The S&P 500 was down 0.7% to 2,098.79.
The Dow Jones Industrial Average was down 0.4% to 17,993.05. The Nasdaq was down 1.2% to 4,954.96.
The yield on a 10-year Treasury bond was up 2.3% to 2.18%.
The price of gold was up 0.5% to $1,192.
TECHNOLOGY
Irvine-based Western Digital Corp. was down 2.2% to $97.37 and a $22.5 billion market cap. Craig Hallum reiterated its “hold” rating on shares of the storage products maker and lowered its price target from $93 to $89. Western Digital last week reported lower revenue and earnings in its most recent quarter, compared with the same period last year.
RETAIL
Orange County-based apparel retailers were down on sector weakness.
Irvine-based Tilly’s Inc. was down 1.2% to $12.76 and a $363 million market cap. Huntington Beach-based Quiksilver Inc. was down 3% to $1.59 and a $272 million market cap, and Anaheim-based Pacific Sunwear of California Inc. was down 2.5% to $1.98 and a $138 million market cap.
SERVICES
Irvine-based Adaptive Media Inc. was down 6.3% to $1.80 and a $25 million market cap. The Internet advertising company said accredited investor James Batmasian agreed to buy up to 3 million shares of the company for about $4.5 million. The company received $2 million on May 1 for about 1.2 million shares, with remaining shares sold under five-year warrants and the remaining $2.5 million subject to certain closing conditions.
