US benchmark equity indexes are on track to close lower on Wednesday, ahead of President Donald Trump's announcement of new tariffs on auto imports.

The Dow Jones Industrial Average dropped 0.5% to 42,394.6, while the Nasdaq Composite decreased 2.3% to 17,859.2. The S&P 500 was down 1.3% to 5,701.5. Consumer staples and utilities sectors had the biggest gains, and technology saw the steepest decline.

Cintas (CTAS) was the top gainer on the S&P 500, with shares up 6.5%. The uniform supplier raised its full-year earnings outlook after its fiscal third-quarter results topped Wall Street's views.

Paychex (PAYX) was up 4.5%. The company reported higher-than-expected fiscal Q3 earnings driven by revenue growth across its two main segments.

Tesla (TSLA) shares were down 7.2%. The company's customers in Canada will no longer be eligible for electric vehicle rebates following an order by Transport Minister Chrystia Freeland, news outlets reported.

The 10-year US Treasury yield gained 2.5 basis points to 4.3%, while the two-year rate was up 3.7 basis points to 4%.

May West Texas Intermediate crude oil was up 1% to $69.69 a barrel.