02:36 PM EDT, 08/05/2025 (MT Newswires) -- US benchmark equity indexes were mixed intraday as markets tracked the latest economic data and trade developments.

The Nasdaq Composite was down 0.3% at 20,981.7 after midday Tuesday, while the S&P 500 fell 0.2% to 6,316.5. The Dow Jones Industrial Average rose 0.1% to 44,222.8. Among sectors, utilities saw the biggest drop, while materials paced the gainers.

In economic news, growth in the US services sector almost stalled in July amid a slowdown in business activity and new orders, a survey by the Institute for Supply Management showed.

"The softer trend in ISM services, coupled with an even worse performance in its manufacturing counterpart, are indicative of slowing US economic activity -- a theme that we anticipate will become a more entrenched in the third quarter," TD Economics said in a report.

Last week, ISM data showed that US manufacturing sector activity contracted at a faster rate month on month in July.

The US trade deficit in June hit its lowest level since September 2023 as imports dropped, while the goods trade gap with China shrank to its smallest in more than 21 years, government data showed.

US Treasury yields were higher intraday, with the two-year rate increasing 3.9 basis points to 3.72% and the 10-year rate adding one basis point to 4.21%.

"We're getting very close to a deal" with China, CNBC reported Tuesday, citing an interview with US President Donald Trump. "We're getting along with China very well."

Last week, the US and China concluded trade talks in Stockholm, Sweden. Trump must sign off on a potential extension of a tariff pause between the two sides, CNBC reported at the time, citing US negotiators.

The US will announce new tariffs on semiconductors and chips as soon as next week, Trump told CNBC.

Trump has narrowed the list of Federal Reserve chair candidates to four, with US Treasury Secretary Scott Bessent not interested in the role, Trump reportedly said.

West Texas Intermediate crude oil was down 1.6% at $65.23 a barrel intraday.

In company news, TransDigm Group ( TDG ) shares were down nearly 13%, among the steepest declines on the S&P 500, following a quarterly top- and bottom-line miss.

Axon Enterprise ( AXON ) shares jumped 15%, the best performer on the S&P 500. The company late Monday raised its full-year revenue guidance following a second-quarter beat.

Palantir Technologies ( PLTR ) was among the top gainers on the S&P 500 intraday Tuesday, up 7.3%. The software maker late Monday posted second-quarter results that topped Wall Street's estimates as US sales soared.

Advanced Micro Devices ( AMD ) , Amgen ( AMGN ) and Arista Networks ( ANET ) are scheduled to report after the closing bell Tuesday, along with others.

Gold was up 0.3% at $3,434.30 per troy ounce, while silver rose 1.3% to $37.83 per ounce.