01:28 PM EDT, 09/20/2024 (MT Newswires) -- US equity indexes traded mixed midday Friday, giving up some of its strong gains from the prior trading session in the aftermath of the Federal Reserve's policy easing.

The S&P 500 index fell 0.1% to 5,705.9, and the Nasdaq Composite slid 0.2% to 17,969.5. The Dow Jones Industrial Average rose 0.2% to 42,102, turning the corner. All sectors except communication services, utilities, and consumer staples fell intraday. Materials and industrials led the decliners.

The mixed mood on Friday afternoon follows a rally on Thursday when the S&P 500 hit its 39th all-time high for this year after the Fed eased the policy rate for the first time since March 2020. The Dow also touched twice new 52-week highs this week as the central bank cut rates after remaining on the sidelines for 13 months.

Most US Treasury yields fell intraday, with the 10-year yield down 1.8 basis points to 3.72% and the two-year rate 2.8 basis points lower at 3.58%.

In economic news, state-level data released by the Bureau of Labor Statistics Friday showed the unemployment rate rose in six states and the District of Columbia in August, and fell in one state while holding steady elsewhere. The largest unemployment rate gain was in South Carolina, where it rose by 40 basis points.

In company news, Constellation Energy ( CEG ) said Friday it signed a 20-year power purchase agreement with Microsoft ( MSFT ) , enabling the launch of the Crane Clean Energy Center and the restart of Three Mile Island Unit 1, which shut down five years ago. Shares of Constellation soared 20% intraday, the top gainer on the S&P 500 and the Nasdaq.

FedEx ( FDX ) reported a surprise drop late Thursday in fiscal Q1 adjusted earnings and revenue. Shares of the parcel delivery firm sank 14% intraday, the worst performer on the S&P 500.

Nike ( NKE ) said Thursday that Elliott Hill will rejoin the company as chief executive officer, effective Oct. 14. John Donahoe will retire from the CEO role, effective Oct. 13, but will remain an advisor to ensure a smooth transition through Jan. 31, 2025. Hill was president of consumer and marketplace before his retirement in 2020. Shares of Nike ( NKE ) jumped past 6% intraday, the leader on the Dow.

West Texas Intermediate crude oil futures rose 0.6% to $72.35 a barrel.

"After the FED opened the door for risk appetite overnight on Wednesday, it did take a little while for the ever-present bulls to step through ... One can only surmise that digestion of the chunky rate cut had to first dismiss the notion that in some ways it was defensive amid the recent poor employment data which the [jobless] claims [released Thursday] eased," PVM Oil Associates noted.

Gold jumped 1.2% to $2,646.60 an ounce after touching a new high of $2,650.60 intraday. Silver rose 0.4% to $31.55.

"Gold trades (at) a fresh record high," supported by interest-rate cuts and Middle East tensions, Saxo Bank said in a research note.