The S&P; 500 declined 0.2% to 4,690.17 in midday trading.
The Dow Jones Industrial Average was off 0.5% to 35,977.16.
The Nasdaq decreased 0.3% to 15,922.19.
The yield on a 10-year Treasury bond ticked 1.4% lower to 1.613%.Oil was down 2.4% to $78.80 a barrel.The price of gold increased 0.8% to $1,870 an ounce.
Irvine’s Rivian Automotive Inc. (Nasdaq: RIVN) dropped 17% to $142.07 and a $128 billion market cap. The shares had climbed as high as $179.47 yesterday after going public a week ago at $78 a share. The Barron’s investor publication warned that “it’s time to pump the brakes–a little.”
Alignment Healthcare Inc. (Nasdaq: ALHC) fell 9.2% to $20.74 and a $3.9 billion market cap. The Orange-based provider of Medicare Advantage insurance plans late yesterday announced a secondary offering of 8 million shares by certain selling stockholders.