04:30 PM EDT, 10/31/2024 (MT Newswires) -- US benchmark equity indexes fell Thursday, driven in part by a post-earnings decline in Microsoft ( MSFT ) shares, and logged drops for the month of October.

The Nasdaq Composite decreased 2.8% to 18,095.2, while the S&P 500 retreated 1.9% to 5,705.5. The Dow Jones Industrial Average lost 0.9% to 41,763.5. Technology saw the steepest decline among sectors, down 3.6%. Only utilities and energy closed higher.

For October, the Dow dropped 1.3%, while the S&P 500 lost 1%. The Nasdaq shed 0.6%.

In company news, Microsoft ( MSFT ) shares decreased 6% Thursday, the steepest decline on the Dow and among the worst on the Nasdaq. Late Wednesday, the company said it expects fiscal second-quarter revenue growth for its Azure cloud-computing business between 31% and 32% in constant currency. For its just-ended quarter, Microsoft ( MSFT ) reported a 34% annual gain for Azure and other cloud services at constant currencies.

Estee Lauder ( EL ) on Thursday withdrew its fiscal 2025 guidance and slashed its dividend as its first-quarter sales fell more than expected amid headwinds in China and Asia travel retail. The cosmetics company's shares plunged nearly 21%, the second-worst performer on the S&P 500.

Paycom Software ( PAYC ) was the top gainer on the S&P 500, up 21%, after the company delivered a third-quarter beat late Wednesday.

Comcast ( CMCSA ) said Thursday it is considering a potential spin off of its cable brands to better navigate cord-cutting trends. The company reported higher-than-expected results for the third quarter. Its shares rose 3.4%, among the best performers on the Nasdaq.

The US 10-year yield rose 1.2 basis points to 4.28%, while the two-year rate was little changed at 4.16%.

In economic news, US consumer spending accelerated more than expected in September, while the Federal Reserve's preferred inflation metric held steady at the annual level, government data showed.

"The ongoing strength in consumer spending suggests upside risk to (fourth-quarter) growth estimates, ruling out another (50-basis-point) rate chop from the Fed next week," BMO Capital Markets said. "However, with headline inflation nearly back to the target and employment costs moderating, a (25-basis-point) move remains firmly on the table."

Weekly applications for unemployment insurance in the US unexpectedly declined, according to government data.

US-based employers cut 55,597 jobs this month, down roughly 24% from September but up 51% annually, Challenger Gray & Christmas said.

On Friday, data from the Bureau of Labor Statistics are expected to show the US economy added 101,000 jobs in October, which would mark a decrease from a 254,000 gain posted for the previous month, according to a Bloomberg poll.

West Texas Intermediate crude oil rose 2.8% to $70.52 a barrel Thursday, following a gain in the previous session.

Prices are driven higher by optimism over US fuel demand following a surprise fall in crude and gasoline inventories, D.A. Davidson said in a note to clients. Recent reports about the Organization of the Petroleum Exporting Countries and its allies potentially delaying a planned production hike "offered support" to prices, according to the note.

Gold fell 1.6% to $2,757 per troy ounce, while silver slumped 3.6% to $32.84 per ounce.