday that called the Brea-based EV maker “yet another fast talking EV hustle.” It sports a $552 million market cap at press time.
Irvine-based Rivian Automotive Inc. (Nasdaq; RIVN) slumped 6% to $37.69 per share for a $33.3 billion market cap. The EV maker on April 5 announced first production of 2,553 vehicles, in line with the company’s expectations. Still, shares of Rivian have fallen 10 straight trading sessions, a cumulative 29%. The shares reached an all-time intra-day high of $179.47 last November after it went public.