The S&P 500 fell 0.7% to 4,145.51 in midday trading.

The Dow Jones Industrial Average decreased 0.8% to 33,868.00 while the Nasdaq was down 0.5% to 13,877.75.

The yield on a 10-year Treasury bond ticked up 0.3% to 1.568%.

Oil climbed 0.3% to $61.50 per barrel.

The price of gold was off 0.6% to $1,781.80 per ounce.

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Newport Beach-based Evolus Inc. (Nasdaq: EOLS) fell 20% to $9.31 a share at midday trading with a $412 million market cap. 

Evolus announced yesterday it commenced an underwritten public offering consisting of 9 million shares of its common stock at a public offering price of $9.50 per share. 

Avid Bioservices Inc. (Nasdaq: CDMO) of Tustin rose 5.7% to $21.17 a share with a $1.3 billion market cap. Stock in the contract manufacturer is up 73% since the beginning of the year.