02:09 PM EST, 11/20/2024 (MT Newswires) -- US benchmark equity indexes were lower intraday as investors parsed the latest corporate earnings and awaited Nvidia's ( NVDA ) results.

The Nasdaq Composite was down 0.9% at 18,824.2 after midday Wednesday, while the S&P 500 fell 0.6% to 5,880.5. The Dow Jones Industrial Average dropped 0.2% to 43,180.8. Among sectors, consumer discretionary and technology saw the steepest declines. Health care led the gainers.

Chip-making giant Nvidia ( NVDA ) is scheduled to report its fiscal third-quarter results after Wednesday's closing bell, along with companies such as Palo Alto Networks ( PANW ) and Snowflake (SNOW).

In company news, Target ( TGT ) slashed its full-year earnings outlook amid soft consumer discretionary spending trends, while the retailer's fiscal third-quarter results came in below market estimates. The company's shares slumped 21%, the worst performer on the S&P 500.

Artificial intelligence server maker Super Micro Computer ( SMCI ) saw the biggest drop on the Nasdaq and the second-steepest on the S&P 500, down 8.1%.

Keysight Technologies ( KEYS ) shares were up 5.6% intraday Wednesday, the best performer on the S&P 500. Late Tuesday, the electronics test and measurement equipment manufacturer issued an upbeat fiscal first-quarter outlook and reported better-than-expected results for the preceding three-month period.

CoStar Group ( CSGP ) was the top gainer on the Nasdaq and the second-best on the S&P 500, up 5.5%.

The US 10-year yield rose 3.5 basis points to 4.41%, while the two-year rate added 3.8 basis points to 4.31%.

The Federal Reserve will likely continue its monetary policy easing cycle, though the magnitude and timing of potential rate cuts will depend on incoming data and other factors, Governor Lisa Cook said. "I do not view policy as being on a preset course, and I am ready to respond to a changing outlook."

Separately, Fed Governor Michelle Bowman said policymakers should take a cautious approach with rate cuts.

"I would prefer to proceed cautiously in bringing the policy rate down to better assess how far we are from the end point, while recognizing that we have not yet achieved our inflation goal and closely watching the evolution of the labor market," she said.

West Texas Intermediate crude oil was down 0.3% at $69.19 a barrel intraday. "Oil was broadly stable as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia offset data showing rising US crude stocks," D.A. Davidson said in a note to clients.

Gold was up 0.8% at $2,651 per troy ounce, while silver fell 0.8% to $31.02 per ounce.