04:24 PM EDT, 08/28/2024 (MT Newswires) -- US benchmark equity indexes closed lower Wednesday as markets awaited a fresh reading on second-quarter economic growth.

The Nasdaq Composite fell 1.1% to 17,556, while the S&P 500 lost 0.6% to 5,592.2. The Dow Jones Industrial Average declined 0.4% to 41,091.4, retreating from its record close in the previous session. Technology saw the steepest decline among sectors, while financials and health care posted gains. Utilities closed little changed.

A second estimate by the Bureau of Economic Analysis is likely to show Thursday that the US economy grew at an annual rate of 2.8% in the June quarter, unchanged from an advance estimate, according to a consensus compiled by Bloomberg.

"We believe that recent jitters about US growth prospects are overdone," Oxford Economics said in a note to clients. "While US (gross domestic product) growth will slow a bit, we don't think this will lead to a substantial deceleration in global growth."

On Friday, Federal Reserve Chair Jerome Powell said the "time has come" for interest rate cuts, adding that the economy continues to expand at a "solid" rate.

In economic news, mortgage application volume in the US returned to positive territory last week driven by purchase activity, the Mortgage Bankers Association said Wednesday.

The US 10-year yield rose one basis point to 3.84%, while the two-year rate was little changed at 3.87%.

In company news, Super Micro Computer ( SMCI ) shares plunged 19%, the worst performer on the S&P 500 and the Nasdaq. The artificial intelligence server maker announced an expected delay in filing its annual Form 10-K report, a day after short-seller Hindenburg Research accused the company of "accounting manipulation."

Bath & Body Works ( BBWI ) lowered its full-year sales outlook after its fiscal second-quarter revenue fell more than projected. The personal care and home fragrance retailer's shares fell 7%, the second-steepest decline on the S&P 500.

J.M. Smucker (SJM) shares decreased 5%, among the worst performers on the S&P 500, after the food producer lowered its fiscal 2025 guidance amid a slowdown in the convenience channel.

Berkshire Hathaway (BRK.A, BRK.B) hit a market capitalization of $1 trillion for the first time. Its class A shares rose 0.8%, while class B shares gained 0.9%.

West Texas Intermediate crude oil fell 1.1% to $74.73 a barrel Wednesday. Commercial crude stockpiles in the US notched a smaller draw than projected last week, government data showed.

Gold dropped 0.4% to $2,541.50 per troy ounce, while silver slumped 2.5% to $29.24 per ounce.