12:23 PM EST, 12/05/2024 (MT Newswires) -- US equity indexes traded mixed near record highs, taking a breather ahead of November's nonfarm payrolls.

The S&P 500 rose less than 0.1% to 6,088.1 after midday on Thursday. The index is up almost 27.6% this year, versus its 2013 gain of 29.6%, which is the biggest annual gain since the beginning of this century, according to a note from Deutsche Bank. The Nasdaq Composite climbed 0.2% to 19,770.2. The S&P 500 and the Nasdaq made fresh intraday highs earlier in the session.

The Dow Jones Industrial Average fell 0.3% to 44,897.3, still trading close to its all-time peak on Wednesday.

Consumer discretionary was the top gainer intraday, while materials led decliners.

Fed Chair Jerome Powell reportedly said Wednesday the US economy is strong, potentially allowing the Federal Open Market Committee to be cautious while easing monetary policy. Following those comments at the New York Times DealBook Summit, the probability of a 25 basis point interest-rate cut on Dec. 18 stood at 68% as of Thursday afternoon compared with 78% a day ago, according to the CME Group's FedWatch Tool.

The remaining likelihood is the Fed will pause its easing cycle, which began in September.

Treasury yields rose intraday, with the US 10-year up 1.9 basis points to 4.2%. The two-year climbed 4.6 basis points to 4.17%.

In economic news Thursday, US initial jobless claims rose to 224,000 in the week ended Nov. 30 from an upwardly revised 215,000 in the previous week, compared with expectations for 215,000 in a survey of analysts compiled by Bloomberg. The four-week moving average rose by 750 to 218,250 after declines in the previous five weeks, the US Labor Department said Thursday.

West Texas Intermediate crude oil futures rose 0.4% to $68.81 a barrel.