Overview
- U.S. indexes were lower at midday, with the S&P 500 down more than 1% as the Dow and Nasdaq also declined.
- U.S. crude rose about 3% to roughly $104.17 a barrel, pushing energy shares higher as materials stocks fell.
- Precious and industrial metals slid, with gold down about 2.7%, silver off roughly 9.5%, and copper lower by about 4.6%.
- RBC Bearings beat forecasts, reporting earnings of $3.62 per share versus $3.32 expected and revenue of $518 million versus $506.6 million expected.
- Economic readings showed some strength, including a jump in New York factory conditions to 19.6 and a 0.7% rise in April industrial production.