02:23 PM EDT, 08/01/2024 (MT Newswires) -- US benchmark equity indexes were lower intraday as markets assessed the latest corporate earnings and macro data while awaited Apple ( AAPL ) and Amazon.com's ( AMZN ) results.

The Nasdaq Composite was down 2.4% at 17,174.4 after midday Thursday, while the S&P 500 and the Dow Jones Industrial Average declined 1.6% each to 5,433.3 and 40,202.8, respectively. Among sectors, technology saw the steepest decline, while utilities paced the gainers.

In company news, Moderna ( MRNA ) shares plunged 21%, the steepest decline on the S&P 500 and the Nasdaq, after the drugmaker logged better-than-expected second-quarter results, but lowered the full-year product sales guidance for its respiratory business amid growing competition in the US and low demand in the European Union.

Qualcomm ( QCOM ) was among the worst performers on the S&P 500 and the Nasdaq, down 10%. The company late Wednesday posted better-than-expected fiscal third-quarter results amid strong automotive sales growth, but warned of a revenue hit from the US government's decision to revoke its license to export products to China's Huawei Technologies.

C.H. Robinson Worldwide's ( CHRW ) shares jumped 13%, the top gainer on the S&P 500. The company late Wednesday reported second-quarter adjusted earnings that topped Wall Street's views.

Meta Platforms ( META ) was the best performer on the Nasdaq, up 4.1%. The Facebook parent late Wednesday posted second-quarter earnings and sales that surpassed the Street's expectations, driven by stronger-than-expected advertising revenue.

IPhone maker Apple ( AAPL ) and e-commerce giant Amazon ( AMZN ), among others, are scheduled to report their latest quarterly financial results after Thursday's closing bell.

The US 10-year yield sank 12.5 basis points to 3.98% intraday, while the two-year rate plummeted 15.9 basis points to 4.18%.

In economic news, the Institute for Supply Management's data showed that economic activity in the US manufacturing sector contracted in July.

Separately, S&P Global ( SPGI ) said its US manufacturing purchasing managers' index fell to 49.6 last month from 51.6 in June, sinking below 50 for the first time in seven months.

Weekly applications for unemployment insurance in the US rose more than expected, reaching the highest level in nearly a year, government data showed.

US-based employers cut 25,885 jobs last month, down 47% from June but up 9% from a year ago, Challenger, Gray & Christmas reported.

The Bureau of Labor Statistics is expected to report Friday that the US economy added 175,000 nonfarm jobs in July, which would mark a decrease from the 206,000 gain posted for the previous month.

West Texas Intermediate crude oil fell 1.5% to $76.76 a barrel intraday.

On Wednesday, the Federal Reserve's monetary policy committee kept its benchmark lending rate unchanged at 5.25% to 5.50%, its eighth straight pause. Fed Chair Jerome Powell said a September rate cut "could be on the table," though policymakers will remain data-dependent.

"The July FOMC statement offered no guarantee of a September rate cut, falling short of the market's expectations for a commitment to policy easing in just 48 days' time," Stifel said in a Thursday note to clients.

Gold was up 0.4% at $2,482.10 per troy ounce, while silver dropped 1.8% to $28.41 per ounce.