US benchmark equity indexes faced declines as traders evaluated the most recent corporate earnings and economic indicators before Wednesday's close. The Nasdaq Composite dropped by 0.3% to 18,662.4, while the S&P 500 fell 0.2% to 5,822.5. The Dow Jones Industrial Average recorded a modest loss of 0.1%, settling at 42,180.6.
Among various sectors, technology suffered the largest decrease, whereas communication services led the gainers. Tech giants, including Microsoft and Meta Platforms, are set to release their latest quarterly financial results following the market's close, alongside other significant companies such as Amgen, Starbucks, DoorDash, Carvana, and eBay. In corporate movements, shares of Qorvo experienced a significant decline after its earnings report, in contrast to Garmin and Alphabet, which both posted gains. On the economic front, the yield on the US two-year Treasury note rose by 4.9 basis points to 4.17%, while the 10-year rate remained relatively unchanged at 4.28%.
Economic growth in the US during the third quarter was slower than projected, with inflation rates cooling, based on an advance estimate released by the Bureau of Economic Analysis. Additionally, employment growth in the private sector surpassed expectations in October, although wage growth showed signs of moderation, according to data from Automatic Data Processing. In commodity markets, West Texas Intermediate crude oil increased by 2.5% to $68.89 a barrel..