05:00 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 the advance estimate, according to a consensus compiled by Bloomberg.

"While US economic growth is slowing, we think the evidence used to argue that the US is entering a recession is pretty flaky," Oxford Economics said in a note to clients. "We expect growth to remain pretty close to its trend over the coming quarters."

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 points 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 the filing of 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%.

West Texas Intermediate crude oil fell 1.2% to $74.59 a barrel Wednesday. Commercial crude stockpiles in the US notched a smaller draw than projected last week, government data showed.

Gold dropped 0.5% to $2,541.40 per troy ounce, while silver declined 2.6% to $29.20 per ounce.