04:26 PM EST, 03/05/2024 (MT Newswires) -- US benchmark equity indexes closed lower Tuesday, with technology falling 2.2% amid declines in shares of Apple ( AAPL ) , Tesla (TSLA) and other major players.

The tech-heavy Nasdaq Composite dropped 1.7% to 15,939.6. The Dow Jones Industrial Average and the S&P 500 fell 1% each to 38,585.2 and 5,078.7, respectively. Among sectors, only energy, consumer staples, and financials closed higher.

In company news, Apple's ( AAPL ) iPhone sales declined by double digits in the key Chinese market through the first six weeks of 2024 as the company underperformed key competitors, according to Counterpoint research. The iPhone maker's shares slid 2.8%, among the worst performers on the Dow.

Tesla has halted production at its gigafactory in Germany, which was left without power after a suspected arson attack on a nearby electricity pylon, media outlets reported. The electric vehicle maker's shares dropped 3.9%.

Intel ( INTC ) shares declined 5.4%, the biggest fall on the Dow and among the steepest on the S&P 500 and Nasdaq.

Albemarle (ALB) shares slumped nearly 18%, the worst performer on the S&P 500. The company said late Monday it launched a $1.75 billion underwritten offering of depositary shares.

Target ( TGT ) was the top gainer on the S&P 500 Tuesday, up 12%, after the retailer logged a 58% jump in fiscal fourth-quarter earnings that topped market estimates as it benefited from lower markdowns and shrink costs.

Additionally, Target ( TGT ) said it would invest in reintroducing its loyalty membership program, expanding its brand portfolio, and building new stores.

The US 10-year yield decreased 8.2 basis points to 4.14%, while the two-year rate dropped 5.6 basis points to 4.55%.

Federal Reserve Chair Jerome Powell is scheduled to deliver his Congressional testimony before the House on Wednesday and the Senate on Thursday.

"While Powell is widely expected to underscore the likely need for rate cuts at some point this year, he is equally likely to highlight the need for patience, as the inflation data remains still too high and as of late, increasingly uneven," Stifel said in a note.

West Texas Intermediate crude oil slid 0.7% to $78.16 per barrel Tuesday.

In economic news, the Institute for Supply Management's services purchasing managers' index fell to 52.6 last month from January's 53.4 reading. The consensus was for a 53 print in a survey compiled by Bloomberg.

"The slight decrease in the rate of growth in February is a result of faster supplier deliveries and the contraction in the employment index," said Anthony Nieves, chair of the ISM's services business survey committee.

Separately, S&P Global said its services PMI gauge slipped to 52.3 in February from 52.5 the previous month, compared with the Bloomberg-compiled consensus for a 51.4 reading.

New orders for US factory goods fell 3.6% in January, versus forecasts for a 3% drop, following a revised 0.3% decline the prior month.

Gold rose 0.6% to $2,138.50 per troy ounce, while silver fell 0.4% to $23.90 per ounce.