03:49 PM EST, 03/05/2024 (MT Newswires) -- US benchmark equity indexes were lower ahead of Tuesday's close, with technology down more than 2.5% amid declines in shares of Apple ( AAPL ) , Tesla (TSLA) and other major players.

The tech-heavy Nasdaq Composite was down 2% at 15,882.4, while the S&P 500 fell 1.4% to 5,061.9. The Dow Jones Industrial Average lost 1.3% to 38,484.9. Among sectors, only energy and consumer staples were in the green.

Apple's ( AAPL ) iPhone sales declined by double digits in the key Chinese market through the first six weeks of 2024 as the company underperformed key competitors, according to Counterpoint research published Tuesday. The iPhone maker's shares were down 3%, among the worst performers on the Dow.

The US 10-year yield decreased 8.4 basis points to 4.14%, while the two-year rate dropped six basis points to 4.55%.

Federal Reserve Chair Jerome Powell is scheduled to deliver his Congressional testimony before the House on Wednesday and the Senate on Thursday.

West Texas Intermediate crude oil slid 0.7% to $78.16 per barrel.