07:25 AM EDT, 07/17/2024 (MT Newswires) -- US equity markets were tracking in the red in Wednesday's premarket activity as traders await more corporate earnings.

Standard & Poor's 500 declined 0.7%, the Dow Jones Industrial Average decreased 0.2% and the Nasdaq dropped 1.2% before the opening bell. Asian and European exchanges were mixed to lower.

Johnson & Johnson ( JNJ ) , Elevance Health ( ELV ) , Prologis ( PLD ) , US Bancorp ( USB ) , Synchrony Financial ( SYF ) , Northern Trust Corporation ( NTRS ) and Citizens Financial Group ( CFG ) report their latest quarterly results early Wednesday, among others. Crown Castle ( CCI ) , Kinder Morgan ( KMI ) and United Airlines (UAL) post earnings in the afterhours.

Shares of semiconductor companies fell pre-bell following media reports that the US is evaluating implementing stricter trade restrictions if companies continue to give China access to advanced semiconductor technology. Nvidia ( NVDA ) slipped 3.3% while the US-listed shares of ASML ( ASML ) and Taiwan Semiconductor Manufacturing ( TSM ) sunk 7.1% and 4.1%, respectively.

On the economic calendar, the weekly mortgage applications bulletin is out at 7 am ET, followed by housing starts and permits for June at 8:30 am. The industrial production report for last month is due at 9:15 am, while the Atlanta Fed Business Inflation Expectations report for July posts at 10 am.

The weekly domestic petroleum inventories report is scheduled for a 10:30 am release, while the Beige Book, a compilation of economic and business reports from the 12 regional Federal Reserve branches, is out at 2 pm. Richmond Fed President Thomas Barkin is slated to speak at 9 am, while Fed Governor Christopher Waller speaks at 9:35 am.

Before the bell, bitcoin increased 0.6% to $65,371, West Texas Intermediate crude oil rose 0.5% to $81.13 a barrel, yields on 10-year Treasuries inched 0.8 basis point higher to 4.17% and gold gained 0.4% to $2,478 an ounce.