04:25 PM EDT, 09/24/2025 (MT Newswires) -- US equity indexes were lower after the close on Wednesday, continuing their downward trend from the previous session, as most Treasury yields gained a day after the US Federal Reserve said there is no risk-free path to rate cuts.

The Nasdaq Composite fell 0.34% to 22,497.8, with the S&P 500 down 0.34% to 6,637.9, and the Dow Jones Industrial Average 0.37% lower at 46,121.2. The energy sector led the gainers, while the materials sector led the decliners.

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

The CBOE Volatility Index fell 2.1% to 16.29.

Gold futures fell 1.38% to $3,763.2.

West Texas Intermediate crude oil futures rose by 2.24% to $64.83 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-compiled survey. Meanwhile, mortgage applications for the week ended Sept. 19 rose 0.6% from the week earlier due to a further decline in 30-year fixed average mortgage rates, according to the Mortgage Bankers Association's weekly survey.

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, fell by 600,000 barrels from the week earlier, and were lower than the 800,000-barrel increase forecast by a survey compiled by Bloomberg. Both gasoline inventories and distillate inventories also declined last week.

In company news, Freeport-McMoRan ( FCX ) shares fell 16.9%, the steepest decline on the S&P 500, 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. Jefferies cut its price target on the stock to $46 per share, while BMO Capital lowered its price target to $48.

Alibaba Group ( BABA ) shares rose 8.2% after the company planned to ramp AI spending beyond its initial $50 billion target with the goal to become a "full-stack AI service provider," according to multiple media outlets, citing chief executive officer Eddie Wu.

Xcel Energy ( XEL ) shares rose 6.6%, the top performer of the S&P 500, after the company said it reached agreements with Qwest and Teleport Communications America to settle litigations related to the 2021 Marshall Fire. The company expects to pay around $640 million under the settlements, with almost $350 million covered by insurance and no costs passed to customers.