The markets fell after states like Arizona, Texas and California reported increases in coronavirus cases.

The S&P 500 dropped 2.4% to 3,055.63 in midday trading while the Dow Jones Industrial Average fell 2.5% to 25,504.15 and the Nasdaq declined 2% to 9,928.17.

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Crude oil was off 6% to $37.96.

Gold was down 0.2% to $1,778.

The yield on a 10-year Treasury bond was off 2.5% to 0.69%.


Irvine-based medical device company Axonics Modulation Technologies Inc. (Nasdaq: AXNX) fell 9% to $35.03 and a $1.4 billion market cap. Volume was about half of the daily average of 615,739. Shares are still more than double their March price.

Healthcare-related real estate companies were also down. Healthpeak Properties Inc. (NYSE: PEAK) was off 4.9% to $25.67 for a $13.8 billion market cap. CareTrust REIT Inc. (Nasdaq: CTRE) declined 7.6% to $16.76 and a $1.6 billion market cap. Sabra Health Care REIT Inc. (Nasdaq: SBRA) dropped 6.4% to 413.25 and a $2.7 billion market cap. Ensign Group (Nasdaq: ENSG) of Mission Viejo was down 3.5% to $40.30 for a market cap of $2.2 billion.