03:48 PM EDT, 08/01/2024 (MT Newswires) -- US benchmark equity indexes were on track to close lower Thursday as markets analyzed the latest corporate earnings and macro data, while awaiting Apple ( AAPL ) and Amazon's ( AMZN ) results.

The Nasdaq Composite was down 2.6% at 17,144.4, while the S&P 500 fell 1.6% to 5,432.7. The Dow Jones Industrial Average declined 1.5% to 40,216.8. Among sectors, technology saw the steepest decline, while utilities paced the gainers.

Shares of Moderna ( MRNA ) and Qualcomm ( QCOM ) fell sharply following the companies' latest quarterly financial results, while C.H. Robinson Worldwide ( CHRW ) and Meta Platforms ( META ) saw gains.

IPhone maker Apple ( AAPL ) and e-commerce giant Amazon ( AMZN ) are scheduled to report after the closing bell.

The US 10-year yield sank 12.1 basis points to 3.98%, while the two-year rate plummeted 17.3 basis points to 4.16%.

In economic news, the Institute for Supply Management's data showed that economic activity in the US manufacturing sector contracted in July.

Separately, S&P Global's ( SPGI ) US manufacturing purchasing managers' index fell to 49.6 last month from 51.6 in June, sinking below 50 for the first time in seven months.

Weekly applications for unemployment insurance in the US rose more than expected, reaching the highest level in nearly a year, government data showed.

West Texas Intermediate crude oil fell 1.2% to $76.95 a barrel.