01:27 PM EDT, 07/17/2024 (MT Newswires) -- US benchmark equity indexes were mixed intraday as markets evaluated remarks by Federal Reserve Governor Christopher Waller and the latest batch of corporate earnings.

The Nasdaq Composite slid 2.9% at 17,978.8, while the S&P 500 fell 1.4% to 5,588.6. The Dow Jones Industrial Average rose 0.6% to 41,181.7. Among sectors, technology saw the steepest decline, down 3.9%, while consumer staples led the gainers.

Waller said the central bank's Federal Open Market Committee is "getting closer" to lowering its benchmark lending rate amid signs that inflation is easing, though the job is not done yet.

"The data over the past couple months shows the economy growing at a more moderate pace, labor supply and demand apparently in balance, and inflation slowing from earlier this year," Waller said. "While I don't believe we have reached our final destination, I do believe we are getting closer to the time when a cut in the policy rate is warranted."

On Monday, Fed Chair Jerome Powell reportedly said policymakers won't wait for inflation to fall to 2% before reducing interest rates.

The US 10-year yield fell one basis point to 4.16% intraday, while the two-year rate increased one basis point to 4.45%.

In economic news, US housing starts unexpectedly climbed last month off May's upwardly revised level as multi-family building projects gained steam, government data showed.

Mortgage applications in the US rebounded following two consecutive weeks of declines as refinance activity rose to its highest level since August 2022 amid falling interest rates, the Mortgage Bankers Association said.

West Texas Intermediate crude oil rose 2.4% to $82.70 a barrel intraday.

In company news, semiconductor stocks were down after Bloomberg News reported that President Joe Biden is mulling severe trade curbs if chipmakers keep giving China access to advanced semiconductor technology.

Nvidia ( NVDA ) shares slid 6.3%, while ASML ( ASML ) tumbled 12% intraday, the steepest decline on the Nasdaq, followed by Arm (ARM) down 9%. Advanced Micro Devices ( AMD ) shed 8.4%, among the worst performers on the Nasdaq and the S&P 500.

Elevance Health ( ELV ) logged better-than-expected second-quarter results despite a double-digit decline in memberships for Medicaid plans, while Chief Executive Gail Boudreaux said the health insurer maintained its full-year earnings outlook. The company's shares fell 6.5%.

Johnson & Johnson ( JNJ ) was the second-top gainer on the Dow, up 3.8%, after the healthcare products conglomerate's second-quarter results topped estimates. The company lowered its full-year earnings outlook to reflect the impact of recent acquisitions.

Crown Castle ( CCI ) , Kinder Morgan ( KMI ) and United Airlines (UAL) are among the companies scheduled to post results after Wednesday's closing bell.

Gold was down 0.3% at $2,459.90 per tory ounce, while silver slumped 3.5% to $30.36 per ounce.