04:54 PM EDT, 03/20/2025 (MT Newswires) -- US benchmark equity indexes closed mostly lower Thursday, a day after President Donald Trump renewed calls on the Federal Reserve to reduce rates.

The Nasdaq Composite fell 0.3% to 17,691.6, while the S&P 500 dropped 0.2% to 5,662.9. The Dow Jones Industrial Average was largely flat at 41,953.3. Among sectors, materials saw the steepest decline, while utilities and energy led the gainers.

"The Fed would be much better off cutting rates as US tariffs start to transition (ease!) their way into the economy," Trump said in a social media post late Wednesday. "Do the right thing."

Trump's comments followed a decision by the Federal Open Market Committee to keep interest rates unchanged for a second straight meeting. Policymakers left their interest rate outlook intact through 2027 while downgrading economic growth projections.

"Uncertainty around the economic outlook has increased," the FOMC said in a Wednesday statement.

The European Union has delayed the first round of tariffs on goods from the US to allow time for a deal with American officials, the New York Times reported Thursday, citing an EU spokesperson.

US Treasury yields moved lower, with the 10-year rate dropping 1.7 basis points to 4.24% and the two-year rate losing 1.5 basis points to 3.96%.

In economic news, US existing home sales rebounded unexpectedly in February as more inventory helped bring buyers to the market, according to National Association of Realtors data.

"Home buyers are slowly entering the market," NAR Chief Economist Lawrence Yun said. "Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand."

Weekly applications for unemployment insurance in the US rose less than projected, while continuing claims moved higher, government data showed.

The claims report confirms "no current evidence of substantial layoffs" in the labor market through a cut off in federal spending from the Department of Government Efficiency, Jefferies said.

West Texas Intermediate crude oil rose 1.6% to $68.26 a barrel Thursday.

In company news, Accenture ( ACN ) shares dropped 7.3%, the steepest decline on the S&P 500. The consulting firm pointed to a potential slowdown in federal revenue as the Trump administration pushes to cut federal spending.

Microchip Technology ( MCHP ) said that Macquarie Group will oversee the sale of its wafer fabrication facility in Tempe, Arizona. Microchip shares fell 6.5%, among the worst performers on the S&P 500.

Darden Restaurants' ( DRI ) fiscal third-quarter results rose year over year, while the Olive Garden ( DRI ) parent narrowed its full-year earnings guidance. The company's shares gained 5.8%, the top performer on the S&P 500.

Jabil ( JBL ) followed Darden on the S&P 500, up 3.1%. The manufacturing solutions provider lifted its full-year outlook after logging reported better-than-expected fiscal second-quarter results.

Gold rose 0.4% to $3,053.70 per troy ounce, while silver fell 0.3% to $34.09 per ounce.

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