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The S&P 500 was down 0.7% to 2,006.55 in midday trading.

The Dow Jones Industrial Average was down 0.8% to 17,275, and the Nasdaq was down 0.4% to 4,666.17.

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The yield on a 10-year Treasury bond declined 4.9% to 1.67%.

The price of gold rose 1.66% to $1,276.80.


Irvine-based Broadcom Corp. was up 4.1% to $43 and a $25.5 billion market cap on a positive quarterly report, which saw the company exceed analysts’ revenue and earnings expectations.

Aliso Viejo-based QLogic Corp. was up 3.6% to $13.15 and a $1.15 billion market cap on a quarterly report that exceeded revenue and earnings-per-share guidance.

Costa Mesa-based Emulex Corp was down 7.1% to $6.27 and $447 million market cap. Despite solid earnings this quarter, its projections for next quarter disappointed Wall Street.