04:26 PM EDT, 08/01/2024 (MT Newswires) -- US benchmark equity indexes closed lower Thursday as markets analyzed the latest corporate earnings and economic data.

The Nasdaq Composite slid 2.3% to 17,194.2, while the S&P 500 fell 1.4% to 5,446.7. The Dow Jones Industrial Average dropped 1.2% to 40,348. Technology saw the steepest decline among sectors, while utilities paced the gainers.

In company news, Moderna ( MRNA ) shares plunged 21%, the steepest decline on the S&P 500 and the Nasdaq, after the drugmaker logged better-than-expected second-quarter results, but lowered the full-year product sales guidance for its respiratory business amid growing competition in the US and low demand in the European Union.

Qualcomm ( QCOM ) was among the worst performers on the S&P 500 and the Nasdaq, down 9.4%. The company late Wednesday posted better-than-expected fiscal third-quarter results amid strong automotive sales growth, but warned of a revenue hit from the US government's decision to revoke its license to export products to China's Huawei Technologies.

C.H. Robinson Worldwide's ( CHRW ) shares jumped nearly 15%, the top gainer on the S&P 500. Late Wednesday, the company reported that the second-quarter adjusted earnings topped Wall Street's views.

Meta Platforms ( META ) was the second-best performer on the Nasdaq, up 4.8%. The Facebook parent late Wednesday posted second-quarter earnings and sales that surpassed the Street's expectations, driven by stronger-than-expected advertising revenue.

The US two-year yield plummeted 18.6 basis points to 4.15% Thursday, while the 10-year rate sank 13.3 basis points to 3.97%.

In economic news, the US manufacturing sector entered deeper into contraction in July from the previous month, according to the Institute for Supply Management, while S&P Global ( SPGI ) data showed that activity turned negative.

Weekly applications for unemployment insurance in the US rose more than expected, reaching the highest level in nearly a year, government data showed.

US-based employers cut 25,885 jobs last month, down 47% from June but up 9% from a year ago, Challenger, Gray & Christmas reported.

Data from the Bureau of Labor Statistics is expected to show Friday the US economy added 175,000 nonfarm jobs in July, which would mark a decrease from the 206,000 gain posted for the previous month.

West Texas Intermediate crude oil fell 1.2% to $76.96 a barrel Thursday.

On Wednesday, the Federal Reserve's monetary policy committee kept its benchmark lending rate unchanged at 5.25% to 5.50%, its eighth straight pause. Fed Chair Jerome Powell said a September rate cut "could be on the table," though policymakers will remain data-dependent.

The Federal Open Market Committee's latest statement provided "no guarantee of a September rate cut, falling short of the market's expectations for a commitment to policy easing in just 48 days' time," Stifel said in a Thursday note to clients.

Gold rose 0.6% to $2,487.50 per troy ounce, while silver dropped 1.1% to $28.63 per ounce.