04:51 PM EST, 11/27/2024 (MT Newswires) -- US benchmark equity indexes fell Wednesday, with the Dow Jones Industrial Average and the S&P 500 retreating from the previous session's record highs as markets analyzed the latest economic data.

The Nasdaq Composite dropped 0.6% to 19,060.5, while the S&P 500 lost 0.4% to 5,998.7. The Dow decreased 0.3% to 44,722.1. Technology saw the steepest decline among sectors, while real estate led the gainers.

Markets will be closed Thursday for the Thanksgiving holiday.

In economic news, US consumer spending growth slowed as expected in October, while the Federal Reserve's preferred inflation metric accelerated at the annual level, government data showed.

"Today's report underscores the ongoing resilience of US consumers with a large income gain and solid consumer spending in October," TD Economics said in a report. "On the flip side, inflation has also remained firm, chipping away at the real gains."

The odds that the Federal Open Market Committee will cut its benchmark lending rate by 25 basis points next month jumped to 67% Wednesday from 59% Tuesday, according to the CME FedWatch tool. The probability of rates remaining unchanged fell to 33% from 41%.

The US economic growth rate in the third quarter held steady with an initial forecast at 2.8%, while consumer spending saw a surprise downward revision, according to a second estimate by the Bureau of Economic Analysis.

Pending home sales in the US unexpectedly rose on a sequential basis in October amid gains across all regions, the National Association of Realtors said.

"Home-buying momentum is building after nearly two years of suppressed home sales," NAR Chief Economist Lawrence Yun said.

US durable goods orders rose less than projected in October even as transportation equipment rebounded, government data showed.

The US 10-year yield fell 4.8 basis points to 4.25% Wednesday, while the two-year rate dropped 2.9 basis points to 4.23%.

In company news, Dell Technologies ( DELL ) shares plunged 12%, the steepest decline on the S&P 500. Late Tuesday, the computer manufacturer reported weaker-than-expected revenue for its fiscal third quarter amid a drop in its client solutions division and offered a conservative guidance that Morgan Stanley said spooked the market.

Autodesk ( ADSK ) was the worst Nasdaq performer and among the worst on the S&P 500 Wednesday, down 8.6%. The company logged better-than-projected fiscal third-quarter results and appointed Janesh Moorjani as chief financial officer late Tuesday.

Walt Disney ( DIS ) has agreed to pay $43.3 million to settle a lawsuit alleging that its female workers in California were paid $150 million less than their male counterparts over an eight-year period, Reuters reported Tuesday, citing a statement by the plaintiffs' lawyers. The media and entertainment giant's shares rose 1.9% Wednesday, the top gainer on the Dow.

West Texas Intermediate crude oil was little changed at $68.78 a barrel.

"Israel and Hezbollah announced a 60-day ceasefire agreement and plans to discuss a longer-lasting peace agreement," ING Bank wrote in a Wednesday note. "The oil market is assessing the new dynamics and how it impacts the other ongoing conflicts in the region."

The market is also awaiting this weekend's meeting of the Organization of the Petroleum Exporting Countries and its allies to see whether it further delays plans to increase production, ING said.

Commercial crude stockpiles in the US fell more than projected last week, government data showed.

Gold rose 0.6% to $2,636.90 per troy ounce, while silver dropped 0.9% to $30.13 per ounce.