Indexes were down as tech stocks sold off in midday trading.
The S&P 500 was down 3.8% to 3,446.46.
The Dow Jones Industrial Average slumped 2.8% to 28,279.09.
The Nasdaq fell 5% to 11,443.21.
The yield on a 10-year Treasury bond decreased 4.8% to 0.62%.
Oil slipped 0.5% to $41.29 a barrel.
The price of gold was down 0.5% to $1,935 an ounce.
Irvine-based Montrose Environmental Group Inc. (NYSE: MEG) fell 9% to $28.68 a share with a $716 million market cap. The shares yesterday rose 11% to $31.42, its highest since its July 23 IPO at $15 each. The company on Aug. 31 reported second-quarter sales climbed 29% to $73.8 million.
Tustin-based Avid Bioservices Inc. (Nasdaq: CDMO) fell 12% to $7.49 a share at midday trading with a $424 million market camp. On Sept. 1, Avid reported first-quarter revenue of $25 million, up 66% from the same period a year ago. It reiterated 2021 annual revenue guidance for $76 million to $81 million. The shares yesterday reached a 52-week high of $9.10.Volume was almost three times the daily average of 410,000 shares.
Irvine-based Inari Medical Inc. (Nasdaq: NARI) declined 8% to $70.68 a share with a $3.4 billion market cap. The shares on Aug. 31 reached $84.91, their highest level since the company’s IPO in May at $19 a share.