04:50 PM EDT, 06/14/2024 (MT Newswires) -- US equity indexes ended the week mixed as technology helped counter the impact of the Federal Reserve's not-so-dovish policy response to easing inflation.

* The Dow Jones Industrial Average, home to 30 mega-caps mainly from the traditional economic landscape, closed Friday at 38,589.16 on Friday versus 38,798.86 a week ago. The tech-heavy Nasdaq Composite closed at 17,688.88 versus 17,133.13 the week prior. The S&P 500, home to some of the biggest technology giants, ended at 5,431.60, compared with 5,346.99 a week earlier.

* The S&P 500 and the Nasdaq made fresh record highs throughout the week due mainly to the sector-topping performance from technology.

* Broadcom ( AVGO ) , Adobe Systems (ADBE), Oracle (ORCL), Nvidia ( NVDA ) , and Apple ( AAPL ) led the mega-cap gainers in technology as company-specific news fired up investors.

* Federal Reserve Chair Jerome Powell signaled this week more evidence is needed to conclude inflation is heading toward the central bank's 2% target. Further, policymakers reduced interest-rate cuts they expect to make this year to one from three in the Summary of Economic Projections. They extended the policy pause to the seventh meeting.

* After Wednesday's cooler-than-expected Consumer Price Index report, the headline decline in the Producer Price Index released Thursday was more evidence inflation is pulling back, Stifel Chief Economist Lindsey Piegza said in a note.

"Following several months of head fakes at the start of the year with inflation moving higher, the Fed is less apt than investors to look at one month's data as an indication of achieving price stability let alone justification to move forward with rate cuts anytime soon," Piegza said in the note.

* The probability that the FOMC will cut interest rates by 25 basis points in September rose to 61% by late Friday afternoon, from 47% a week ago, according to the CME Group's FedWatch Tool. The likelihood of the Fed remaining on hold in September fell to 29% from 50%.