04:29 PM EDT, 04/17/2024 (MT Newswires) -- US benchmark equity indexes closed lower Wednesday amid a fresh batch of corporate earnings.

The Nasdaq Composite fell 1.2% to 15,683.4, while the S&P 500 shed 0.6% to 5,022.2. The Dow Jones Industrial Average slipped 0.1% to 37,753.3. Technology led the decliners among sectors, while utilities paced the gainers.

In company news, J.B. Hunt Transport Services (JBHT) shares tumbled 8.1%, the steepest decline on the S&P 500. The transportation and logistics company late Tuesday logged lower first-quarter financial results year-over-year that missed market expectations amid a challenging freight market.

Travelers (TRV) shares dropped 7.4%, the second-steepest fall on the S&P 500 and the worst on the Dow, after the property and casualty insurer reported weaker-than-expected results for the first quarter as catastrophe losses increased year over year.

Prologis ( PLD ) posted gains in core funds from operations and revenue for the first quarter while tempering expectations for the full year amid a slowdown in leasing activity. The company's shares slid 7.2%, the third-worst performer on the S&P 500.

United Airlines (UAL) was the top gainer on the S&P 500, up 17%. The carrier late Tuesday reported a smaller-than-expected first-quarter loss despite a $200 million hit from the temporary grounding of the Boeing ( BA ) 737 Max 9.

The US 10-year yield fell 7.6 basis points to 4.58% Wednesday, while the two-year rate dropped 3.4 basis points to 4.93%.

West Texas Intermediate crude oil slipped 3% to $82.77 per barrel. Oil is falling on hopes that Middle East tensions have subsided, Scotiabank said in a note.

Commercial crude stockpiles in the US rose more than expected last week as propane and propylene inventories increased, government data showed.

On Tuesday, Federal Reserve Chair Jerome Powell reportedly indicated interest rates may remain elevated for longer than expected amid a "lack of further progress" on the inflation front so far this year.

"A more dovish message from chair Powell seemingly scraps the (Federal Open Market Committee's) March forecast showing optimism for three rate cuts by year-end," Stifel said in a Wednesday note. "In fact, buying into the Fed's notion of 'patience,' investors are pricing in just one or two cuts."

The Fed's latest Beige Book released Wednesday showed that US economic activity expanded slightly since late February, while the outlook was "cautiously optimistic."

Gold decreased 0.8% to $2,388.40 per troy ounce, while silver lost 0.1% to $28.36 per ounce.