US benchmark equity indexes are on track to close lower on Wednesday, after US official data showed the economy contracted in Q1.

The Dow Jones Industrial Average dropped 0.5% to 40,322.88, while the Nasdaq Composite decreased 1.1% to 17,270.75. The S&P 500 was down 0.8% to 5,515.78. Energy was the worst-performing sector, while consumer staples and healthcare were the only ones in the black.

Seagate Technology (STX) shares were up 10%, the top performer on the S&P 500, a day after the company reported fiscal Q3 non-GAAP earnings and revenue ahead of analysts' estimates.

Western Digital (WDC) shares jumped 7.1% after the data storage products maker logged double-digit growth in fiscal third-quarter revenue and outlined an above-consensus guidance for the final three months of the year.

Super Micro Computer (SMCI) shares plunged nearly 14%, the worst performer on the S&P 500. The artificial intelligence server maker lowered its fiscal third-quarter financial outlook late Tuesday.

The 10-year US Treasury yield dropped 2.3 basis points to 4.2%, while the two-year rate was down 5.3 basis points to 3.6%.

June West Texas Intermediate crude oil was down 3.9% to $58.06 a barrel.