US benchmark equity indexes were lower ahead of Wednesday's close as traders analyzed the latest economic data. The Dow Jones Industrial Average was down 0.7% at 41,894.3, while the S&P 500 fell 0.3% to 5,716.3. The Nasdaq Composite was off 0.1% at 18,064.1. Among sectors, energy saw the steepest drop, while utilities paced the gainers.
New-home sales in the US declined in August as median prices at the national level decreased sequentially, government data showed. Weekly mortgage applications in the US advanced to their highest level since July 2022 amid a flurry of refinance activity as the 30-year fixed rate for conforming loan balances fell for the eighth straight week, the Mortgage Bankers Association said.
The US 10-year yield rose 4.7 basis points to 3.78%, while the two-year rate gained 3.7 basis points to 3.56%. Micron Technology, Jefferies Financial Group, H. B. Fuller and Concentrix are among the companies scheduled to report their latest quarterly financial results after the closing bell. West Texas Intermediate crude oil fell 2.6% to $69.72 a barrel..