03:49 PM EDT, 09/30/2024 (MT Newswires) -- US benchmark equity indexes were lower ahead of Monday's close as traders evaluated remarks by Federal Reserve Chair Jerome Powell.

The Dow Jones Industrial Average was down 0.4% at 42,158.4, while the Nasdaq Composite dropped 0.3% to 18,071.8. The S&P 500 fell 0.1% to 5,731.5. Among sectors, materials saw the biggest drop, while energy and communication services paced the gainers.

Powell said monetary policy is "not on any preset course" and that it will move toward a more neutral stance over time if the economy evolves as projected.

"The risks are two-sided, and we will continue to make our decisions meeting by meeting," he said. "As we consider additional policy adjustments, we will carefully assess incoming data, the evolving outlook, and the balance of risks."

The US two-year yield rose 9.4 basis points to 3.66%, while the 10-year rate increased 5.7 basis points to 3.81%.

West Texas Intermediate crude oil gained 0.2% to $68.30 a barrel.