02:17 PM EDT, 05/30/2024 (MT Newswires) -- US benchmark equity indexes were lower intraday, as official data showed that first-quarter economic growth was slower than initially projected.

The Dow Jones Industrial Average was down 0.7% at 38,176.1 after midday Thursday, while the Nasdaq Composite fell 0.4% to 16,856.7. The S&P 500 dropped 0.2% to 5,257.5. Among sectors, technology saw the steepest decline, while real estate paced the gainers.

In economic news, US real gross domestic product increased at an annual rate of 1.3% in the March quarter, compared with an initially projected rate of 1.6%, according to a second estimate released by the Bureau of Economic Analysis. The latest print matched the consensus compiled by Bloomberg.

Stifel said in a note that the latest reading marks the weakest quarterly pace since the second quarter of 2022.

Pending home sales in the US fell 7.7% in April, versus a 1% drop expected in a survey compiled by Bloomberg.

Weekly applications for unemployment insurance in the US rose more than Wall Street's expectations, while the four-week moving average reached its highest level since Sept. 16, according to government data.

The US 10-year yield fell eight basis points to 4.54% intraday, while the two-year rate dropped six basis points to 4.93%.

The Federal Reserve's current monetary policy stance is "well positioned" to continue the progress policymakers have made toward achieving their goals, New York Fed President John Williams said. "The behavior of the economy over the past year provides ample evidence that monetary policy is restrictive in a way that helps us achieve our goals."

West Texas Intermediate crude oil dropped 1.8% to $77.81 per barrel intraday.

In company news, Salesforce ( CRM ) shares plunged nearly 21%, the steepest decline on the S&P 500 and the Dow. The customer relationship management software provider late Wednesday logged fiscal first-quarter revenue that fell short of the Street's estimates and offered a downbeat outlook for the ongoing three-month period, though earnings topped expectations.

HP (HPQ) was the top gainer on the S&P 500, up 19%. The company late Wednesday posted fiscal second-quarter results that exceeded the Street's expectations.

Best Buy ( BBY ) followed HP on the S&P 500, up 12% intraday Thursday, as the retailer maintained its full-year financial outlook after reporting better-than-expected earnings for its fiscal first quarter.

Costco Wholesale ( COST ) , Dell Technologies ( DELL ) , Marvell Technology ( MRVL ) and Ulta Beauty ( ULTA ) are among the companies scheduled to report results after Thursday's closing bell.

Gold was up 0.1% to $2,343.10 per troy ounce, while silver slumped 2.8% to $31.48 per ounce.