12:51 PM EST, 11/12/2024 (MT Newswires) -- US benchmark stock indexes traded slightly lower midday Tuesday as investors await the consumer price index report, the first one that will be released after Donald Trump defeated Kamala Harris in the 2024 presidential election.

The Nasdaq fell 0.34% to 19,234.86, with the S&P 500 down 0.45% to 5,974.76 and the Dow Jones Industrial Average 0.67% lower at 43,996.2 after midday on Tuesday.

Materials and utilities led the decliners, while consumer staples and communication services led the gainers intraday.

The CPI for October, set to be released Wednesday, is expected to increase 0.2% sequentially and 2.6% annually, "a potential uptick from the 2.4% annual increase in September," Stifel Chief Economist Lindsey Piegza said in a note.

The National Federation of Independent Business's monthly Small Business Optimism Index rose to a reading of 93.7 in October from 91.5 in September and was above a reading of 90.7 a year earlier.

In company news, Shopify ( SHOP ) shares jumped 26% on Tuesday after the e-commerce platform operator reported that its Q3 revenue increased to $2.16 billion from $1.71 billion a year earlier.

Home Depot ( HD ) reported fiscal Q3 adjusted earnings of $3.78 per diluted share on revenue of $40.22 billion, surpassing market expectations. Shares of Home Depot ( HD ) were down 0.8% in recent Tuesday trading.

Activist investor Elliott Investment Management urged Honeywell International ( HON ) to split into two standalone companies to separate its Aerospace and Automation businesses. In a letter sent to Honeywell's ( HON ) board, Elliott said it believes a separation would lead to share-price gains of 51% to 75% over the next two years. Elliott disclosed a more than $5 billion investment in the company. Honeywell ( HON ) shares were up 3% around midday Tuesday.

The US 10-year Treasury yield rose 13.3 basis points to 4.441%. The two-year rate increased 11.1 basis points to 4.365%.

The US Dollar Index was up 0.57% to 106.15.

West Texas Intermediate crude rose 0.31% to $68.25 per barrel.

Gold was down 0.6% to $2,602 an ounce, and silver climbed 0.19% to $30.67 an ounce.