12:18 PM EST, 12/17/2024 (MT Newswires) -- US equity indexes fell around midday Tuesday after retail sales grew more than forecast and as the Federal Open Market Committee kicked off its two-day policy meeting.

The S&P 500 declined 0.3% to 6,054.1, with the Nasdaq down 0.3% to 20,112.2 and the Dow Jones Industrial Average 0.5% lower at 43,504.5.

US Treasury yields were mixed intraday, with the 10-year down 1.8 basis points to 4.38%. The two-year yield was little changed at 4.25%.

In economic news, US retail sales surged 0.7% in the seasonally strong November, the highest since 1.1% reported in the same month in 2021 and above the 0.6% expected in a survey compiled by Bloomberg. The previous month's print was 0.5%. Excluding motor vehicles and gasoline station sales, retail sales were still up 0.2% in November after a 0.2% gain in October.

US industrial production fell by 0.1% in November, versus expectations for a 0.3% increase in a survey compiled by Bloomberg and a downwardly revised 0.4% drop in October.

In company news, Pfizer ( PFE ) projected higher earnings for 2025 and revenue in line with this year's likely result as the pharmaceutical giant looks to continue "disciplined execution" and cost cuts. Pfizer ( PFE ) shares jumped 4.5% intraday, the top performer on the S&P 500.

The worst performer on the index was Amentum (AMTM), down 7.4% intraday after reporting declines in fiscal Q4 adjusted earnings and sales.

West Texas Intermediate crude oil futures dropped 1.8% to $69.43 a barrel.