Major indices declined in midday trading due to ongoing uncertainty over U.S. Federal Reserve policy through the end of the year and global economic concerns.
The S&P 500 was down 1.5% to 1,960.83. The Dow Jones Industrial Average was down 1.8% to 16,382.11. The Nasdaq was down 1.3% to 4,830.26.
The yield on a 10-year Treasury bond was down 3.3% to 2.14%.
The price of gold was up 1.8% t $1,137.
Irvine-based Western Digital Corp. was down 6% to $75.93 and a $17.5 billion market cap despite a positive note on demand for hard drives issued by Longbow Research. Analysts there see a possibly uptick in shipments of such units in the third quarter to 115 million. Western Digital has previously said the number will be as low 111 million.
Orange County retailers were down on sector weakness and the broader market decline.
Irvine-based Boot Barn Holdings Inc. was down 5.9% to $20.74 and a $542 million market cap. The western wear retailer had traded a moderately high number of shares by midday. Irvine-based Tilly’s Inc. was down 4.2% to $7.67 and a $218 million market cap. Anaheim-based Pacific Sunwear of California Inc. was down 4.8% to 35 cents and a $24 million market cap.