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Updates with mid-session trading

By Shashwat Chauhan and Sukriti Gupta

Feb 14 (Reuters) - Wall Street's main indexes were muted on Friday, though set for firm weekly advances as Treasury yields continued to decline a day after U.S. President Donald Trump unveiled his reciprocal tariff plans but stopped short of imposing new ones.

Yields across government bonds slipped for a second straight day after data showed U.S. retail sales fell more than expected in January, dropping 0.9% last month after an upwardly revised 0.7% increase in December.

"In terms of monetary policy, this data supports the likelihood of a second rate cut in 2025," said Quasar Elizundia, research strategist at Pepperstone.

The yield on the 10-year note US10YT=RR fell about 7 basis points, last at 4.44%.

Trump, meanwhile, tasked his economics team on Thursday with devising plans for reciprocal tariffs on every country taxing U.S. imports, though the directive stopped short of imposing fresh tariffs.

Howard Lutnick, Trump's pick for commerce secretary, said the administration would address each affected country one by one and said studies on the issue would be completed by April 1.

Imposition of tariffs on steel and aluminum imports, a bigger-than-expected rise in January's consumer prices and hawkish comments from Federal Reserve Chair Jerome Powell added to market volatility this week, with uncertainty likely to persist.

However, all three major indexes are set for robust weekly gains, with the S&P 500 .SPX currently just shy of its record high hit three weeks ago.

Stocks also got a boost earlier this week after data showed U.S. producer prices increased in January, while key elements in the core Personal Consumption Expenditures (PCE) index, a measure closely tracked by the Fed, were benign or lower.

Traders are fully pricing in at least one 25-basis-point interest rate cut by the end of the year, with an about 50% chance of an additional such reduction, as per data complied by LSEG.

At 11:22 a.m. ET, the Dow Jones Industrial Average .DJI fell 103.18 points, or 0.23%, to 44,608.25, the S&P 500 .SPX lost 0.01 points, or 0.00%, to 6,115.06 and the Nasdaq Composite .IXIC gained 9.67 points, or 0.05%, to 19,955.32.

Seven of the 11 S&P 500 sectors traded higher, with energy .SPNY leading gains, up 0.8%, tracking rising oil prices.

Nvidia NVDA.O outpaced most megacap and growth stocks, adding 1%, while Apple AAPL.O bounced 0.8% higher.

Airbnb ABNB.O jumped 14.4% after the vacation home rentals company posted higher quarterly revenue.

DaVita DVA.N dropped 13.5% after the dialysis firm projected annual profit below estimates. Warren Buffett's Berkshire Hathaway BRKa.N also sold some of its shares in the company.

Applied Materials AMAT.O shed 6.4% after the chipmaking equipment maker forecast second-quarter revenue below estimates.

U.S. markets will remain closed on Monday for the Washington's Birthday holiday.

Advancing issues outnumbered decliners by a 1.83-to-1 ratio on the NYSE and by a 1.2-to-1 ratio on the Nasdaq.

The S&P 500 posted 35 new 52-week highs and six new lows, while the Nasdaq Composite recorded 112 new highs and 58 new lows.

(Reporting by Shashwat Chauhan and Sukriti Gupta in Bengaluru; Editing by Maju Samuel)

((Shashwat.Chauhan@thomsonreuters.com;))