01:54 PM EDT, 05/14/2024 (MT Newswires) -- US benchmark equity indexes were mixed intraday, as markets evaluated remarks by Federal Reserve Chair Jerome Powell and official producer prices data for April.

The Dow Jones Industrial Average and the S&P 500 were down 0.1% each at 39,383.8 and 5,218.5, respectively, after midday Tuesday, while the Nasdaq Composite rose 0.2% to 16,412.8. Among sectors, consumer staples and energy saw the steepest declines, while technology and real estate led the gainers.

Powell said the central bank's Federal Open Market Committee is likely to keep its benchmark lending rate elevated for an extended period as inflation is declining more slowly than projected, CNBC reported. Powell reportedly said he doesn't expect policymakers to be raising interest rates.

The FOMC tightened monetary policy by 525 basis points from March 2022 through July 2023 to tame inflation. It has kept interest rates unchanged since then, with its latest pause coming earlier this month.

The US two-year yield fell 3.4 basis points to 4.82% intraday, while the 10-year rate dropped 2.6 basis points to 4.46%.

In economic news, US producer prices rebounded above market expectations on a sequential basis last month, while wholesale costs logged the highest annual increase in a year, government data showed.

"After three earlier months of acceleration, Fed officials were looking to the April report as either confirmation of a temporary upward blip in the first quarter or a more lasting trend," Stifel said in a note. "This morning's hotter-than-expected report, even after accounting for the downward revisions to March, offers more evidence for the latter."

The official consumer price index for April is scheduled to be released Wednesday, with the Bloomberg consensus indicating that inflation likely remained flat at 0.4% on a monthly basis and slowed down to 3.4% from 3.5% year over year.

West Texas Intermediate crude oil dropped 1.4% to $78.02 per barrel intraday.

In company news, Marathon Petroleum ( MPC ) shares were down 3.5%, the steepest decline on the S&P 500, as BMO Capital adjusted its price target on the stock to $215 from $235, while Piper Sandler adjusted to $190 from $204.

Home Depot ( HD ) logged lower fiscal first-quarter results annually, with comparable sales declining more than market expectations, but the home-improvement retailer maintained its full-year outlook. The company's shares fell 1%, among the steepest declines on the Dow.

Stocks that have gained substantial popularity on social media soared intraday, extending a rally triggered by the return of "Roaring Kitty," the person behind the so-called meme stock craze in 2021. GameStop ( GME ) shares advanced 40% in Tuesday trade after closing up 74% on Monday. AMC Entertainment's ( AMC ) shares advanced 38% after climbing 78% the session before.

Gold was up 0.7% at $2,358.70 per troy ounce, while silver jumped 1.1% to $28.76 per ounce.