The Standard & Poor's MidCap 400 index slipped during midday trading Tuesday, as concerns mounted over the impact of high fuel costs on companies and consumers.
In corporate news on Wall Street, Dow Chemical plans to hike prices as the cost for energy and raw materials has soared, while UPS Inc. cut earnings expectations for the second quarter on high fuel costs.
The S&P MidCap 400 is an index used to track mid-sized companies which have a market capitalization of $1.5 billion to $5.5 billion. According to S&P, midcap stocks make up roughly 7 percent of the U.S. equities market.
The index shed 1.50 points to 852.41.
Shares of airline operator AirTran Holdings Inc. slipped 15 cents, or 6.3 percent, to $2.25, as the price of oil rose. Fuel represents a major cost for airlines.
Agricultural fertilizer company Terra Industries Inc.'s stock declined $2.85, or 5.2 percent, to $51.80.
Shares of ADC Telecommunications Inc., which makes communications equipment, slipped 68 cents, or 4 percent, to $16.29.
On the rising side, shares of homebuilder Ryland Group Inc. gained $2.17, or 9.5 percent, to $25.01.
A Credit Suisse analyst started coverage of the homebuilder sector with an "Overweight" rating, predicting the industry will turn a corner next spring on lower inventory levels.
Shares of Cheesecake Factory Inc. rose $1.27, or 7.7 percent, to $17.68, following an analyst upgrade.
LAM Research Corp.'s stock also rose on an analyst upgrade. Shares advanced $2.73, or 7.6 percent, to $38.75.
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