Wall Street indexes broadly dropped in midday trading, led by technology stocks.
The Nasdaq was off 3.5% to 13,285.22 while the S&P; 500 declined 2.9% to 4,268.80 and the Dow 30 dropped 2.4% to 33,434.91.
Crude oil fell 2.7% to $82.88 a barrel.
Gold was up 0.3% to $1,838 an ounce.
The 10-year bond fell 1.2% to 1.725%.
Irvine-based Rivian Automotive Inc. (Nasdaq: RIVN) dropped 10% to $57.94 and a $51.1 billion market cap. Other electric vehicle stocks declined today as well, including Tesla Inc. (Nasdaq: TSLA), off 5.7%, and Nikola Corp. (Nasdaq: NKLA), down 5.5%. Rivian shares are now about 66% below their all-time high last November after its IPO.
Indie Semiconductor Inc. (Nasdaq: INDI) fell 9.3% to $6.91 and a $660 million market cap. Shares in the Aliso Viejo-based chipmaker are down more than half of their 52-week high of $16.33 last November.