U.S. indexes slid Friday on news the Federal Reserve intends to begin raising interest rates earlier than expected, with the first of those increases to come as early as late next year.
The S&P 500 fell 0.8% to 4,186.27 in midday trading Friday.
The Nasdaq was off 1.2% to 33,415.45, while the Nasdaq was down 0.5% to 14,085.98.
Crude oil rose 0.8% to $71.64.
Gold was flat at $1,774.20.
The yield on a 10-year Treasury decreased 3.7% to 1.45%.
Orange-based Alignment Healthcare Inc. (Nasdaq: ALHC) was trading up 3.8% to $27.35 for a market cap of $5.1 billion. The company’s shares have risen nearly 60% since the Medicare Advantage provider went public March 26 as it continues its market expansion. The company said Thursday it added two more counties in Nevada to begin providing coverage in starting next year.
Irvine-based Advantage Solutions Inc. (Nasdaq: ADV) fell 3.2% to $11.56, continuing its downward trend this week. The sales and marketing services firm, with a market cap of $3.7 billion, is down 13.3% so far this year.