02:14 PM EDT, 10/22/2025 (MT Newswires) -- US benchmark equity indexes were lower intraday amid ongoing trade tensions between Washington and China and a post-earnings sell-off in Netflix ( NFLX ) shares.

The Nasdaq Composite was down 1.5% at 22,614.6 after midday Wednesday, while the S&P 500 dropped 0.8% to 6,677.8. The Dow Jones Industrial Average lost 0.7% to 46,598.5, following a record-high close in the previous session.

Among sectors, technology saw the biggest drop intraday, while consumer staples paced the gainers.

The Trump administration is contemplating a plan to curb various software-powered exports to China, including jet engines and laptops, in retaliation to Beijing's recent move to restrict exports of rare earths minerals, Reuters reported Wednesday, citing a US official and three people briefed by US authorities.

On Tuesday, US President Donald Trump reportedly said his upcoming meeting with China's Xi Jinping should yield a "good" trade deal, though he said there's a possibility the meeting may not happen.

Meanwhile, the US and India are reportedly close to reaching a trade deal that will see tariffs on the Asian country reduced to between 15% and 16% from 50%.

West Texas Intermediate crude oil was up 2.3% at $58.53 a barrel intraday Wednesday. "Oil prices rose, buoyed by hopes of progress of a US trade deal with China and India," D.A. Davidson said in a note.

In company news, Netflix ( NFLX ) shares tumbled 10%, the steepest decline on the S&P 500 and among the worst on the Nasdaq. The streaming giant's third-quarter earnings trailed Wall Street's estimates late Tuesday as it booked a tax expense related to an ongoing dispute with Brazilian authorities.

AT&T ( T ) on Wednesday reported an unexpected year-over-year increase in third-quarter postpaid phone subscribers, while the telecommunications giant anticipates full-year earnings to be at the higher end of its prior outlook range. The company's shares were down 2.7% intraday.

Intuitive Surgical ( ISRG ) was the best performer on the S&P 500, up nearly 14%. The robotic surgical systems company late Tuesday posted stronger-than-expected third-quarter results, driven by double-digit growth in procedure volumes.

Electric vehicle maker Tesla (TSLA) is scheduled to report after the closing bell Wednesday, along with IBM ( IBM ) .

US Treasury yields were lower intraday, with the 10-year rate falling one basis point to 3.95% and two-year rate down 1.5 basis points at 3.44%.

A US federal government shutdown entered its 22nd day Wednesday, making it the second-longest funding lapse in modern history, CBS News reported. The Senate was expected to vote on a House-passed bill Wednesday, according to the report.

Gold was down 1.1% at $4,062.50 per troy ounce, while silver dropped 0.3% to $47.57 per ounce.