The S&P 500 was down 0.4% in midday trading to 2,636.91.
The Dow Jones Industrial Average fell 0.4% to 24,184.89.
The Nasdaq declined 0.7% to 6,826.89.
The yield on a 10-year Treasury bond plunged 2% to 2.37%.
The price of gold rose 0.5% to $1,283.
New Home Co. Inc. (NYSE: NWHM) in Aliso Viejo was up 12% to $12.93 and a $270 million market cap, a 52-week high for the company. Vanguard Group Inc. increased its holdings in the land developer and home builder and now owns 2.35% of the company. New Home shares traded by midday at a rate three times its 90-day average.
Impac Mortgage Holdings Inc. (NYSE: IMH) in Irvine was down 5% to $11.16 and a $234 million market cap on moderate volume. Impac is a residential lender.