12:25 PM EDT, 07/31/2025 (MT Newswires) -- US equity indexes traded mixed as Mag-7 stalwarts helped lift the S&P 500 and the Nasdaq Composite while investors weighed the Federal Reserve's preferred inflation data a day after the September interest-rate cut failed to receive Chair Powell's blessings.

The Nasdaq Composite rose 1% to 21,344.2 in midday trading on Thursday, after hitting a new all-time high of 21,457.48 intraday. The S&P 500 climbed 0.6% to 6,398.2, after making a fresh record high of 6,427.02 earlier in the session. The Dow Jones Industrial Average stood little changed at 44,471.8.

Communication services and technology led the gainers intraday, while healthcare and materials stood among the decliners.

In company news, Meta Platforms ( META ) shares jumped 11% intraday, among the biggest gainers on the Nasdaq and the S&P 500, after the company reported higher Q2 earnings and revenue.

Microsoft ( MSFT ) shares advanced 4.5% intraday, among the leaders on the Nasdaq and the Dow, after the company posted higher fiscal Q4 earnings and revenue.

The S&P 500 and Nasdaq were boosted by strong earnings from Meta and Microsoft ( MSFT ), a D.A. Davidson research note said early on Thursday.

The probability of a 25-basis-point interest rate cut fell to 41% on Thursday afternoon, from 58% a week ago, data compiled by the FedWatch Tool showed. The likelihood stood at 47% at the close on Wednesday, the day on which Federal Reserve Chair Jerome Powell signaled the central bank will hold off on interest-rate cuts as it assesses the impact of US tariffs on inflation.

"The Fed did not fulfill some of the market's expectations that it would signal imminent interest rate cuts," Christopher Louney, a commodities strategist at RBC Capital Markets, said in a note. "Powell stated that no decisions had been made about easing in September, that the labor market was solid, and inflation was above target."

In economic news, the personal consumption expenditures price index rose by 0.3% sequentially in June, as expected, lifting the year-over-year rate to 2.6% from 2.4%, the Bureau of Economic Analysis reported Thursday. The June print, which is higher than May's 0.2%, is the largest gain since April, according to a note from Stifel.

The core PCE price index, the Fed's preferred inflation gauge that excludes the more volatile food and energy prices, increased by 0.3%, as expected, and after a 0.2% gain in May. The year-over-year rate remained at 2.8%.

Most US Treasury yields declined, with the 10-year yield down four basis points to 4.34%.