01:45 PM EDT, 08/27/2024 (MT Newswires) -- US equity indexes traded mixed in midday trading Tuesday as investors weighed a surprise increase in a closely monitored consumer confidence gauge, while awaiting quarterly results from Nvidia ( NVDA ) , the artificial intelligence bellwether.

The S&P 500 and the Nasdaq Composite were up 0.2% each to 5,630.1 and 17,777.1 , respectively. The Dow Jones Industrial Average was fractionally down to 41,234.18 . Consumer discretionary, energy, and utilities were the steepest decliners intraday, while financials and technology were among the few gainers.

Nvidia's ( NVDA ) business trends continue to improve as it puts out new AI models given that demand for graphic processing units "appears insatiable," Truist Securities said in a note, while raising its price target on the stock to $145 from $140. The technology behemoth, which accounts for chunky S&P 500 and the Nasdaq gains since October, will report financial results after the bell on Wednesday.

Meanwhile, in economic news, the Conference Board's measure of consumer confidence rose to 103.3 in August from 101.9 in July, above a reading of 100.8 expected in a survey compiled by Bloomberg. The August print hit the highest since February, said a note from Jefferies.

Inflation expectations for the next 12 months eased to 4.9% from 5.3%, the lowest since March 2020. "The decline in inflation expectations is a big driver behind the improvement in confidence," Jefferies US Economist Thomas Simons said in the note.

The Dallas Federal Reserve's monthly general business services index worsened to minus 7.7 in August from minus 0.1 in July. The gauge is in line with the Philadelphia and Richmond Fed indexes, but in contrast with the Kansas City and the S&P Global flash measures that pointed to expansion.

Treasury yields were mixed, with the 10-year up 2.6 basis points to 3.84%. The two-year yield at 3.92% reflected a decline of 1.6 basis points. Federal Reserve Chair Jerome Powell said on Friday that data would determine the timing and pace of interest rate cuts and suggested the balance of risks has shifted as softness in the labor market is now more concerning than inflation.

West Texas Intermediate crude oil dropped 2.5% to $75.48 a barrel.

In company news, Insulet ( PODD ) shares jumped nearly 7% intraday, the leader on the S&P 500, after the company said the US Food and Drug Administration cleared its Omnipod 5 automated insulin delivery system for adults with type 2 diabetes.

Morgan Stanley adjusted its price target on Coca-Cola (KO) shares to $78 from $70, while maintaining its overweight rating. Shares were up just under 1% intraday, among the top gainers on the Dow.

Gold slipped 0.1% to $2,553.8 an ounce, and silver fell 0.1% to $29.99.