04:33 PM EDT, 05/24/2024 (MT Newswires) -- US equity indexes ended mixed this week, reflecting the positive impact of Nvidia's ( NVDA ) quarterly results on the technology sector while the Federal Open Market Committee's meeting minutes showed rate increases have not been ruled out.

* The Dow Jones Industrial Average, home to 30 mega-caps from the traditional economic landscape, closed at 39,069.59 on Friday versus 40,003.59 a week ago. The tech-heavy Nasdaq Composite closed at 16,920.79 versus 16,685.97 a week prior, and the S&P 500 ended at 5,304.72, compared with 5,303.27 a week earlier.

* Nvidia ( NVDA ), which accounts for about a fourth of the S&P 500's year-to-date return, jumped more than 10% this week after reporting market-topping fiscal Q1 earnings and sales. The graphic processing unit manufacturer, widely acknowledged as a benchmark for the artificial intelligence industry, helped push technology to the top of sector charts.

* Minutes from the FOMC meeting on Wednesday revealed a reluctance on near-term rate cuts as inflation remains relatively high, a note from D. A. Davidson said. The minutes showed "various participants mentioned a willingness to tighten policy" if necessary.

* The May flash reading of manufacturing conditions from S&P Global rose this week versus expectations for a contractionary report. Notably, the index measuring services conditions climbed to a 12-month high, compared with expectations for a decline, highlighting the Fed's battle against stubborn services inflation.

* Meanwhile, the US initial weekly jobless claims fell more than forecast, reflecting the continuing strength in the labor market.

* The 45% probability of the Fed cutting rates in September is now below the 46% likelihood of a cut in November after presidential elections, according to the CME Group's FedWatch Tool late Friday. Until recently, September was the month in which the likelihood for the easing cycle to begin this year was the highest.