01:29 PM EDT, 06/26/2024 (MT Newswires) -- US equity indexes traded mixed before Micron Technology's ( MU ) quarterly results, and government bond yields jumped after new-home sales plunged more than forecast in May.

The Nasdaq rose 0.2% to 17,775.2 after midday Wednesday, erasing earlier declines. The S&P 500 fell 0.1% to 5,464.5, giving up intraday gains. The Dow Jones Industrial Average was little changed to 39,129.5

Tesla (TSLA) jumped 4.1% and Amazon.com ( AMZN ) climbed 4.2%, underpinning consumer discretionary as the lone gainer among sectors. Energy posted the steepest decline.

After the bell Wednesday, quarterly results from Micron Technology ( MU ) , a chipmaker, will add to the outlook for a global surge in the adoption of artificial intelligence. With Nvidia ( NVDA ) recently falling into correction territory, technology bulls need another catalyst to keep the rally going.

In economic news, US new-home sales plunged to a 619,000 annual rate in May from an upwardly revised 698,000 rate in April, below the 633,000 rate expected in a survey compiled by Bloomberg as of 7:55 am ET. Home sales sank almost 17% from a year earlier. The supply of homes for sale rose 1.5% to 481,000, up nearly 13% from a year ago.

The US 10-year yield soared 7.2 basis points to 4.31%, and the two-year rate climbed 5.8 basis points to 4.75%.

The US Dollar index advanced 0.4% to 106.03. Gold fell 0.9% to $2,310.51 an ounce.

West Texas Intermediate crude oil edged up 0.1% to $80.91 a barrel, clawing back declines.

US commercial crude oil stocks, excluding inventories in the Strategic Petroleum Reserve, rose 3.6 million barrels last week following a decrease of 2.5 million in the previous week, compared with a 2.8 million drop expected in a survey compiled by Bloomberg as of 7:55 am ET.

In company news, FedEx (FDX) provided upbeat earnings guidance for fiscal 2025 as cost reduction efforts bolstered Q4 results. Shares surged 15%, the top gain on the S&P.

Moderna ( MRNA ) said its mRESVIA respiratory syncytial virus vaccine demonstrated a 50% efficacy after 18 months based on data from a pivotal phase 2/3 trial. Shares slumped 8.9%, the biggest drop on the Nasdaq.

Aptiv ( APTV ) shares slumped 10%, the largest drop on the S&P, after Piper Sandler downgraded its rating on the stock to underweight from neutral. The firm adjusted its price target on the stock to $63 from $78.