01:24 PM EDT, 03/20/2025 (MT Newswires) -- US equity indexes traded mixed as the probability for interest rate cuts penciled in for this year increased following the March monetary policy meeting while weekly jobless claims rose alongside a gain in existing home sales.

The Nasdaq Composite slipped 0.3% to 17,704.2 after midday Thursday, giving up all its intraday gains. The S&P 500 fell 0.2% to 5,665.2, also turning the corner. The Dow Jones Industrial Average rose 0.1% to 41,995.5 but was off session highs. The communication services sector was the top gainer intraday, while consumer staples and industrials led the decliners.

On Wednesday, the Federal Open Market Committee held interest rates at 4.25% to 4.5%, as expected, downgraded its outlook for economic growth by 0.4%, and increased its inflation projection by 0.3%, according to a note from DA Davidson.

The Fed also indicated it expects more interest-rate cuts through the end of 2025, the Davidson note said. As per the CME FedWatch Tool, the highest probability currently is for three cuts by the end of the year, with that likelihood increasing to 33% after the FOMC meeting compared with 14% a month ago.

"The Fed's easing bias remains in place," Morgan Stanley economists said in a note Thursday. "We retain our call for a June rate cut on our favorable inflation forecast, though we view the bar as higher now than before. The Fed also appears comfortable letting the balance sheet shrink further."

Almost all US Treasury yields fell intraday, with the 10-year yield down 2.3 basis points to 4.23%.

In economic news Thursday, US initial jobless claims rose to 223,000 in the week ended March 15 from an upwardly revised 221,000 in the previous week, below expectations for 224,000 in a survey of analysts compiled by Bloomberg.

The Conference Board's measure of leading indicators fell by 0.3% in February, below expectations for a 0.2% decrease in a survey compiled by Bloomberg and following a revised 0.2% decrease in January.

The pace of US existing home sales rose by 4.2% to a 4.26 million seasonally adjusted annual rate in February from 4.09 million in January, compared with an expected decrease to a 3.95 million rate in a survey compiled by Bloomberg, data from the National Association of Realtors released Thursday showed. Total sales were still down 1.2% from a year earlier when there was one extra selling day due to the leap year.

In company news, Accenture ( ACN ) pointed to a potential slowdown in federal revenue as the Trump administration pushed to cut federal spending but still raised the midpoint of its full-year financial outlook. Its shares dropped 7.3% intraday, the worst performer on the S&P 500.

Microchip Technology ( MCHP ) said Macquarie will oversee the sale of its wafer fabrication facility in Tempe, Arizona. The sale is part of a manufacturing restructuring plan to enhance operational efficiency and profitability. Microchip shares dropped 4.8% intraday, among the worst performers on the Nasdaq.

Jabil ( JBL ) lifted its full-year outlook while reporting better-than-expected fiscal Q2 results, buoyed by revenue gains in its intelligent infrastructure segment. Its shares jumped 4.9%, the second-biggest gainer on the S&P 500.

West Texas Intermediate crude oil futures jumped 1.8% to $68.35 a barrel.

Gold futures rose 0.1% to $3,044.51, while its silver counterpart fell 0.8% to $33.94.