03:50 PM EDT, 08/22/2024 (MT Newswires) -- US benchmark equity indexes fell before Thursday's close as markets evaluated comments by two Federal Reserve officials and awaited Chair Jerome Powell's speech at the annual economic symposium in Jackson Hole, Wyoming.

The Nasdaq Composite dropped 1.6% at 17,626.2, while the S&P 500 declined 0.9% to 5,569.9. The Dow Jones Industrial Average lost 0.5% to 40,695. Among sectors, technology posted the steepest decline, while energy led the gainers.

The central bank's Federal Open Market Committee likely needs to start a process of moving its benchmark lending rate down possibly in September, Philadelphia Fed President Patrick Harker told CNBC from Jackson Hole. "Right now, I'm not in the camp of 25 or 50 (basis-point cut)," Harker reportedly said. "I need to see a couple more weeks of data."

Kansas City Fed President Jeffrey Schmid told CNBC he doesn't believe monetary policy is "over-restrictive.". Harker is scheduled to be a voting member of the FOMC in 2026, while Schmid gets to vote next year.

Powell is scheduled to speak at the Jackson Hole symposium Friday.

The US 10-year yield rose 8.7 basis points to 3.86%, while the two-year rate increased 8.8 basis points to 4.01%.

Intuit (INTU), Workday (WDAY) and Ross Stores ( ROST ) are among the companies scheduled to report quarterly financial results after the closing bell.

West Texas Intermediate crude oil rose 1.3% to $72.86 a barrel.