The S&P; fell 0.9% to 4,093.78 during midday trading. The Dow was down 0.6% to 32,768.30 and Nasdaq decreased 0.6% to 12,264.87.
Crude oil increased 0.4% to $105.06 barrel.
Gold was down 2.4% to $1,866 an ounce.
The yield on a 10-year Treasury bond rose 3.84% to 2.998%.
Irvine-based Tarsus Pharmaceuticals Inc. (Nasdaq: TARS) dropped 19% to $14.89 with a $309 million market cap. The eyecare drugmaker announced today it will sell $50 million shares of common stock in an underwritten public offering. Tarsus on Monday also released successful Phase 3 trial results for its TP-03 ophthalmic drug.
Medical technology company Axonics Inc. (Nasdaq: AXNX) increased 6.9% to $55.40. The Irvine-based maker of devices to ease bladder and bowel dysfunction has risen almost tenfold to a $2.6 billion market cap since going public in late 2018. The website Simply Wall St. today praised the company for “growing rather well” because of its 62% increase last year in revenue.