The U.S. Department of Commerce reported Friday April spending fell 13.6%, weighed down by states’ stay-at-home orders.
The S&P 500 was down 0.7% to 3,008.47 in midday trading. The Dow Jones Industrial Average was off 1.1% to 25,128.7, while the Nasdaq declined 0.2% to 9,355.64.
Crude oil fell 0.7% to $33.46, while gold climbed 1.3% to $1,752.
The yield on a 10-year Treasury bond was down 5.8% to 0.66%.
Healthpeak Properties Inc. (NYSE: PEAK) of Irvine fell 3.5% to $24.70 in line with a broader slump among U.S. healthcare REITs on Friday. Healthpeak had a recent market cap of $13.3 billion.
Irvine-based Sabra Health Care REIT Inc. (Nasdaq: SBRA) was also down, 2.6% to $13.34 for a market cap of $2.7 billion.
Irvine Western-inspired retailer Boot Barn Holdings Inc. (NYSE: BOOT) continued its slide from Thursday, down 5.4% to $22.08. The company, with a recent market cap of $636 million, was affected by shelter-in-place orders during its fourth quarter ended March 28, holding back on guidance like many companies, citing market uncertainty.