12:31 PM EDT, 04/28/2025 (MT Newswires) -- US equity indexes fell in choppy midday trading on Monday ahead of quarterly earnings reports from technology heavyweights.

The Nasdaq Composite dropped 1.4% to 17,137.3, with the S&P 500 down 0.5% to 5,497.0 and the Dow Jones Industrial Average 0.1% lower at 40,091.4. Earlier in the session, the Dow and the S&P 500 traded in positive territory. All sectors except technology, consumer discretionary, and communication services rose intraday, with materials leading the gainers.

The onslaught of technology earnings, starting with index heavyweights Microsoft ( MSFT ) and Meta Platforms ( META ) reporting on Wednesday, will likely set the equity market direction. Amazon.com (AMZN) and Apple ( AAPL ) will report quarterly results on Thursday.

Trade tariff headlines, non-farm payrolls, and the personal consumption and expenditures index could also significantly influence markets.

West Texas Intermediate crude oil futures dropped 1.9% to $61.83 a barrel.

"Cargo shipments from China to the US have plummeted by as much as 60% since the US raised tariffs to 145% in early April, and this reduction will soon be felt by American consumers," Saxo Bank said in a note. "By mid-May, thousands of companies will need to replenish inventories, which could lead to empty shelves, higher prices, and 'Covid-like' shortages, as well as significant layoffs in industries such as trucking, logistics, and retail."

Meanwhile, in US company news Monday, The Wall Street Journal reported, citing people familiar with the matter, China's Huawei Technologies is preparing to test its latest artificial intelligence processor that could replace certain higher-end Nvidia ( NVDA ) products. Nvidia ( NVDA ) slumped 3.9% intraday, the worst performer on the S&P 500, the Nasdaq, and the Dow.

In economic news, the Dallas Fed's monthly manufacturing index fell to minus 35.8 in April from minus 16.3 in March, compared with expectations for an increase to minus 14.1 in a survey of analysts compiled by Bloomberg.

Most US Treasury yields fell, with the 10-year down 2.9 basis points to 4.24%.