02:18 PM EDT, 03/26/2025 (MT Newswires) -- US benchmark equity indexes were lower intraday amid reports that President Donald Trump is set to announce new tariffs on auto imports.

The Nasdaq Composite was down 2.2% at 17,873.9 after midday Wednesday, while the S&P 500 fell 1.3% to 5,703.7. The Dow Jones Industrial Average lost 0.5% to 42,377.3. Among sectors, technology saw the biggest drop, while consumer staples paced the gainers.

Trump will announce auto industry tariffs at 4 pm Wednesday, Bloomberg News reported, citing White House Press Secretary Karoline Leavitt.

The Trump administration may impose tariffs on copper imports in the coming weeks, well ahead of a deadline for a decision, Bloomberg separately reported Wednesday, citing unnamed sources.

On Tuesday, Trump said that tariffs will likely be more "lenient than reciprocal" when they're announced April 2, CNBC reported.

Although inflation has dropped significantly from its peak, there is "more work to do" to bring it down to the Federal Reserve's 2% target, St. Louis Fed President Alberto Musalem said.

"I would be wary of assuming that the impact of tariff increases on inflation will be entirely temporary, or that a full 'look-through' strategy will necessarily be appropriate," Musalem said.

US Treasury yields were higher intraday, with the 10-year rate increasing 3.6 basis points to 4.34% and the two-year rate rising 2.8 basis points to 4.01%.

In economic news, US durable goods orders unexpectedly increased last month as gains in defense aircraft and motor vehicles drove the transportation equipment component higher, government data showed.

"The underlying trend (in durable goods orders) has turned up recently, improving prospects for the struggling factory sector," BMO Capital Markets said.

Mortgage applications in the US fell for a second consecutive week as refinancing activity reached its lowest level in a month, the Mortgage Bankers Association said.

West Texas Intermediate crude oil was up 1% at $69.69 a barrel intraday. "Oil prices edged higher as the US stepped up efforts to limit Venezuelan and Iranian oil exports," D.A. Davidson said in a note.

In company news, Nvidia ( NVDA ) is moving closer to a deal to buy Lepton AI, a startup that rents out servers powered by Nvidia's ( NVDA ) artificial intelligence chips, The Information reported, citing an unnamed source. Nvidia ( NVDA ) shares were down 6.3%, the steepest decline on the Dow and among the worst on the S&P 500.

Cintas ( CTAS ) shares jumped 7.2%, the top gainer on the S&P 500, as the uniform supplier raised its full-year earnings outlook after its fiscal third-quarter results topped Wall Street's views.

Paychex ( PAYX ) followed Cintas ( CTAS ) on the S&P 500, up 5.5%. The human resources, payroll and benefits management provider logged higher-than-expected fiscal third-quarter earnings, buoyed by revenue growth across its two main business segments.

Gold was down 0.1% at $3,024.90 per troy ounce, while silver rose 0.2% to $34.26 per ounce.