12:30 PM EDT, 05/06/2025 (MT Newswires) -- US equity indexes fell with most government bond yields, while crude oil futures surged in midday trading Tuesday.

The Nasdaq Composite slid 0.6% to 17,741.8, the S&P 500 retreated 0.5% to 5,623.2, and the Dow Jones Industrial Average declined 0.5% to 41,012.5. Utilities and energy led the gainers, while healthcare was the steepest decliner intraday.

The US denied Japan's request for a complete exemption from a 10% reciprocal tariff and a country-specific tariff during recent negotiations, according to the Mainichi, citing sources. US officials, including Treasury Secretary Scott Bessent, reportedly informed Japan that the Trump administration is only willing to discuss the country-specific tariff cut of 14% currently suspended until early July.

Most US Treasury yields were down intraday, with the two-year rate down 4.4 basis points to 3.8%. Gold futures jumped 2.5% to $3,405.21 per ounce.

Meanwhile, the UK and India reached a free trade agreement. "These landmark agreements will further deepen our comprehensive strategic partnership, and catalyze trade, investment, growth, job creation, and innovation in both our economies," Indian Prime Minister Narendra Modi said.

West Texas Intermediate crude oil futures jumped 4.6% to $59.77 a barrel, rebounding from a four-year low seen on Monday.

In economic news, the first look at consumer confidence for May fell from April, with the RealClearMarkets' monthly index decreasing to 47.9 from 49.1 in the previous month on declines in two of its three components. A reading above 50 suggests optimism, while a reading below 50 suggests pessimism.

Redbook US same-store sales accelerated by 6.9% from a year earlier in the week ended May 3 after a 6.1% year-over-year increase in the previous week.