02:13 PM EDT, 07/23/2024 (MT Newswires) -- US benchmark equity indexes were mixed intraday as traders assessed the latest set of corporate earnings and awaited Alphabet (GOOG, GOOGL) and Tesla's (TSLA) results.

The Dow Jones Industrial Average was down 0.1% at 40,398 after midday Tuesday, while the Nasdaq Composite rose 0.1% to 18,020.6. The S&P 500 was little changed at 5,564.2. Among sectors, energy saw the steepest decline, while consumer discretionary and communication services led the gainers.

In company news, United Parcel Service ( UPS ) fell short of second-quarter estimates and tempered full-year revenue expectations as the package delivery company expects US customers to continue trading down between its services. The company's shares tumbled nearly 14%, the steepest drop on the S&P 500.

Paccar ( PCAR ) was the worst performer on the Nasdaq and the second-worst on the S&P 500, down 11%, after the company's second-quarter results fell year over year.

General Motors ( GM ) said it is delaying the Buick brand's first electric vehicle and the reopening of an electric truck battery plant in the US while flagging persistent headwinds in China. The Detroit automaker's shares slid 6.9%, among the steepest falls on the S&P 500, even as it raised its full-year earnings outlook following a second-quarter beat.

Spotify Technology ( SPOT ) swung to a higher-than-expected second-quarter profit as the audio streaming company's premium subscription growth beat estimates. Its New York Stock Exchange-listed shares jumped nearly 12%.

Google ( GOOG ) parent Alphabet and EV maker Tesla are scheduled to report their latest quarterly financial results after Tuesday's closing bell, along with other names such as credit card giant Visa (V).

The US 10-year yield fell 2.3 basis points to 4.24% intraday, while the two-year rate lost 3.4 basis points to 4.49%.

Over the weekend, US President Joe Biden dropped out of the presidential race and endorsed Vice President Kamala Harris as the Democratic Party's nominee for president.

"Given President Biden's departure from the presidential race, some market participants suggest the increased uncertainty now opens the door for further (Federal Reserve) policy action," Stifel said in a Tuesday note to clients. "Others argue the opposite; given the increased political unease, the (Federal Open Market Committee) is likely to take less action in an attempt to appear apolitical."

West Texas Intermediate crude oil fell 1.6% to $77.17 a barrel intraday.

Gold was up 0.5% at $2,405.20 per troy ounce, while silver fell 0.1% to $29.29 per ounce.