US benchmark equity indexes are on track to close lower Tuesday after a Federal Reserve official signaled a slowdown in economic activity and softening of the labor market due to tariffs.

The Dow Jones Industrial Average dropped 0.4% to 42,613.94, the Nasdaq Composite decreased 0.6% to 19,103.56, and the S&P 500 declined 0.6% to 5,928.53. Among sectors, communication services and energy paced the declines, and utilities led a trio of gains.

Moderna (MRNA) shares rose 6.6%, the biggest gain on the S&P. The US Food and Drug Administration plans to require new clinical trials prior to approval of COVID-19 boosters for healthy Americans under the age of 65, agency leaders said Tuesday in a post published on the New England Journal of Medicine.

Dollar Tree (DLTR) shares gained 4%. Deutsche Bank raised its price target on the stock to $90 from $82.

Airbnb (ABNB) shares fell 3.2%. The Spanish government ordered the vacation rental company to block more than 65,000 listings for allegedly violating rules set for vacation or temporary housing rentals.

The 10-year US Treasury yield rose 3.1 basis points to 4.49%, while the two-year rate was up 0.2 basis points to 3.98%.

July West Texas Intermediate crude oil climbed 0.3% to $62.32 a barrel.