Indices were down in midday trading as oil prices fell and the real estate sector considered the possibility of an interest rate increase at next week’s Federal Reserve Board meeting.
The S&P 500 was down 1.3% to 2,129.94. The Dow Jones Industrial Average was down 1.2% to 18,099.67. The NASDAQ was down 1.1% to 5,155.51.
The yield on a 10-year Treasury bond was up 3.1% to 1.73%.
The price of gold was down 0.1% to $1,324.
Irvine-based CalAtlantic Group Inc. was down 2.5% to $34.93 and a $4.2 billion market cap. Irvine-based Tri Pointe Group Inc. was down 3.2% to $12.62 and a $2.1 billion market cap. Newport Beach William Lyon Homes was down 3.6% to $16.15 and a $515 million market cap. Aliso Viejo-based New Home Co. Inc. was down 4.5% to $10.31 and a $215 million market cap.
Irvine-based HCP Inc. was down 2.4% to $37.21 and a $17.4 billion market cap. Irvine-based Sabra Health Care REIT Inc. was down 4.1% to $23.38 and a $1.5 billion market cap. Mission Viejo-based CareTrust REIT Inc. was down 3.6% to $14.42 and an $843 million market cap.
Costa Mesa-based El Pollo Loco Holdings Inc. was down 6.7% to $12.79 and a $491 million market cap on high volume. The company runs fast food chicken restaurants.