Major stock indexes fell for a third straight day, pulled down in large part by technology shares.

The S&P 500 was down 1.8% to 3,366.09 during midday trading.

The Dow Jones Industrial Average fell 1.4% to 27,734.34.

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The Nasdaq fell 2.5% to 11,033.79.

The yield on a 10-year Treasury bond dropped almost 6% to 0.68%.

The price of gold was increased 0.5% to $1,943.60

The price for a barrel of oil plunged 7.2% to $36.89.

FINANCE

Local bank stocks were generally lower. Pacific Premier Bancorp (Nasdaq: PPBI) in Irvine dropped 5.2% to $21.67 per share for a market cap of just over $2 billion. Banc of California (NYSE: BANC) in Santa Ana was down 6.4% to $11.65 per share for a market cap of just over $585.2 million. First Foundation Inc. (Nasdaq: FFWM) in Irvine was down 3.3% to $14.80 per share for a market cap of just under $600 million.

TECHNOLOGY

Skyworks Solutions Inc. (Nasdaq; SWKS) in Irvine fell 4% to $133.42 per share for a market cap of $22.2 billion. Analyst site InvestorPlace.com said Apple is moving to produce its own chips, which the site said could create difficulties for supplier Skyworks.