01:20 PM EDT, 05/27/2026 (MT Newswires) -- US equity indexes traded mixed but were off session lows amid a sharp decline in crude oil prices and a retreat in government bond yields.

The Dow Jones Industrial Average rose 0.4% to 50,675.1 after midday on Wednesday. The Nasdaq Composite declined 0.2% to 26,596.5, and the S&P 500 was down 0.1% at 7,509.9. Both the Nasdaq and the S&P 500 traded lower earlier in the session.

Energy and financials led the decliners intraday, while consumer discretionary and consumer staples topped the gainers. Technology recovered partially from intraday declines.

The memorandum of understanding being negotiated between Tehran and Washington will call for US forces to withdraw from Iran's vicinity and lift the blockade of Iranian ports in return for reopening the Strait of Hormuz to pre-war levels, CNN reported, citing Iranian state television. The US denied claims that maritime traffic through the Strait of Hormuz could return to normal within a month of the Iran deal, Bloomberg reported.

During an ongoing Cabinet meeting on Wednesday, President Donald Trump said he won't be rushed into a deal, warning that Iran's efforts to outlast him won't work because he doesn't "care about the midterms," CNN reported.

West Texas Intermediate crude oil futures dropped 4.3% to $89.85, and Brent crude futures slumped 4.1% to $95.54.

Most US Treasury yields fell, with the 10-year down 1.6 basis points to 4.47% and the two-year lower by 2.1 basis points to 4.03%.

In economic news, Redbook US same-store sales jumped 9% from a year earlier in the week ended May 23 after an 8.1% gain in the prior week. "Demand for a wide variety of summer, home and garden, and seasonal apparel products was the main focus for most consumers," Redbook said.

The Dallas Federal Reserve's monthly general business services index improved to minus 7.7 in May from minus 9.9 in April, versus the minus 6.0 anticipated.

The Richmond Fed's monthly manufacturing index rose to 13 in May from 3 in April, more than the 4 estimate in a Bloomberg-compiled survey.

In company news, Boston Scientific ( BSX ) shares sank 12%, the worst performer on the S&P 500, after Chief Executive Mike Mahoney said at an industry conference that this year has been "a bit more of a challenge" than anticipated. Stifel adjusted its price target on Boston Scientific ( BSX ) shares to $75 from $85 while maintaining its buy rating, a move mirrored by Goldman Sachs.

Zscaler ( ZS ) stock plunged 31%, the steepest decline in the Nasdaq, after the company issued a fiscal Q4 revenue outlook that missed analysts' expectations. Zscaler ( ZS ) stock remains in the penalty box until further evidence of traction emerges in the security operations business, new sales leader roles are filled, and the operating structure improves, Morgan Stanley said in a research report.

In precious metals, gold futures dropped 1.4% to $4,440.1, while silver futures dropped 2.3% to $74.82.