Indices are down as data about China’s exports point to slower economic growth worldwide and Federal Reserve minutes released yesterday indicated a likely increase in interest rates.
The S&P 500 was down 0.4 % to 2,131.90. The Dow Jones Industrial Average was down 0.4% to 18,071.41. The NASDAQ was down 0.6 % to 5,211.18.
The yield on a 10-year Treasury bond fell 2.5% to 1.73%.
The price of gold was up 0.3% to $1,258.
REAL ESTATE, FINANCE
Real estate and bank stocks are down as a possible interest rate increase would soften demand for new homes and banking services.
Irvine-based home builder CalAtlantic Group Inc. was down 2.3% to $32.24 and a market cap of $3.8 billion. Newport Beach-based William Lyon Homes was down 1.6% to $16.74 and a market cap of $529 million.
Three Irvine-based banks were down as well. Opus Bank was down 2.7% to $34.10 and a market cap of $1.2 billion; Banc of California was down 3.7% to $16.80 and a market cap of $836 million; and Pacific Premier Bancorp Inc. was down 2.1% to $26.62 and a market cap of $736.4 million.
SERVICES
Irvine-based CoreLogic Inc. is up 0.9% to $39.53 and a market cap of $3.5 billion. The information provider to insurers, real estate and mortgage companies has expanded this year’s share buyback program to 4 million shares from 3 million. It also plans to repurchase at least 4 million shares next year.
