12:33 PM EDT, 08/28/2024 (MT Newswires) -- US equity indexes fell in midday trading before the release of quarterly results from Nvidia ( NVDA ) , the poster child for the so-called artificial intelligence trade.

The S&P 500 fell 0.6% to 5,589.2, with the Nasdaq Composite down 1.2% to 17,546.3 and the Dow Jones Industrial Average 0.4% lower at 41,083.5. Technology, consumer discretionary, and communication services led the decliners intraday, with all but three sectors, including utilities, in the red.

Nvidia ( NVDA ), a significant contributor to the S&P 500 and the Nasdaq gains since October, is scheduled to report quarterly earnings after the markets close. Reuters reported late on Tuesday that the technology giant's earnings results could spur an over $300 billion swing in shares, citing data from analytics firm ORATS.

Treasury yields were mixed, with the 10-year up less than one basis point to 3.84%. The two-year yield at 3.86% reflected a decline of fewer than one basis point.

In company news, Super Micro Computer ( SMCI ) said Wednesday it does not expect to file its annual Form 10-K report on time for the fiscal year ended June 30. Additional time is needed for management to complete its assessment of its internal controls over its financial reporting, the company said, adding that it expects to file a notification of late filing on Form 12b-25. Shares plummeted 27% intraday, the worst performer on the S&P 500 and the Nasdaq.

J.M. Smucker (SJM) shares dropped 5.9% intraday, among the worst performers on the S&P 500, after it lowered its fiscal 2025 outlook for adjusted earnings per share and net sales growth.

West Texas Intermediate crude oil fell 0.9% to $74.85 a barrel.