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The S&P 500 fell 0.3% in midday trading to 2,572.64.
The Dow Jones Industrial Average dropped 0.3% To 23,370.20.
The Nasdaq declined 2% to 6,690.46.
The yield on a 10-year Treasury bond dropped 2% to 2.38%
The price of gold rose 0.5% to $1,278.
CalAtlantic Group Inc. (NYSE: CAA) of Irvine jumped 21% to $49.01 and a $5.4 billion market cap. Lennar Corp announced its intention to purchase CalAtlantic in a $9.3 billion deal to become the largest U.S. homebuilder.
Irvine-based Tilly’s Inc. (NYSE: TLYS) fell 7.9% to $11.43 and a $329 million market cap. Shares of the retailer have doubled since July.