02:01 PM EST, 12/13/2024 (MT Newswires) -- US benchmark equity indexes were lower after midday Friday as markets looked forward to the Federal Reserve's monetary policy decision due next week.

The Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite were down 0.2% each at 43,816.1, 6,040.3, and 19,863.3, respectively, intraday. Among sectors, communication services saw the biggest drop, while utilities paced the gainers.

Official US data released during the week showed that monthly consumer inflation accelerated in line with market estimates in November, while producer prices rose more than expected.

The odds of the Federal Open Market Committee lowering interest rates by 25 basis points next week reached 97% Friday, up from 86% a week earlier, according to the CME FedWatch tool.

"On the heels of Wednesday's rise in the (consumer price index), yesterday's hotter-than-expected read on the (producer price index) reinforces the notion of waning disinflationary improvement, and further underscores the need for a patient approach to 2025 monetary policy," Stifel said in a note to clients.

The US 10-year yield was up 6.7 basis points at 4.39% intraday, while the two-year rate rose 5.3 basis points to 4.24%.

In company news, Under Armour's ( UAA ) class A shares were down 9%. The sportswear company's turnaround initiatives are generally encouraging, but visibility into the company's forward growth remains limited at this stage, Truist Securities said in a note to clients. The company held its investor meeting Thursday.

Artificial intelligence server maker Super Micro Computer's ( SMCI ) shares were down 5.6%, the steepest decline on the S&P 500 and the Nasdaq.

Broadcom ( AVGO ) shares surged nearly 21%, the top gainer on the S&P 500 and the Nasdaq. Late Thursday, the chipmaker logged stronger-than-expected fiscal fourth-quarter earnings, while its revenue fell short of Wall Street's estimates.

Broadcom ( AVGO ) is expected to see strong growth over the next three years amid "surging" AI opportunity and the addition of two new major customers, BofA Securities said in a client note e-mailed Friday.

Progressive (PGR) reported November net income of $1.71 a share, up from $1.15 a year earlier. The company's shares were up 4.3%, the second-best S&P 500 performer.

West Texas Intermediate crude oil rose 1.8% to $71.27 a barrel intraday.

Gold was down 1.3% at $2,675.50 per troy ounce, while silver lost 1.8% to $31.04 per ounce.