12:21 PM EST, 01/30/2025 (MT Newswires) -- US equity indexes traded mixed after midday on Thursday following a lighter-than-expected advance reading for Q4 economic growth and an unexpected drop in jobless claims amid mega-cap earnings.

The Nasdaq Composite fell by 0.2% to 19,594.1. The S&P 500 was up 0.1% to 6,048.0, after trading slightly lower earlier in the session. The Dow Jones Industrial Average rose 0.2% to 44,806.5.

In economic news, US gross domestic product rose by 2.3% in the advance estimate for Q4, below a 2.6% gain expected in a survey compiled by Bloomberg and slower than a 3.1% growth in Q3. The second estimate is due Feb. 27, the US Bureau of Economic Analysis said Thursday.

US initial jobless claims fell to 207,000 in the week ended Jan. 25 from 223,000 in the previous week, compared with expectations for 225,000 in a survey compiled by Bloomberg. The four-week moving average decreased by 1,000 to 212,500.

The labor market is not a main source of inflation pressures, and it is not necessary for employment to weaken further to bring down inflation further, Federal Reserve Chairman Jerome Powell said in a press conference Wednesday after the Federal Open Market Committee paused, as expected, on cutting interest rates. Powell said the rate-setting panel does not need to rush to lower interest rates given the pace of inflation remains elevated.

Most US Treasury yields fell intraday, with the benchmark 10-year down 3.9 basis points to 4.52% and the two-year 1.7 basis points lower at 4.21%.

Gold futures jumped 1.7% to $2,841.52 an ounce after touching $ 2,830.50 earlier in the session, the highest on record for the yellow metal on an intraday basis. Silver futures surged 3.7% to $32.56.

In earnings news from late Wednesday, International Business Machines ( IBM ) reported Q4 non-GAAP earnings that beat the market's expectations, with revenue that increased from a year ago. Shares jumped 12.7% intraday, the top performer on the S&P 500 and the Dow.

On Thursday, United Parcel Service ( UPS ) issued a downbeat full-year revenue outlook after posting Q4 topline below market estimates. The company expects a cut of more than 50% in volumes from its largest customer next year. Its shares slumped 16.6% intraday, the worst performer on the S&P 500.

West Texas Intermediate crude oil futures rose 0.2% to $72.76 a barrel.