02:04 PM EDT, 07/16/2026 (MT Newswires) -- US benchmark equity indexes were lower intraday amid a sell-off in certain chip-related stocks as investors parsed latest corporate earnings and awaited Netflix's ( NFLX ) results.

The technology-heavy Nasdaq Composite was down 1.1% at 25,979.8 after midday Thursday, while the S&P 500 fell 0.5% to 7,537.8. The Dow Jones Industrial Average dropped 0.2% to 52,548. Among sectors, tech saw the steepest decline, while consumer staples paced the gainers.

Sandisk ( SNDK ) was down 12%, the biggest drop on the S&P 500. Nvidia ( NVDA ) fell 2.5%, among the worst performers on the Dow.

Taiwan Semiconductor Manufacturing's ( TSM ) US-listed shares were down 3.2% after the semiconductor manufacturer reported its second-quarter results. The company earmarked an additional $100 billion to increase its chipmaking capacity in the US, Bloomberg News reported, citing a US official.

In other corporate news, Abbott Laboratories ( ABT ) shares jumped 11%, the biggest gainer on the S&P 500. The healthcare company lifted its full-year earnings outlook after reporting second-quarter results above market estimates.

UnitedHealth ( UNH ) raised its full-year earnings guidance, as the health insurance giant recorded an unexpected year-over-year increase in its second-quarter revenue. The company's shares rose 3.3%, among the best performers on the Dow.

Streaming giant Netflix ( NFLX ) is scheduled to report results after the closing bell Thursday.

West Texas Intermediate crude oil was down 0.8% at $78.96 a barrel intraday, while Brent dropped 0.7% to $84.37.

"Oil prices slipped as traders assessed tensions between the (US) and Iran and the risks to oil supplies moving through the Strait of Hormuz," D.A. Davidson said in a note.

Iran vowed to destroy key Middle East infrastructure if US President Donald Trump carries out his threat to hit Iranian infrastructure in the absence of a deal between the two countries, an Iranian military spokesperson reportedly said. Trump issued his warning in a recent interview with Fox News, CNBC reported.

US Treasury yields were higher intraday, with the two-year rate up 3.8 basis points at 4.17% and the 10-year rate rising 2.8 basis points to 4.57%.

In economic news, US retail sales edged higher in June despite lower gasoline prices that drove a sharp decline in gas station receipts, official data showed.

Pending home sales decreased more than projected in June amid high mortgage rates and prices, data from the National Association of Realtors showed.

Homebuilder confidence deteriorated in July amid growing material prices, high land costs and elevated mortgage rates, the National Association of Home Builders and Wells Fargo said.

Gold was down 1.5% at $3,992 per troy ounce, while silver lost 2.1% to $56.22 per ounce.