02:18 PM EDT, 07/28/2025 (MT Newswires) -- US benchmark equity indexes were mixed after midday Monday as traders weighed a trade deal with the European Union and awaited key corporate earnings and the Federal Reserve's monetary policy decision due later in the week.

The Nasdaq Composite was up 0.3% at 21,168 intraday, while the Dow Jones Industrial Average fell 0.2% to 44,824.5. The S&P 500 was little changed at 6,387.2. On Friday, the S&P 500 and the technology-heavy Nasdaq closed at all-time highs.

Among sectors, energy paced the gainers intraday Monday, while materials saw the steepest decline.

The US and the EU announced a trade deal Sunday, under which the bloc will pay 15% tariffs on most of its exports, including automobiles, semiconductors and pharmaceuticals.

"The deal itself was largely along the lines of the US-Japan deal, although many details are lacking," Saxo Bank said in a report published Monday. "There is the broad 15% across-the-board level, not including steel and aluminum, and promises that the EU will buy ($750 billion) in US imports, including energy and defense, and that European companies will invest ($600 billion) in the US."

Oppenheimer on Monday raised its year-end target for the S&P 500 to 7,100 from 5,950 as recent trade deals have helped reduce policy uncertainty that fueled economic concerns earlier this year.

Last week, the US announced trade deals with Japan, the Philippines and Indonesia. Trump said Monday that he will likely impose a tariff rate between 15% and 20% on countries that haven't struck trade deals, CNBC reported. The US administration has set an Aug. 1 deadline for countries to negotiate deals with Washington or potentially face higher tariffs.

US Treasury yields were higher intraday Monday, with the 10-year rate rising 2.8 basis points to 4.41% and the two-year rate gaining 1.3 basis points to 3.93%.

Tech giants Microsoft ( MSFT ) , Apple ( AAPL ) , Amazon.com ( AMZN ) and Meta Platforms ( META ) are scheduled to report their latest quarterly financial results later this week, along with companies such as Visa (V), Procter & Gamble ( PG ) , UnitedHealth ( UNH ) , Boeing ( BA ) , Starbucks ( SBUX ) , Qualcomm ( QCOM ) , and Mastercard ( MA ) .

In company news, Nike ( NKE ) shares were up 4% intraday Monday, the top gainer on the Dow and the second-best on the S&P 500. JPMorgan upgraded its rating on the athletic footwear and apparel maker's stock to overweight from neutral and raised the price target to $93 from $64.

Revvity ( RVTY ) shares sank 8%, the second-worst S&P 500 performer, after the company lowered its full-year earnings outlook.

West Texas Intermediate crude oil was up 1.9% at $66.37 a barrel intraday.

The Fed's monetary policy committee will kick off its meeting Tuesday, with a decision on interest rates due Wednesday. Markets are widely expecting the central bank to hold the benchmark lending rate steady, according to the CME FedWatch tool.

The US-EU trade deal may leave Fed Chair Jerome Powell "with one less excuse to not reduce the Fed funds rate target by September, although December remains our economists' baseline point in time," Macquarie said in a Monday client note.

Gold was down 0.8% at $3,309.5 per troy ounce, while silver dropped 0.4% to $38.2 per ounce.