02:06 PM EST, 11/27/2024 (MT Newswires) -- US benchmark equity indexes were lower intraday as traders assessed the latest economic data.

The Nasdaq Composite was down 0.8% at 19,024.6 after midday Wednesday, while the S&P 500 fell 0.4% to 5,999.2. The Dow Jones Industrial Average lost 0.3% to 44,748.6. Among sectors, technology saw the steepest decline, while real estate paced 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 lower its benchmark lending rate by 25 basis points next month jumped to 70% Wednesday from 59% Tuesday, according to the CME FedWatch tool. The probability of rates remaining unchanged at 4.50% to 4.75% fell to 30% 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 of the country, 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.

Mortgage applications in the US rose for the third consecutive week driven by purchase activity as rates declined for the first time in over two months, the Mortgage Bankers Association said.

The US 10-year yield fell 7.4 basis points to 4.23% intraday, while the two-year rate dropped 5.1 basis points to 4.20%.

In company news, Dell Technologies ( DELL ) shares plunged nearly 12%, the second-worst performer 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 intraday Wednesday, down 7.9%. Late Tuesday, the company logged better-than-projected fiscal third-quarter results and appointed Janesh Moorjani as chief financial officer.

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. Disney ( DIS ) shares were up 2.2% intraday Wednesday, the top gainer on the Dow.

West Texas Intermediate crude oil fell 0.6% to $68.33 a barrel.

Gold was up 0.7% at $2,664.70 per troy ounce, while silver dropped 1% to $30.11 per ounce.