04:55 PM EST, 12/19/2024 (MT Newswires) -- The S&P 500 and the Nasdaq Composite closed lower Thursday as traders analyzed the latest economic data and corporate earnings.

The S&P 500 and the Nasdaq ticked down 0.1% each to 5,867.1 and 19,372.8, respectively. The Dow Jones Industrial Average was little changed at 42,342.2, breaking a 10-day losing streak. Among sectors, real estate saw the steepest decline, while utilities led the gainers.

In economic news, US third-quarter real gross domestic product rose at a 3.1% annual rate, according to a final estimate by the Bureau of Economic Analysis, up from its previous estimate indicating 2.8% growth. The consensus in a Bloomberg-compiled poll had called for the metric to remain unchanged.

"A stronger-than-expected showing in third-quarter GDP reinforces the (Federal Reserve's) characterization of a 'solid' economy and the need for a reduced pace and number of further (interest) rate cuts," Stifel said in a note to clients. "With a strong consumer and positive business investment, there is ample justification for a policy pause sooner than later as we turn the calendar page into 2025."

On Wednesday, the US central bank's Federal Open Market Committee reduced interest rates by 25 basis points and flagged fewer cuts ahead than previously projected.

The monetary policy stance is now "significantly less restrictive," Fed Chair Jerome Powell said at a press conference following the FOMC's meeting. "We can therefore be more cautious as we consider further adjustments to our policy rate."

US existing home sales rose more than expected sequentially last month and logged the biggest year-over-year increase since June 2021, according to the National Association of Realtors.

Manufacturing declines in both the US Mid-Atlantic and Midwest regions unexpectedly worsened this month, separate surveys from the Philadelphia and Kansas City Feds showed.

The US two-year yield fell 3.6 basis points to 4.32% Thursday, while the 10-year rate increased 6.8 basis points to 4.57%.

West Texas Intermediate crude oil fell 1% to $69.85 a barrel Thursday.

In company news, Lamb Weston ( LW ) shares slumped 20%, the worst performer on the S&P 500. The frozen potato products supplier posted disappointing fiscal second-quarter results and lowered its full-year guidance, while saying its chief executive will step down.

Micron Technology ( MU ) saw the steepest decline on the Nasdaq and the second-biggest on the S&P 500, down 16%. Late Wednesday, the memory and storage product maker flagged weakness in its consumer-oriented markets that will likely impact its second-quarter outlook.

Darden Restaurants ( DRI ) shares jumped nearly 15% Thursday, the top gainer on the S&P 500. The Olive Garden ( DRI ) and LongHorn Steakhouse parent raised its full-year revenue outlook and reported better-than-expected fiscal second-quarter results.

Accenture ( ACN ) was the second-best performer on the S&P 500, up 7.1%. The consulting firm increased its full-year revenue growth outlook and logged better-than-expected fiscal first-quarter results.

Gold dropped 1.6% to $2,610.80 per troy ounce, while silver slumped 4.1% to $29.49 per ounce.