02:47 PM EDT, 10/07/2025 (MT Newswires) -- US benchmark equity indexes were lower intraday as a federal government shutdown entered its seventh day, while gold futures topped $4,000 for the first time.

The Nasdaq Composite was down 0.7% at 22,792.1 after midday Tuesday, while the S&P 500 fell 0.5% to 6,709.3. The Dow Jones Industrial Average lost 0.4% to 46,524.4. On Monday, the S&P 500 and the technology-heavy Nasdaq closed at new record-high levels.

Among sectors, consumer discretionary saw the steepest decline intraday Tuesday, while consumer staples paced the gainers.

The government shutdown started Wednesday after US lawmakers failed to agree on a key spending bill. On Monday, the Senate for a fifth time failed to pass a House bill that would have temporarily funded the US government until Nov. 21, CNBC reported.

The shutdown continues to delay key US economic data, including the August trade report, which was slated for a Tuesday release.

"A prolonged government shutdown could cause backlogs for supply chains, especially if there is a rise in absenteeism at agencies responsible for cargo inspection," Oxford Economics said. "Odds are the shutdown would need to persist for several weeks before impacts are felt."

US Treasury yields were lower intraday, with the 10-year rate decreasing 4.5 basis points to 4.12% and the two-year rate dropping 2.9 basis points to 3.57%.

Gold for December delivery was up 0.6% at $3,999.50 per troy ounce in Tuesday trade, having reached $4,014.60 earlier in the session. Spot gold gained 0.5% to $3,979.90 an ounce.

Gold prices are buoyed by investor hedging against economic and political risks amid expectations of more interest rate cuts from the Federal Reserve.

Silver fell 2.3% to $47.38 per ounce.

In economic news, US consumers' median one-year earnings growth expectations last month reached the lowest reading since April 2021, a survey by the New York Fed showed. The survey pointed to greater likelihoods of losing jobs, and a higher probability of an increase in overall unemployment.

Global trade growth in 2025 is expected to be stronger than previously projected amid rising demand for artificial intelligence-related products and front-loading of imports over tariff concerns, the World Trade Organization said. The organization lowered its growth outlook for next year.

West Texas Intermediate crude oil was down 0.1% at $61.64 a barrel intraday.

In company news, Ford Motor ( F ) shares were down 6.1%, the second-steepest decline on the S&P 500. The company is among the automakers facing potential production disruptions following a recent fire at Novelis' Oswego aluminum plant in New York, The Wall Street Journal reported Monday, citing filings and unnamed sources.

Oracle (ORCL) shares dropped 2.5% intraday Tuesday. The cloud computing company is seeing thin profit margins in its fast-growing AI cloud server business, The Information reported Monday, citing internal documents.

McCormick ( MKC ) lowered its full-year earnings outlook Tuesday amid rising commodity costs and incremental tariffs, even as the spices and seasonings producer reported fiscal third-quarter results above market estimates. The company's shares were down 2.8% intraday.

Dell Technologies ( DELL ) raised its long-term annual growth targets for earnings and revenue amid rising AI demand. The computer maker's shares were up 2%.