03:52 PM EST, 11/12/2024 (MT Newswires) -- US benchmark equity indexes were lower ahead of Tuesday's close as traders evaluated the latest remarks by a Federal Reserve official and a survey of consumers' inflation expectations.

The Dow Jones Industrial Average was down 0.7% at 43,983.7, while the S&P 500 fell 0.2% to 5,990. The Nasdaq Composite dropped 0.1% to 19,286.6. Among sectors, materials saw the steepest decline. Communication services, technology, and consumer staples were gaining.

The US economy is in "a good place," while interest rates are off their recent peak and historic lows, Richmond Fed President Tom Barkin said. This puts policymakers in a position to "respond appropriately" irrespective of how the economy evolves, he said.

The US 10-year yield was up 12.9 basis points at 4.44%, while the two-year rate advanced 8.8 basis points to 4.34%.

US consumers' inflation expectations dropped "slightly" at the short-, medium-, and long-term horizons in October, according to a survey by the New York Fed.

Spotify Technology (SPOT), Occidental Petroleum (OXY) and Flutter Entertainment (FLUT) are among the companies scheduled to report their latest quarterly financial results after the closing bell.

West Texas Intermediate crude oil was down 0.1% at $67.98 a barrel.