02:15 PM EDT, 04/28/2025 (MT Newswires) -- US benchmark equity indexes were lower after midday Monday as markets awaited several major corporate earnings and key macroeconomic data due later this week.

The Nasdaq Composite was down 1% at 17,209.9 intraday, while the S&P 500 fell 0.7% to 5,488.2. The Dow Jones Industrial Average lost 0.3% to 40,002.5. Barring utilities, all sectors were in the red, led by technology and consumer discretionary.

Mega-cap tech companies Apple ( AAPL ) , Microsoft ( MSFT ) , Meta Platforms ( META ) , and Amazon.com ( AMZN ) are scheduled to report their latest quarterly financial results later in the week. Other major names that are due to release financials are McDonald's (MCD), Visa (V), Coca-Cola (KO), Pfizer ( PFE ) , and Eli Lilly ( LLY ) .

S&P 500 companies' latest quarterly earnings have so far exceeded market expectations, with bottom-line results surging nearly 18% from a year earlier, Oppenheimer Asset Management said Monday. Ahead of the reporting season, Bloomberg's bottom-up estimates put analysts' projected earnings growth at 6.8%.

In company news, Nvidia ( NVDA ) shares were down 4.2%, the steepest decline on the Dow and the S&P 500. China's Huawei Technologies is preparing to test its latest artificial intelligence processor that it hopes could replace certain higher-end products of US chipmaking giant, The Wall Street Journal reported Sunday, citing unnamed sources.

Domino's Pizza (DPZ) reported first-quarter revenue below market estimates Monday as same-store sales in the US declined. The company's finance chief warned that macroeconomic pressures could weigh on the pizza restaurant chain's ability to achieve its comparable sales growth target for 2025. Its shares were down 1% intraday.

US Treasury yields were lower, with the two-year rate falling 6.7 basis points to 3.7% and the 10-year rate decreasing four basis points to 4.23%.

This week's key macro reports include an initial reading of US first-quarter economic growth, the personal income and outlays report for March and the official jobs report for April.

The Texas manufacturing sector's contraction worsened this month to its lowest level since May 2020, while uncertainty grew amid potential tariffs impact, data from the Federal Reserve Bank of Dallas showed Monday.

"Texas manufacturing production continued to grow in April, though the future is more uncertain as demand fell and outlooks worsened," Emily Kerr, senior business economist at the Dallas Fed, said. "Many contacts noted turmoil from trade policy."

US Treasury Secretary Scott Bessent said "it's up to China to de-escalate" trade tensions with the Trump administration, CNBC reported. "They sell five times more to us than we sell to them, and so these 120%, 145% tariffs are unsustainable," Bessent reportedly said.

West Texas Intermediate crude oil was down 2.3% at $66.6 a barrel intraday. "Saudi Arabia may slightly increase its crude prices for Asian buyers in June for the first time in three months," D.A. Davidson said in a client note.

Gold was up 1.5% at $3,346.60 per troy ounce, while silver was little changed at $33 per ounce.