The S&P 500 was down 0.8% to 2,850.82 during midday trading.
The Dow Jones Industrial Average decreased 1.3% to 23,936.93.
The Nasdaq dipped 0.1% to 8,642.22.
The yield on a 10-year Treasury bond sunk 3% to 0.64%.
The price of gold rose 0.7% to 1,710.50.
The price of oil plummeted 70% to $5.44 a barrel.
MANUFACTURING
Foothill Ranch-based Kaiser Aluminum Corporation (Nasdaq: KALU) rose 2% to $77.14 and a $1.2 billion market cap after the company reported first quarter earnings. Revenue of $369.3 million missed expectations, and was down nearly 7% from the year prior. The aluminum producer has not yet provided a full-year outlook due to market uncertainties, but expects its commercial aerospace product sector, which represents 33% of value added revenue, to show a 20% to 25% drop in revenue in 2020 “compared to its record value added revenue in 2019” due to declines in global air travel.
HEALTHCARE
Newport Beach-based Evolus Inc.’s (Nasdaq: EOLS) increased 6.8% to $4.73 and a $161 million market cap. The drugmaker announced job and expense cuts last week, including reducing its workforce by more than 100 employees. It reported 235 employees as of Dec. 31. Shares for the drugmaker are down 61% since the start of the year, but have bounced 30% in the past month.
