12:17 PM EDT, 09/24/2025 (MT Newswires) -- US benchmark stock indexes traded lower in midday trading on Wednesday, adding to the losses of the previous session.

The Nasdaq Composite was down 0.7% to 22,419.9, the S&P 500 slid 0.5% to 6,623.5, and the Dow Jones Industrial Average fell 0.4% to 46,119.2.

Energy led the gainers, while technology and communication services were the steepest decliners intraday.

In economic news, US new-home sales jumped by 20.5% to an 800,000 annual rate in August from an upwardly revised 664,000 annual rate in July, compared with a decrease to a 650,000-rate expected in a survey compiled by Bloomberg.

Mortgage applications rose by 0.6% in the week ended Sept. 19 due to a further decline in 30-year fixed mortgage rates to their lowest point since September 2024, according to Mortgage Bankers Association data.

In company news, Alibaba Group ( BABA ) plans to increase its spending on artificial intelligence development as the Chinese e-commerce giant looks to become a "full-stack AI service provider," news outlets reported, citing Chief Executive Eddie Wu. Alibaba ( BABA ) shares were up over 8%.

Freeport-McMoRan ( FCX ) shares fell 12% after the company said it is notifying commercial counterparties of a force majeure due to the Sept. 8 mud rush incident at its Grasberg Block Cave mine in Indonesia that resulted in the death of at least two people.

The US 10-year Treasury yield rose 2.3 basis points to 4.14%. The two-year rate rose 2.8 basis points to 3.60%.

The ICE US Dollar Index was up 0.60% to 97.85.

West Texas Intermediate crude oil rose 2.1% to $64.74 per barrel.

Gold was down 1.1% to $3,772.70 an ounce, and silver declined 1.2% to $44.09 per ounce.