01:35 PM EST, 01/30/2025 (MT Newswires) -- US equity indexes traded mixed after midday on Thursday as a lighter-than-expected advance reading for Q4 economic growth and lower jobless claims accompanied a mixed share-price performance of technology mega-caps.

The Nasdaq Composite fell by 0.1% to 19,620.8. The S&P 500 was up 0.4% to 6,061.7 after trading lower earlier in the session. The Dow Jones Industrial Average rose 0.5% to 44,930.6. All sectors except technology rose intraday, with utilities and real estate leading the top gainers.

US gross domestic product rose by 2.3% in the advance estimate for Q4, below a 2.6% gain expected in a survey compiled by Bloomberg and slower than a 3.1% growth in Q3. The second estimate is due Feb. 27, the US Bureau of Economic Analysis said Thursday.

US initial jobless claims fell to 207,000 in the week ended Jan. 25 from 223,000 in the previous week, compared with expectations for 225,000 in a survey compiled by Bloomberg. The four-week moving average decreased by 1,000 to 212,500.

The labor market is not a major driving factor of inflation pressures, and it is not necessary for employment to weaken further to bring down inflation further, Federal Reserve Chairman Jerome Powell said in a press conference Wednesday after the Federal Open Market Committee paused, as expected, on cutting interest rates. Powell said the rate-setting panel does not need to rush to lower interest rates as the pace of inflation remains elevated.

"Near-term rate cuts will be dependent on inflation and, likely, delayed tariff implementation," Morgan Stanley economists and strategists, including Chief US Economist Michael Gapen, wrote in a note to clients Thursday. "We retain our call for a March rate cut on our favorable inflation forecast, though we view the bar as higher now than before."

Most US Treasury yields fell intraday, with the benchmark 10-year down 3.3 basis points to 4.52% and the two-year 1.9 basis points lower at 4.21%.

Gold futures jumped 1.8% to $2,844.02 an ounce after touching $ 2,853.20 earlier in the session, the highest on record for the yellow metal on an intraday basis. Silver futures surged 3.5% to $32.51.

In earnings news from late Wednesday, International Business Machines ( IBM ) reported Q4 non-GAAP earnings that beat the market's expectations, with revenue that increased from a year ago. Shares jumped more than 12% intraday, the top performer on the S&P 500 and the Dow.

Tesla's (TSLA) Q4 results, excluding the roughly $600 million gain from the mark-to-market value of its Bitcoin investment, were "materially weaker" than expected due to the impact of lower average selling prices and increased incentives on gross margins, BofA Securities said in a note Thursday. Shares of the company rose 4.2% intraday.

Microsoft ( MSFT ) reported stronger-than-expected fiscal Q2 results, but its shares slumped 6% intraday, the steepest decliner on the Dow. Microsoft ( MSFT )-backed OpenAI is in discussions for an investment of $15 billion to $25 billion from Japanese conglomerate SoftBank, multiple media outlets reported, citing a person familiar with the matter.

On Thursday, United Parcel Service ( UPS ) issued a downbeat full-year revenue outlook after posting Q4 topline below market estimates. The company expects a cut of more than 50% in volumes from its largest customer next year. Its shares slumped 14% intraday, the worst performer on the S&P 500.

Apple ( AAPL ) will release its quarterly results after the bell Thursday.

West Texas Intermediate crude oil futures rose 0.7% to $73.12 a barrel.