The S&P 500 was down 0.4% in midday trading to 2,070.73.
The Dow Jones Industrial Average was down 0.3% to 17,675.73.
The NASDAQ was down 0.7% to 4,808.62.
The yield on a 10-year Treasury bond was up 3.3% to 1.62%.
The price of gold was down 0.2% to $1,296.
Irvine-based Impac Mortgage Holdings Inc. was up 6% to $15.38 and a $190 million market cap on above average housing. Shares rose 12% this week after an SEC form showed OC investor Richard Pickup increased his holdings in the housing lender and now beneficially owns about 3 million shares. Impac has 12.3 million shares outstanding.
Irvine-based Ubiquity Inc. was down 20% to 37 cents and an $82 million market cap. The Internet services company is in the midst of a restructuring that this week included naming the head of a video production division it’s spinning off and the amicable resignation of a board member. Last week the company appointed a new chief executive.