12:44 PM EDT, 10/23/2024 (MT Newswires) -- US equity indexes fell in midday trading Wednesday as risk-off sentiment pervaded most sectors amid continued gains in government bond yields.

The S&P 500 fell 0.8% to 5,802.1, with the Dow Jones Industrial Average down 0.9% to 42,550.2 and the Nasdaq Composite 1.3% lower at 18,323.5. All sectors were in the red intraday except utilities and real estate.

Most US Treasury yields rose intraday, with the 10-year yield up two basis points to 4.23%, its highest since late July. The two-year yield advanced 2.8 basis points to 4.07%, its strongest since mid-August.

Doubts that the Federal Reserve will turn less dovish than expected by investors lifted Treasury yields and investors awaited another set of earnings to assess the state of economy, a note from D.A. Davidson said.

In economic news, the pace of US existing-home sales fell 1% to a 3.84 million seasonally adjusted annual rate in September from 3.88 million in August, data from the National Association of Realtors released Wednesday showed. The average forecast was 3.88 million in a survey compiled by Bloomberg. Total sales dropped 3.5% from a year earlier.

In company news, Enphase Energy ( ENPH ) shares sank more than 13% intraday, the worst performer on the S&P 500, following a year-over-year slump in its Q3 non-GAAP earnings and revenue.

CoStar Group ( CSGP ) reported a decline in Q3 non-GAAP earnings, and the increase in its sales fell short of expectations. The company also cut its full-year revenue guidance range, missing forecasts. Shares slumped over 9% intraday, the steepest decliner on the Nasdaq.

McDonald's (MCD) shares dropped 5.3% intraday, the biggest laggard on the Dow, after the US Centers for Disease Control and Prevention said Tuesday an E. coli outbreak in 10 states is related to the company's Quarter Pounder burgers.

West Texas Intermediate crude oil declined 1.1% to $70.93 a barrel.