12:52 PM EDT, 09/05/2024 (MT Newswires) -- US equity indexes were mixed in choppy midday trading on Thursday, led by industrials, following an unexpected slowdown in the growth of private jobs.

The S&P 500 index fell 0.5% to 5,493.2, and the Dow Jones Industrial Average slid 0.9% to 40,604.9. The Nasdaq Composite, however, rose 0.1% to 17,105.7, after trading down earlier in the session. All sectors except for consumer discretionary and communication services retreated intraday.

In economic news, private payrolls based on ADP Institute's employment report rose by 99,000 in August following a 111,000 rise in July, compared with estimates compiled by Bloomberg for a 145,000 increase.

US initial jobless claims fell to 227,000 in the week ended Aug. 31 from an upwardly revised 232,000 in the previous week, compared with expectations for a decrease to 230,000 in a survey compiled by Bloomberg.

The Institute for Supply Management's US services index rose to 51.5 in August from 51.4 in July, compared with expectations for no revision in a survey compiled by Bloomberg. The S&P Global US services index was revised upward to 55.7 in August from the 55.2 flash reading, compared with expectations for a downward revision to 55.1 in a survey compiled by Bloomberg.

Most Treasury yields fell, with the 10-year down 2.8 basis points to 3.74% and the two-year 2.4 basis points lower at 3.75%.

West Texas Intermediate crude oil rose 0.6% to $69.58 a barrel.

Meanwhile, in company news, Copart ( CPRT ) reported late Wednesday that fiscal Q4 earnings fell from a year ago period, missing expectations and sales for the three months ended July 31 were shy of the forecast. Shares slumped 7.1% intraday, among the worst on the S&P 500 and the Nasdaq.

McKesson (MCK) signed an agreement to sell its Canada-based Rexall and Well.ca businesses to Birch Hill Equity Partners, without disclosing the financial details of the transaction. Shares of McKesson sank 9.1% intraday, the steepest decliner on the S&P 500.

Merck ( MRK ) said it completed negotiations with the pan-Canadian Pharmaceutical Alliance for Welireg on Aug. 30. The alliance negotiates on behalf of Canadian provinces and federal programs, bringing the drug closer to public reimbursement. Shares of Merck ( MRK ) jumped 2.5% intraday, the top performer on the Dow.