01:58 PM EDT, 09/25/2024 (MT Newswires) -- US benchmark equity indexes were mostly lower intraday as markets parsed the latest economic data.

The Dow Jones Industrial Average was down 0.6% at 41,939.5 after midday Wednesday, while the S&P 500 fell 0.2% to 5,720.9. The Nasdaq Composite was little changed at 18,074.9. Among sectors, energy saw the steepest drop, while utilities paced the gainers.

In economic news, new-home sales in the US declined in August as median prices at the national level decreased sequentially, government data showed.

"Lower mortgage rates and more plentiful supply relative to existing homes should support modest growth in new home sales over the rest of 2024 and in 2025," Oxford Economics said.

Weekly mortgage applications in the US advanced to their highest level since July 2022 amid a flurry of refinance activity as the 30-year fixed rate for conforming loan balances fell for the eighth straight week, the Mortgage Bankers Association said.

The US 10-year yield rose 4.5 basis points to 3.78% intraday, while the two-year rate gained 2.9 basis points to 3.55%.

Last week, the Federal Reserve lowered interest rates by 50 basis points versus a Bloomberg-compiled consensus indicating a smaller, 25-basis-point cut.

"Market participants appear increasingly divided over the size of the Fed's next policy adjustment," Stifel said in a Wednesday note to clients. "While the latest consumer confidence data has upped expectations for a second-round (50-basis-point) cut in November, a backup in inflation expectations, as well as upside risks to the upcoming (personal consumption expenditure) report have others betting on a smaller quarter-point reduction, or potentially even a pause."

On Tuesday, the Conference Board said consumer confidence in the US fell at the sharpest pace in about three years, while the annual inflation outlook edged higher.

West Texas Intermediate crude oil fell 2.7% to $69.58 a barrel intraday Wednesday.

In company news, General Motors ( GM ) shares were down 5.4%, while Ford Motor ( F ) fell 4.1%, among the worst performers on the S&P 500, following downgrades by Morgan Stanley.

Amgen ( AMGN ) saw the steepest decline on the Dow and the Nasdaq and was among the worst S&P 500 performers, down 4.9%.

Micron Technology ( MU ) , Jefferies Financial Group ( JEF ) , H. B. Fuller ( FUL ) and Concentrix ( CNXC ) are among the companies scheduled to report their latest quarterly financial results after Wednesday's closing bell.

Gold was up 0.3% at $2,683.40 per troy ounce, while silver fell 1.1% to $32.07 per ounce.