Major indices were down in midday trading as oil prices stayed low, bellwether company Costco missed on revenue and earnings, and Yahoo shelved a planned spinoff of its Alibaba holdings.
The S&P 500 was down 1% to 2,042.70. The Dow Jones Industrial Average was down 0.6% to 17,459.93, and the Nasdaq was down 1.7% to 5,010.02.
The yield on a 10-year Treasury bond was down 1.3% to 2.21%.
The price of gold was flat at $1,076.
Orange County homebuilders lost ground in a second day of declines as the Federal Reserve prepares to raise interest rates.
Irvine-based CalAtlantic Group Inc. was down 3.6% to $38.44 and a $4.7 billion market cap. Its shares had declined about 4% at yesterday’s close. Irvine-based Tri Pointe Group Inc. was down 2.6% to $12.77 and a $2.1 billion market cap. Its shares fell 3% yesterday. Newport Beach-based William Lyon Homes was down 1.2% to $15.13 and a $476 million market cap. Its shares fell about 2.6% yesterday. Aliso Viejo-based New Home Co. Inc. was down 1.1% to $12.47 and a $206 million market cap. New Home’s shares were flat yesterday.