12:45 PM EST, 03/05/2024 (MT Newswires) -- US benchmark stock indexes were down with government bond yields at midday Tuesday after the Institute for Supply Management's services index fell more than forecast.

The S&P 500 fell 0.9% to 5,087.6, with the Nasdaq Composite down 1.7% to 15,955.2 and the Dow Jones Industrial Average trading 0.7% lower at 38,720.4. Technology and consumer discretionary were at the bottom of the list intraday. Energy and consumer staples were among the gainers.

In economic news, the Institute for Supply Management's US services index fell to 52.6 in February from 53.4 in January, compared with expectations for 53 in a survey compiled by Bloomberg. But, the S&P Global US services index was revised higher to 52.3 for February from the 51.3 flash reading, compared with expectations for 51.4 in a survey compiled by Bloomberg. The February index is still below the 52.5 reading in January.

The US 10-year Treasury yield decreased 6.8 basis points to 4.15%, and the two-year dropped 4.4 basis points to 4.56%.

Uncertainty over the timing of interest rate cuts deepened after Atlanta Fed President Raphael Bostic said he expects one interest-rate cut in Q3 followed by a pause.

West Texas Intermediate crude oil slid 0.8% to $78.12 per barrel intraday, extending a drop from the previous session.

Gold for April delivery on the Comex rose 0.5% to $2,137.11 intraday, earlier touching the highest level ever for a most-active futures contract.

In company news, Apple's ( AAPL ) iPhone sales in China sank 24% year-over-year during the first six weeks of this year amid increased competition from domestic rivals, research firm Counterpoint said Tuesday. Apple ( AAPL ) shares dropped 2.6% intraday, among the steepest decliners on the Dow Jones.

Target ( TGT ) reported a 58% jump in fiscal Q4 earnings that topped market estimates, as the retailer benefited from lower markdowns and shrink costs. Shares surged nearly 12% intraday, the top performer on the S&P 500.

Albemarle (ALB) said, late on Monday, that it started a $1.75 billion underwritten offering of depositary shares. The company's stock sank more than 11% intraday, the worst performer on the S&P 500.