The S&P 500 was down 0.4% in midday trading to 2,265.66.
The Dow Jones Industrial Average was down 0.5% to 19,858.27.
The NASDAQ was down 0.6% to 5,531.69.
The yield on a 10-year Treasury bond fell 1.4% to 2.34.
The price of gold rose 0.2% to $1,202.60.
Kaiser Aluminum Corp. in Foothill Ranch was down 6.5% to $76.18 and a $1.4 billion market cap. Bank of America downgraded the metals manufacturer to “underperform” with a $77 price target.
Opus Bank in Irvine was down 3% to $28.40 and a $915 million market cap. The bank holding company said Michael Allison resigned from his executive positions and directorship and will serve as an Opus consultant.
William Lyon Homes in Newport Beach was down 5% to $17.24 and a $549 million market cap. JMP Securities downgraded the home builder’s shares to “market perform.”