Update: US Equity Indexes Mixed Amid Gains in Consumer Discretionary, Industrials; Crude Oil Slumps
(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes were mixed, with consumer discretionary and industrials topping sector charts amid a sharp decline in crude oil prices and government bond yields.The Nasdaq Composite slipped 0.3% to 25,516.3, with the S&P 500 down 0.1% to 7,360.9, while the Dow Jones Industrial Average was higher by 0.4% to 51,867.3 on Wednesday afternoon.Health and materials were among the top gainers, while energy was the standout decliner.Front-month global benchmark North Sea Brent sank 3.4% to $74.22 per barrel, and the US West Texas Intermediate slid 3.6% to $70.61 per barrel.Ships have begun sailing through the Strait of Hormuz under a new scheme by the International Maritime Organization to evacuate the trapped vessels, a spokesperson told Reuters on Wednesday. The initiative will enable hundreds of ships, with some 11,000 seafarers stranded in the Gulf, to sail through Hormuz.US commercial crude oil stocks, excluding inventories in the Strategic Petroleum Reserve, declined by 6.1 million barrels during the week ended June 19, following an 8.3-million-barrel slump in the previous week, a steeper dive than the 3.6 million-barrel slide expected in a survey compiled by Bloomberg.The Senate for the first time approved a war powers resolution Tuesday seeking to block US military action against Iran, as lawmakers warily watch President Donald Trump's efforts to resolve a conflict that the administration launched on its own and now needs Congress to fund, the Associated Press reported.Most US Treasury yields declined, with the 10-year down 8.3 basis points to 4.41%. The two-year rate dropped 4.6 basis points to 4.15%.In company news, Micron Technology (MU) is set to report its fiscal Q3 earnings after the market closes. Analysts polled by FactSet expect earnings of $20.83 per share on revenue of $35.85 billion.In economic news, US new-home sales decelerated to a 580,000 annual rate in May from an upwardly revised 626,000 rate in April, below the 640,000 rate expected in a Bloomberg-compiled survey. Home sales were down 6.8% from May 2025.Mortgage applications in the US increased as refinancing activity improved while home purchase demand edged lower, the Mortgage Bankers Association said. The market composite index, which measures loan application volume, increased 1% in the week ended June 19. On an unadjusted basis, the index decreased 10% compared with the previous week. This week's results include an adjustment for the Juneteenth holiday."Despite the elevated mortgage rates and overall economic uncertainty, mortgage application volume is running 8% above year-ago levels," said Mike Fratantoni, MBA's chief economist.In precious metals, gold futures dropped 3.1% to $4,020.51, and silver futures slumped 5% to $59.97.