03:48 PM EDT, 07/24/2024 (MT Newswires) -- US benchmark equity indexes were on track to close lower Wednesday, with the Nasdaq Composite and the S&P 500 weighed down by post-earnings selloffs in Tesla (TSLA) and Alphabet (GOOG, GOOGL) shares.

The technology-heavy Nasdaq was down 3.3% at 17,413.7, while the S&P 500 slid 2.1% to 5,442.1. The Dow Jones Industrial Average fell 1.1% to 39,920.2. Among sectors, tech declined 3.7%, the biggest drop, while utilities led the gainers.

Tesla's shares tumbled after the electric vehicle maker late Tuesday posted second-quarter earnings that fell short of market expectations, impacted by lower vehicle prices and restructuring charges.

Alphabet's shares declined after the Google ( GOOG ) parent late Tuesday logged stronger-than-expected second-quarter results, though its management flagged caution about decelerating advertisement trends and more difficult comparisons in the second half of the year, D.A. Davidson said in a note.

The US 10-year yield rose 3.7 basis points to 4.28%, while the two-year rate was little changed at 4.41%.

International Business Machines ( IBM ) , ServiceNow ( NOW ) , Chipotle Mexican Grill ( CMG ) , and Ford Motor ( F ) are among the companies scheduled to post results after the closing bell.

West Texas Intermediate crude oil rose 0.8% to $77.55 a barrel.