Indexes were down more than 1% apiece in midday trading on the expectation that the Federal Reserve will continue to increase interest rates.

The S&P 500 was down 1.2% to 2,774.65. The Dow Jones was 1.2% lower to 25,401.75. The Nasdaq dropped 1.8% to 7,504.59.

The yield on a 10-year Treasury bond was up 0.06% at 3.18%.

The price of gold was up 0.3% to $1,231.

SERVICES

Emerald Expositions Events Inc. (NYSE: EEX) jumped 5.5% to $15.25 and a $1.1 billion market cap. The trade show operator on Tuesday bought trade show Boutique Design New York and related assets from ST Media Group International and Hospitality Media Group.

MANUFACTURING

Shares in Kaiser Aluminum Corp. (KALU) were down 7.8% to $99 and a $1.65 billion market cap after it third-quarter earnings yesterday missed Wall Street expectations. The Foothill Ranch-based aluminum products company reported earnings of $1.43 per share. Analysts expected $1.59 a share.