04:35 PM EDT, 06/26/2024 (MT Newswires) -- US benchmark equity indexes closed 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, erasing early losses. Consumer discretionary led the gainers among sectors, while energy posted the steepest decline.

In economic news, US new-home sales plunged to a 619,000 annual rate in May from an upwardly revised 698,000 annual rate in April, below a 633,000 rate expected in a survey compiled by Bloomberg. Home sales fell 16.5% from May 2023.

New home sales "may remain tepid" in Q3 and pick up in Q4 after Federal Reserve interest-rate cuts start, 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 eight basis points to 4.32% Wednesday, while the two-year rate advanced 5.2 basis points to 4.74%.

In company news, FedEx ( FDX ) shares jumped 16%, the biggest gain on the S&P. The parcel delivery company late Tuesday provided upbeat earnings guidance for fiscal 2025 as cost-reduction efforts helped spur a Q4 beat.

Moderna ( MRNA ) shares fell 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 rival vaccines.

Aptiv ( APTV ) fell 7.9%, the second-largest drop on the S&P. 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 fell 0.2% to $80.64 a barrel. Commercial crude stockpiles in the US increased by 3.6 million barrels to 460.7 million in the week ended Friday, the Energy Information Administration said. The consensus estimate on Bloomberg was for a draw of 2.8 million.

Gold fell 0.9% to $2,310.20 per troy ounce, while silver lost 0.3% to $28.77 per ounce.