05:09 PM EST, 11/14/2024 (MT Newswires) -- US benchmark equity indexes closed lower Thursday as traders parsed comments by Federal Reserve Chair Jerome Powell.

The S&P 500 and the Nasdaq Composite fell 0.6% each to 5,949.2 and 19,107.7, respectively, while the Dow Jones Industrial Average lost 0.5% to 43,750.9. Among sectors, industrials saw the biggest drop. Only energy and technology closed higher.

Powell said the US economy is "not sending any signals that we need to be in a hurry" to ease monetary policy.

"The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully," he said. "Ultimately, the path of the policy rate will depend on how the incoming data and the economic outlook evolve."

Inflation is close to the 2% longer-run target, "but it is not there yet," Powell said. "We are closely tracking the gradual decline in housing services inflation, which has yet to fully normalize."

Separately, Fed Governor Adriana Kugler said disinflation in the US has slowed, while "stubborn" housing inflation and price pressures in other categories could stall progress toward price stability.

Last week, the central bank's Federal Open Market Committee lowered its benchmark lending rate by 25 basis points, following a 50-basis-point reduction in September.

The US two-year yield rose 7.6 basis points to 4.36% Thursday, while the 10-year rate was little changed at 4.45%.

In economic news, US producer price growth accelerated in October sequentially, the Bureau of Labor Statistics reported. BLS data showed Wednesday that US consumer inflation increased in line with market estimates last month.

The probability of the FOMC lowering interest rates by 25 basis points next month dropped to 59% Thursday from 83% Wednesday, according to the CME FedWatch tool. The odds of rates remaining unchanged rose to 41%.

Weekly applications for unemployment insurance fell to the lowest level since May, while continuing claims retracted, according to US government data.

West Texas Intermediate crude oil rose 0.3% to $68.65 a barrel Thursday. Commercial crude stockpiles in the US increased more than projected last week, government data showed.

The International Energy Agency increased its 2024 global oil demand outlook as consumption in advanced economies rebounded in the third quarter. On Tuesday, the Organization of the Petroleum Exporting Countries trimmed its 2024 and 2025 global oil demand projections for the fourth straight month.

In company news, Super Micro Computer ( SMCI ) shares slumped 11%, the steepest decline on the Nasdaq and the second-worst on the S&P 500. On Wednesday, the artificial intelligence server maker said it cannot file its quarterly report for the period ended Sept. 30 on time.

Electric vehicle maker Tesla's (TSLA) shares declined 5.8% Thursday, the second-worst performer on the Nasdaq.

Walt Disney's ( DIS ) fiscal fourth-quarter results exceeded market expectations, buoyed by its streaming business. The media and entertainment giant said it expects adjusted earnings growth in fiscal 2025 year over year. The company's shares rose 6.2%, the top performer on the Dow and among the best on the S&P 500.

Tapestry (TPR) terminated its proposed acquisition of Michael Kors and Versace parent Capri (CPRI) due to uncertainty regarding regulatory approvals. Tapestry shares jumped nearly 13%, the best performer on the S&P 500, while Capri advanced 4.4%.

Gold fell 0.6% to $2,570.60 per troy ounce, and silver lost 0.4% to $30.55 per ounce.