The S&P 500 was down 1.3% to 4,134.16 during midday trading.
The Dow Jones Industrial Average fell 1.6% to 34,194.43.
The Nasdaq dropped 0.4% to 13,346.43.
The yield on a 10-year Treasury bond rose 1.4% to 1.6%.
The price of gold decreased 0.1% to 1,835.20.
The price for a barrel of oil increased 0.1% to $65.
Shares in mortgage provider loanDepot Inc. (NYSE: LDI) of Foothill Ranch fell 9.2% to $12.44 apiece for a market cap of $4.2 billion. loanDepot was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday.
Newport Beach-based Landsea Homes Corp. (Nasdaq: LSEA) shares dropped 5.1% to $8.92 apiece for a market cap of $419 million. The company yesterday announced the acquisition of 182 homesites at the Alameda Marina master-planned community in Alameda.