03:53 PM EDT, 10/31/2024 (MT Newswires) -- US benchmark equity indexes were on track to close lower Thursday, driven in part by a post-earnings decline in Microsoft ( MSFT ) shares, while markets awaited Apple (AAPL) and Amazon's (AMZN) results.

The Nasdaq Composite was down 2.4% at 18,162.1, while the S&P 500 fell 1.6% to 5,723.4. The Dow Jones Industrial Average lost 0.6% to 41,871.7. Among sectors, technology saw the steepest decline, while utilities paced the gainers.

Tech giants Apple and Amazon, along with Intel (INTC), are scheduled to report their latest quarterly financial results after the closing bell.

Microsoft ( MSFT ) shares were 5% lower ahead of market close. Late Wednesday, the company said it expects fiscal Q2 revenue growth for its Azure cloud-computing business between 31% and 32% in constant currency. For its reported quarter, Microsoft ( MSFT ) reported a 34% annual gain for Azure and other cloud services at constant currencies.

The US two-year yield rose 1.8 basis points to 4.17%, while the 10-year rate increased 1.6 basis points to 4.28%.

US consumer spending accelerated more than expected in September, while the Federal Reserve's preferred inflation metric held steady at the annual level, government data showed.

West Texas Intermediate crude oil rose 3% to $70.65 a barrel.