Major stock indexes continued their losses as investors braced coming rate hikes amid a lackluster start to the earnings season, while the International Monetary Fund downgraded its global economic forecast due to the Omicron coronavirus variant and quicker inflation.
The S&P; 500 was down 2% to 4,320.47 during midday trading.
The Dow Jones Industrial Average slid 1.2% to 33,958.67.
The Nasdaq dropped 2.9% to 13,458.90.
The yield on a 10-year Treasury bond increased 1% to 1.7350%
The price of gold was up 0.4% to $1,849.50.
The price for a barrel of oil increased 2.1% to $85.08.
Electric vehicle maker Rivian Automotive LLC (Nasdaq: RIVN) in Irvine fell 5.9% to $60.08 per share for a market cap of $53 billion. The startup’s stock has lost about 44% of its value in the last month, as the company faces questions about its ability to deliver amid stiff competition from other EV companies.
Irvine-based fitness franchisor Xponential Fitnesss (NYSE: XPOF) fell 8% to $15.70 per share for a market cap of $376.2 million. Despite the slide today, Xponential’s shares are up about 27% since the company’s IPO in July.