U.S. equities dropped at midday ahead of the Thanksgiving holiday as weak earnings reports from big tech companies dragged down stocks. The Nasdaq lost 1%, and the Dow Jones Industrial Average and S&P 500 fell as well.

Shares of both HP (HPQ) and Dell Technologies (DELL) tumbled as both of the PC makers warned about market weakness ahead.

Autodesk (ADSK) shares sank after the design software maker announced a change at CFO.

Workday (WDAY) predicted weaker-than-expected full-year subscription services revenue, and shares of the human resources software firm slid.

Urban Outfitters (URBN) shares soared as the clothing retailer's Anthropologie brand helped drive better-than-expected sales.

Shares of Unusual Machines (UMAC) skyrocketed to an all-time high when the drone maker announced that Donald Trump Jr. had joined the company's advisory board.

Most major cryptocurrencies traded higher, lifting shares of MicroStrategy (MSTR), the biggest corporate holder of bitcoin.

Crude oil futures fell. Gold prices rose. The yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen.