01:07 PM EDT, 07/31/2025 (MT Newswires) -- US equity indexes traded mixed as strong quarterly results from Mag-7 stalwarts failed to spark a rally after Federal Reserve Chair Jerome Powell decided against blessing a September interest-rate cut and the central bank's preferred inflation gauge rose sequentially.

The Nasdaq Composite rose 1% to 21,344.2 in midday trading on Thursday, after hitting a new all-time high of 21,457.48 intraday. The S&P 500 climbed 0.6% to 6,398.2, after making a fresh record high of 6,427.02 earlier in the session. The Dow Jones Industrial Average stood little changed at 44,471.8.

Communication services and technology led the gainers intraday, while healthcare and materials stood among the decliners.

In company news, Meta Platforms ( META ) shares jumped 11% intraday, among the biggest gainers on the Nasdaq and the S&P 500, after the company reported higher Q2 earnings and revenue.

Microsoft ( MSFT ) shares advanced 4.5% intraday, among the leaders on the Nasdaq and the Dow, after the company posted higher fiscal Q4 earnings and revenue.

The S&P 500 and Nasdaq were boosted by strong earnings from Meta and Microsoft ( MSFT ), according to a D.A. Davidson research note released early on Thursday.

The probability of a 25-basis-point interest rate cut fell to 41% on Thursday afternoon, from 58% a week ago, according to the CME Group's FedWatch Tool. The likelihood stood at 47% at the close on Wednesday, the day on which Chair Powell signaled the central bank will hold off on interest-rate cuts as it assesses the impact of US tariffs on inflation.

"The Fed did not fulfill some of the market's expectations that it would signal imminent interest rate cuts," Christopher Louney, a commodities strategist at RBC Capital Markets, said in a note. "Powell stated that no decisions had been made about easing in September, that the labor market was solid, and inflation was above target."

In inflation news Thursday, the personal consumption expenditures price index rose 0.3% sequentially in June, as expected, lifting the year-over-year rate to 2.6% from 2.4%, the Bureau of Economic Analysis reported. The June print, which is higher than May's 0.2%, is the biggest since April, according to a note from Stifel.

The core PCE price index, the Fed's preferred inflation gauge that excludes the more volatile food and energy prices, climbed 0.3% in June, as expected, after a 0.2% gain in May. The year-over-year rate remained at 2.8%.

Meanwhile, initial jobless claims rose to 218,000 in the week ended July 26 from 217,000 in the previous week, compared with expectations for 224,000 in a survey of analysts compiled by Bloomberg. The gain followed declines in the prior six weeks, according to the Labor Department.

Most US Treasury yields declined, with the 10-year yield down four basis points to 4.34%.

Silver futures dropped 2.8% to $36.67 per ounce, and gold futures declined 0.2% to $3,345.1 per ounce.

West Texas Intermediate crude oil futures slumped 1% to $69.29 a barrel.