The S&P; 500 fell 1.8% to 4,510.85 in midday trading.
The Dow Jones Industrial Average fell 0.9% to 35,302.52.
The Nasdaq decreased 2.6% to 14,045.68.
The yield on a 10-year Treasury bond climbed 3.3% to 1.8250%.
The price of gold was down 0.2% at $1,806.40.
The price for a barrel of oil increased 0.3% to $88.49.
Rivian Automotive (Nasdaq: RIVN) of Irvine slid 7.3% to $59.63 per share and a $52.6 billion market cap. Shares in the electric vehicle maker have decreased about 43% in the past month. Morgan Stanley said in a survey today that 87% of its clients would still invest in Rivian over its competitor Lucid Group (Nasdaq: LCID).
Irvine-based WM Technology Inc. (Nasdaq: MAPS) fell 6.53% to $4.72 per share and a market cap of $310 million. Volume of 274,019 was under a fourth of the daily average volume for the cannabis industry software developer. The company announced it will report fourth quarter revenue for the period ended Dec. 31, 2021 after market close on Feb. 23.