03:44 PM EDT, 08/26/2024 (MT Newswires) -- US benchmark equity indexes were struggling for direction ahead of Monday's close following a rally in the previous session after Federal Reserve Chair Jerome Powell said the "time has come" for interest rate cuts.

The Nasdaq Composite was down 0.9% at 17,724.8, while the S&P 500 fell 0.4% to 5,615.6. The Dow Jones Industrial Average rose 0.1% to 41,215.7. Among sectors, technology saw the steepest decline, while energy paced the gainers.

"The time has come for policy to adjust," Powell said Friday at the annual economic symposium in Jackson Hole, Wyoming, adding that upside risks to inflation have "diminished."

"The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks," he added.

Equity markets closed higher Friday.

The US two-year yield was up 2.3 basis points at 3.94% ahead of Monday's close, while the 10-year rate added 1.1 basis points to 3.82%.

West Texas Intermediate crude oil jumped 3.2% to $77.24 a barrel.