02:06 PM EDT, 08/28/2024 (MT Newswires) -- US benchmark equity indexes were lower intraday as investors assessed the latest corporate results and awaited Nvidia's ( NVDA ) earnings.

The Nasdaq Composite was down 1.1% at 17,559.9 after midday Wednesday, while the S&P 500 fell 0.7% to 5,588.2. The Dow Jones Industrial Average lost 0.5% to 41,040.8. Among sectors, technology saw the steepest decline, while utilities led the gainers.

In company news, Super Micro Computer ( SMCI ) shares plunged 23%, the worst performer on the S&P 500 and the Nasdaq, after the company said it does not expect to file its annual Form 10-K report on time for the fiscal year ended June 30.

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 declined 7.4%, the second-steepest decline on the S&P 500.

J.M. Smucker (SJM) shares decreased 4.5%, 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 and B shares were up 0.3% each after midday.

Nvidia ( NVDA ) is scheduled to report results after Wednesday's closing bell, along with other names such as Salesforce ( CRM ) , CrowdStrike ( CRWD ) and HP (HPQ).

The US 10- and two-year yields were little changed intraday at 3.84% and 3.87%, respectively.

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

West Texas Intermediate crude oil fell 0.7% to $75.02 a barrel.

Gold was down 0.7% at $2,536.50 per troy ounce, while silver slumped 2.7% to $29.62 per ounce.