01:02 PM EDT, 10/16/2025 (MT Newswires) -- US equity indexes fell after midday on Thursday amid sharp declines in government bond yields, as well as gold and silver hitting new all-time highs.

The Nasdaq Composite fell 0.5% to 22,573.5, while the S&P 500 was down 0.5% at 6,634.6 and the Dow Jones Industrial Average fell 0.5% to 46,010. Financials, industrials, and energy led the decliners.

Based on current data, the Federal Open Market Committee should continue to ease monetary policy, Federal Reserve Governor Christopher Waller said Thursday at the Council on Foreign Relations. Still, he cautioned that a lack of government data and conflicts in the available data would suggest moving carefully.

"Based on what I know today, I support continued easing of monetary policy from its current setting, which I judge is moderately restricting aggregate demand and economic activity," Waller said. "But I also see a conflict right now between data showing solid growth in economic activity and data showing a softening labor market."

US Treasury yields fell, with the two-year yield down 8 basis points to 3.43% and the 10-year rate 5.5 basis points lower at 3.99%.

Gold futures soared 2.4%, touching yet another all-time high of $4,302.80, and silver futures surged 4.1% to $53.29, reaching a new peak of $53.49.

The ICE US Dollar Index fell 0.3% to 98.47.

West Texas Intermediate crude oil futures slipped 0.2% to $58.14 a barrel.