Stock indices were down in midday trading on declines in oil prices and in banking and technology stocks.
The S&P 500 was down 1.1% to 2,044.30.
The Dow Jones Industrial Average was down 0.8% to 17,562.58.
The NASDAQ down 1.3% to 4,858.76.
The yield on a 10-year Treasury bond was down 3% to 1.70%.
The price of gold was up 1.2% to $1,239.
TECHNOLOGY
Irvine-based Western Digital Corp. was down 4% to $42.96 and a $10 billion market cap. RBC Capital cut its price target on the memory products maker’s shares from $68 to $60, citing higher costs for the company’s SanDisk acquisition, while maintaining an “outperform” rating on the stock.
RETAIL
Anaheim-based Pacific Sunwear of California Inc. was down 42% to 5 cents and $4 million market cap. The apparel retailer filed for bankruptcy and announced new debt and equity agreements with lenders related to the filing.
SERVICES
Newport Beach-based Terra Tech Corp. was up 6% to 40 cents and a $183 million market cap. The company, which runs medical cannabis dispensaries and makes hydroponic growing equipment, said its first dispensary in Las Vegas was approved. Shares had traded by midday at a rate double its 90-day average and are up about 50% for the week.
