12:25 PM EDT, 09/20/2024 (MT Newswires) -- US equity indexes fell 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 0.2% to 5,699.7, with the Nasdaq Composite down 0.3% to 17,960.5 and the Dow Jones Industrial Average 0.03% lower at 42,010.7. All sectors except communication services and utilities fell intraday. Materials, energy, and industrials led the decliners.

All three mainstream indexes retreated by early Friday afternoon following a rally on Thursday when the S&P 500 hit its 39th all-time high for this year after the Fed eased policy rate for the first time since March 2020. The Dow also reached two new 52-week highs this week as the central bank cut rates after remaining on the sidelines for 13 months.

US Treasury yields were mixed, with the 10-year yield little changed at 3.73% and the two-year rate falling 2.3 basis points to 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 16% 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.

West Texas Intermediate crude oil futures were little changed at $71.95 a barrel.