03:54 PM EDT, 05/30/2024 (MT Newswires) -- US benchmark equity indexes were lower ahead of Thursday's close, as fresh data showed that first-quarter economic growth was slower than initially projected.

The Nasdaq Composite was down 1.2% at 16,723.2, while the Dow Jones Industrial Average fell 1% to 38,059.1. The S&P 500 dropped 0.7% to 5,227.8. Among sectors, technology saw the steepest decline, while real estate paced the gainers.

US real gross domestic product rose at a 1.3% annualized rate in the March quarter, down from a 1.6% pace previously projected and in line with the consensus in a survey compiled by Bloomberg. The second estimate by the Bureau of Economic Analysis also showed that inflationary pressures eased in the quarter.

Although the latest GDP report indicates a slightly softer growth rate than previously reported, details show that the domestic economy is "still strong," TD Economics said in a note.

Separately, Stifel said the latest reading marks the weakest quarterly pace since the second quarter of 2022.

The US 10-year yield fell 7.4 basis points to 4.55%, while the two-year rate dropped 5.8 basis points to 4.93%.

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

West Texas Intermediate crude oil dropped 1.7% to $77.88 per barrel.