03:50 PM EDT, 09/24/2025 (MT Newswires) -- US equity indexes headed for the second straight decline ahead of the close on Wednesday as most government bond yields gained.

The Nasdaq Composite fell 0.5% to 22,461.91, the S&P 500 dropped 0.4% to 6,633.91, and the Dow Jones Industrial Average declined 0.4% to 46,117.4. The materials sector led the declines, while energy paced the gainers.

Most Treasury yields rose, with the 10-year yield up 3.1 basis points to 4.14% and the two-year rate 3.2 basis points higher at 3.6%.

Gold futures fell 1.69% to $3,751.3.

West Texas Intermediate crude oil futures rose 2.2% to $64.84 a barrel.

In economic news, sales of new US single-family homes in August rose 20.5% to an 800,000 annual rate from a 664,000 rate in July, exceeding an estimate of 650,000 from a Bloomberg survey.

Mortgage applications in the week ended Friday rose 0.6% from the week earlier as average 30-year fixed mortgage rates declined according to the Mortgage Bankers Association's survey.

US commercial crude oil inventories in the week ended Friday, excluding the Strategic Petroleum Reserve, fell by 600,000 barrels from the week earlier, compared with the increase of 800,000 forecast in a survey compiled by Bloomberg. Gasoline and distillate inventories also declined.

In company news, Freeport-McMoRan ( FCX ) shares fell 16%, the steepest decline on the S&P. The company is notifying commercial counterparties of force majeure at its Grasberg Block Cave mine in Indonesia after an accident on Sept. 8 that resulted in the death of at least two people.