04:28 PM EDT, 07/25/2024 (MT Newswires) -- US benchmark equity indexes closed mixed Thursday as markets analyzed the latest corporate earnings and an initial reading of second-quarter economic growth.

The Nasdaq Composite fell 0.9% to 17,181.7, while the S&P 500 lost 0.5% to 5,399.2. The Dow Jones Industrial Average rose 0.2% to 39,935.1. Communication services saw the steepest decline among sectors, while energy paced the gainers.

In company news, Edwards Lifesciences ( EW ) shares plunged 31%, the biggest drop on the S&P 500. The company late Wednesday reported second-quarter sales that fell short of market expectations.

Ford Motor ( F ) was the second-worst performer on the S&P 500, down 18%. The automaker's second-quarter earnings late Wednesday came below market estimates amid higher warranty costs and expenses, as the company continues to project a full-year loss for its electric vehicle business.

Honeywell International's ( HON ) second-quarter results came in ahead of Wall Street's estimates, while the industrial conglomerate updated its full-year outlook amid recently announced acquisitions. The company's shares closed 5.2% lower, the steepest decline on the Dow.

ServiceNow ( NOW ) and Molina Healthcare ( MOH ) shares jumped 13% each, the best performers on the S&P 500. Both companies late Wednesday posted better-than-expected second-quarter financial results.

IBM ( IBM ) was the top gainer on the Dow, up 4.3%. The company late Wednesday reported second-quarter earnings that unexpectedly increased year over year as momentum in its software division propelled consolidated revenue above the Street's estimates.

The US 10-year yield fell 3.5 basis points to 4.25% Thursday, while the two-year rate rose 2.3 basis points to 4.44%.

In economic news, US real gross domestic product rose at an annual rate of 2.8% in the June quarter, according to an advance estimate by the Bureau of Economic Analysis. The consensus was for a 2% gain in a survey compiled by Bloomberg. The report also showed consumer spending accelerated while inflation cooled in the second quarter.

"At the very least, this morning's robust GDP report is likely to result in a more tempered tone of rhetoric from (Federal Reserve) officials regarding the potential for a September (monetary policy) move," Stifel said in a note to clients.

US durable goods orders unexpectedly fell in June following four straight monthly gains, weighed down by transportation equipment, government data showed.

Manufacturing activity in the US Midwest region posted a surprise decline into deeper contraction territory this month as orders plunged further, the Kansas City Fed reported.

Weekly applications for unemployment insurance in the US dropped more than the market predicted, while continuing claims also fell, according to government data.

West Texas Intermediate crude oil rose 0.8% to $78.17 a barrel.

Gold dropped 2.3% to $2,361.40 per troy ounce, while silver sank 4.6% to $27.97 per ounce.