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The S&P 500 fell 1.7% in midday trading to 4,083.20 while the Dow Jones Industrial Average declined 1.3% to 33,827.45 and the Nasdaq dropped 2.1% to 13,103.45.
The yield on a 10-year Treasury bond was up 3.7% to 1.684%. Gold ticked 0.7% lower to $1,823.
The price for a barrel of oil jumped 1.1% to $66.
Tarsus Pharmaceuticals Inc. (Nasdaq: TARS) rose 9.7% to $30.11 and a $623 million market cap. The Irvine-based company, a maker of ophthalmic drugs, yesterday reported first-quarter net income climbed to $10.4 million compared to a $2 million loss in the same period a year ago.
Vizio Holding Corp. (NYSE: VZIO) dropped 12% to $24.10 and a $4.4 billion market cap. The Irvine-based TV and media company yesterday reported first-quarter results that showed its Smart TV shipments were 1.5 million, below a Factset estimate of 1.65 million, according to CNBC. Vizio went public on March 25 by issuing shares at $21 each.