Indexes broadly declined during midday trading, continuing its longest streak of weekly declines since 2011 on fears of a global slowdown.
The S&P; fell 2.7% to 4,014.23, the Dow 30 was down 1.7% to 32,354.71 and Nasdaq decreased 3.4% to 11,733.29.
Crude oil decreased 5.6% to $103.65 barrel.
Gold was down 1.1% to $1,863 an ounce.
The yield on a 10-year Treasury bond fell 1.537% to 3.075%.
Irvine-based Rivian Automotive Inc. (Nasdaq: RIVN) dropped 18% to $23.66 with a market cap of $21 billion. CNBC’s David Faber reported that Ford Motor Co., which has a large stake in Rivian, is reportedly selling 8 million Rivian shares at $26.90 each after the stock lockup period expired for early investors on Sunday.
Axonics Inc. (Nasdaq: AXNX) in Irvine decreased 17% to $40.02 with a $1.9 billion market cap. Shares of the medical device maker have fallen 23% since reporting first-quarter net loss of $23 million.