12:22 PM EST, 01/08/2025 (MT Newswires) -- US equity indexes fell in choppy midday trading Wednesday after jobless claims unexpectedly fell and private payrolls lagged forecast.

The S&P 500 fell 0.2% to 5,897.1, with the Nasdaq Composite down 0.4% to 19,414.2 and the Dow Jones Industrial Average 0.2% lower at 42,449.6. All three indexes were moving between gains and losses.

Communication services and utilities led the decliners intraday while healthcare led the trio of gainers.

US Treasury yields traded mixed intraday. The 10-year was steady at 4.69%, its highest on an intraday basis since late April as per data compiled by CNBC. The 10-year touched an intraday high of 4.73%. The two-year yield fell 1.4 basis points to 4.28%.

In economic news, US initial jobless claims unexpectedly fell to 201,000 in the week ended Jan. 4, the lowest level since February and compared with expectations for an increase to 215,000 in a survey compiled by Bloomberg. The previous week's level was 211,000.

ADP's monthly measure of private payrolls showed a 122,000 increase in December, missing forecasts for a 139,000 increase in a poll compiled by Bloomberg and below the 146,000 reported in November.

In company news, Meta Platforms ( META ) said Wednesday that it will roll out a test in the US, France, and Germany for buyers to browse eBay ( EBAY ) listings on Facebook Marketplace and then complete the transactions on eBay ( EBAY ). Shares of eBay ( EBAY ) rose 9.5% intraday, the top performer on the S&P 500.

Deutsche Bank downgraded Palo Alto Networks ( PANW ) to hold from buy while adjusting its price target to $190 from $207. BTIG also lowered the company's shares to neutral from buy. Palo Alto's shares traded 3.9% lower intraday, among the worst performers on the Nasdaq.

West Texas Intermediate crude oil futures dropped 1.1% to $73.43 a barrel.