US benchmark equity indexes are on track to close lower on Wednesday, after certain Republican members of the House of Representatives and Speaker Mike Johnson visited the White House for discussions on the proposed tax-cut bill.

The Dow Jones Industrial Average dropped 1.9% to 41,860.18, while the Nasdaq Composite declined 1.5% to 18,865.66. The S&P 500 was down 1.7% to 5,842.01. Communications was the only sector in the black while real estate had the steepest decline.

Alphabet's (GOOG, GOOGL) class A and C shares were up 2.9%, the top gainer on the S&P 500. Google Chief Executive Sundar Pichai said at a developers conference Tuesday that the search engine is rolling out an "AI Mode" that answers queries in a chatbot-style conversation.

CME Group (CME) shares were up 1.4%. The company held discussions with Hong Kong authorities to include the city in its physical delivery network for aluminum contracts, Bloomberg reported Wednesday, citing people familiar with the matter.

AES (AES) shares were down 9%. The company said it has signed two long-term power purchase agreements with Meta (META) to deliver 650 megawatts of solar capacity to support Meta's data centers in Texas and Kansas.

The 10-year US Treasury yield was up 10.1 basis points to 4.59%, while the two-year rate was up 3.8 basis points to 4.02%.

July West Texas Intermediate crude oil was down 1% to $61.40 a barrel.