01:56 PM EST, 01/31/2025 (MT Newswires) -- US benchmark equity indexes were mixed intraday as markets analyzed the latest reading of the Federal Reserve's preferred inflation metric, as well as corporate earnings.

The Nasdaq Composite was up 0.8% at 19,834.4 after midday Friday, while the S&P 500 rose 0.3% to 6,089.9. The Dow Jones Industrial Average fell 0.4% to 44,726.2. Among sectors, consumer discretionary and communication services paced the gainers. Energy saw the biggest drop.

In economic news, official data showed that US consumer spending growth accelerated at the end of 2024, while the Fed's preferred inflation gauge held steady at the annual level.

"Despite the tamer price and wage figures, robust consumer spending and uncertain trade policies will likely keep the Fed sidelined in the months ahead," BMO Capital Markets said in a note.

Separately, Fed Governor Michelle Bowman said that policymakers should take a "cautious and gradual" approach to adjusting monetary policy amid upside risks to inflation.

"In light of the ongoing strength in the economy and with equity prices substantially higher than a year ago, it seems unlikely that the overall level of interest rates and borrowing costs are exerting meaningful restraint," Bowman said.

On Wednesday, the Federal Open Market Committee decided to hold its benchmark lending rate steady following three straight cuts, saying that inflation remained "somewhat elevated."

The US two-year yield was up 2.1 basis points at 4.22% intraday, while the 10-year rate added two basis points to 4.53%.

In company news, Atlassian ( TEAM ) shares surged nearly 16%, the best performer on the Nasdaq. The company late Thursday issued an upbeat outlook for its fiscal third-quarter revenue after delivering a second-quarter beat.

AbbVie ( ABBV ) posted better-than-expected fourth-quarter results Friday amid robust sales of Skyrizi and Rinvoq, prompting the drugmaker to lift its long-term combined revenue outlook for the two immunology drugs. It shares were up 5.5%, among the top gainers on the S&P 500.

Deckers Outdoor ( DECK ) shares sank 17%, the worst performer on the S&P 500. Late Thursday, the company's updated fiscal 2025 sales guidance fell short of Wall Street's views.

West Texas Intermediate crude oil was down 0.6% at $72.30 a barrel intraday.

Gold fell 0.1% to $2,843.60 per troy ounce, while silver dropped 0.7% to $32.28 per ounce.