12:52 PM EDT, 03/28/2024 (MT Newswires) -- US equity indexes were mixed in choppy trading after midday on Thursday, led by declines in communication services and technology.

The S&P 500 rose less than 0.1% to 5,253.4, hovering close to its record high of 5,261.1. The Nasdaq Composite slipped 0.1% to 16,380.2 after trading slightly higher earlier in the session. The Dow Jones Industrial Average advanced less than 0.1% to 39,764.2, within touching distance of the record 40,000 mark. Apart from technology, communications services, and industrials, all the other sectors rose intraday, led by energy and real estate.

The US Treasury two-year yield rose 3.3 basis points to 4.60%, and the 10-year yield slid to 4.19%, a decline of less than one basis point.

In economic news, the seasonally adjusted number of initial claims dropped by 2,000 to 210,000 in the week ended March 23, the US Department of Labor said. The consensus was for 212,000 in a survey compiled by Bloomberg. The previous week's reading was upwardly revised by 2,000 to 212,000.

Real gross domestic product in the December quarter grew at a 3.4% annualized rate, up from a 3.2% gain projected in the second estimate. The consensus in a survey compiled by Bloomberg was for economic growth to remain unrevised. In Q3, real GDP rose 4.9%, according to government data.

The University of Michigan's consumer sentiment index was revised higher on Thursday to a reading of 79.4 for March from the 76.5 print in the preliminary estimate, above the expectations for no revision in a survey compiled by Bloomberg. The March level is now higher than the final reading, 76.9, in February.

Respondents expected a 2.9% inflation rate over the next year and 2.8% annual inflation over the next five years, slower from 3% and 2.9%, respectively, in February.

BofA Securities upgraded The Estee Lauder Companies ( EL ) to buy from neutral, expecting sales and profit growth, and raised the company's share-price target to $170 from $160. Shares of the skincare and make-up firm traded 6.4% higher intraday, the top performer on the S&P 500.

Meanwhile, DZ Bank downgraded Apple ( AAPL ) to hold from buy while adjusting its price objective to $180 from $210. Shares of the iPhone manufacturer fell 1.2% intraday, the worst performer on the S&P 500.

West Texas Intermediate crude oil surged 1.7% to $82.76 a barrel.