05:13 PM EDT, 08/07/2024 (MT Newswires) -- US benchmark equity indexes declined Wednesday as the sell-off resumed following Tuesday's rally.

The Nasdaq Composite slid 1.1% to 16,195.8, while the S&P 500 dropped 0.8% to 5,199.5. The Dow Jones Industrial Average lost 0.6% to 38,763.5. Consumer discretionary saw the steepest decline among sectors, while utilities led the gainers.

Stock markets rebounded Tuesday following a sharp two-day sell-off, triggered mainly by a weaker-than-expected US jobs report that stoked recession fears. However, several analysts said the recession concerns are overblown.

"We see equity volatility remaining elevated in the run-up to the US presidential election," Oxford Economics said in a Wednesday note to clients. "In previous cycles, valuations have come under pressure ahead of the vote, particularly when the race has been close."

The US 10-year yield rose 6.3 basis points to 3.95% Wednesday, while the two-year rate fell 1.5 basis points to 3.97%.

In company news, Super Micro Computer ( SMCI ) shares slumped 20%, the worst performer on the S&P 500 and the Nasdaq. The company late Tuesday logged fiscal fourth-quarter earnings that missed Wall Street's estimates, while its board approved a 10-for-1 forward stock split.

Airbnb ( ABNB ) was the second-worst performer on both the S&P 500 and the Nasdaq, down 13%. The vacation rental company late Tuesday reported second-quarter earnings that declined more than expected as its cost base ballooned.

Fortinet ( FTNT ) shares jumped 25%, the best performer on the S&P 500 and the Nasdaq. The company late Tuesday raised its 2024 financial outlook following a second-quarter beat.

Axon Enterprise ( AXON ) was the second-top gainer on the S&P 500, up 18%. The company late Tuesday increased its full-year revenue guidance after posting second-quarter results that topped the Street's views.

West Texas Intermediate crude oil increased 2.9% to $75.34 a barrel Wednesday. D.A. Davidson attributed the rise to supply concerns.

In economic news, mortgage application volume in the US rebounded to its highest level since January after two consecutive weeks of declines, boosted by higher refinance activity and lower rates across all loan types, the Mortgage Bankers Association said.

Gold fell 0.4% to $2,423 per troy ounce, while silver dropped 1.7% to $26.75 per ounce.