05:00 PM EDT, 06/26/2024 (MT Newswires) -- US benchmark equity indexes closed mostly higher Wednesday as traders assessed a report showing that new-home sales fell in May.

The Nasdaq Composite rose 0.5% to 17,805.2, while the S&P 500 gained 0.2% to 5,477.9. The Dow Jones Industrial Average was little changed at 39,127.8. Consumer discretionary led the gainers among sectors, while energy posted the steepest decline.

In economic news, single-family home sales in the US declined about 11% sequentially to a seasonally adjusted annual rate of 619,000 last month from April's upwardly revised print of 698,000, according to the Census Bureau and the Department of Housing and Urban Development. Analysts expected sales to come in at the 633,000 level, according to a survey compiled by Bloomberg.

"New home sales may remain tepid in (the third quarter) as well, but we expect sales to pick up in (the fourth quarter) after (Federal Reserve) rate cuts get underway," Oxford Economics said in a note.

Mortgage applications in the US rose for the third consecutive week as rates across most loan types decreased, but were still not low enough to stimulate refinancing activity, the Mortgage Bankers Association said.

The US 10-year yield rose 8.9 basis points to 4.33% Wednesday, while the two-year rate advanced six basis points to 4.75%.

In company news, FedEx ( FDX ) shares jumped nearly 16%, the best performer on the S&P 500. The parcel delivery company late Tuesday provided upbeat earnings guidance for fiscal 2025 as its ongoing cost-reduction efforts helped it top market expectations in the fourth quarter.

Moderna ( MRNA ) shares sank 11%, the steepest decline on the S&P 500 and the Nasdaq. The Centers for Disease Control and Prevention reported a significant drop in the efficacy of the drug maker's respiratory syncytial virus vaccine in the second year, which is now lower than that of rival vaccines.

Aptiv ( APTV ) was the second-worst performer on the S&P 500, down 7.9%, as Piper Sandler downgraded its rating on the stock to underweight from neutral and adjusted its price target to $63 from $78.

West Texas Intermediate crude oil rose 0.1% to $80.91 per barrel. Commercial crude stockpiles in the US increased by 3.6 million barrels to 460.7 million barrels through the week ended June 21, the Energy Information Administration said. The consensus estimate on Bloomberg was for a draw of 2.8 million barrels.

Gold fell 0.9% to $2,309 per troy ounce, while silver lost 0.4% to $28.76 per ounce.