01:41 PM EDT, 09/24/2024 (MT Newswires) -- US equity indexes rose after consumer confidence fell the most in three years and a regional manufacturing gauge deteriorated, calling into question Federal Reserve Governor Michelle Bowman's stance favoring a measured approach to monetary policy.

After midday Tuesday, the S&P 500 index rose 0.2% to 5,732.5, and the Nasdaq Composite climbed 0.6% to 18,073.6. The Dow Jones Industrial Average advanced 0.1% to 42,170.5 after closing at a new record high in the previous trading session. The materials sector was the standout gainer, while financials led the decliners intraday.

In economic news, the Conference Board's measure of consumer confidence fell to 98.7 in September from 105.6 in August, below the 104 expected in a survey compiled by Bloomberg.

"September's decline was the largest since August 2021 and all five components of the Index deteriorated," said Dana Peterson, Chief Economist at The Conference Board. "Consumers' assessments of current business conditions turned negative while views of the current labor market situation softened further."

The Richmond Fed's monthly manufacturing index worsened to minus 21 in September from minus 19 in August, versus expectations for an improvement to minus 12 in a survey compiled by Bloomberg. The index signals contraction, in line with the S&P global flash estimate but in contrast with the readings from the Empire State and Philadelphia Fed indexes signaling expansion.

Governor Bowman on Tuesday called for a gradual easing in monetary policy restrictions, in contrast with the current consensus on the Federal Open Market Committee. She said inflation remains a concern despite recent progress, while the weakness in the labor market may not be as much as the data has suggested. Bowman was the only dissent to the FOMC's decision to lower the target range for the federal funds rate by 50 basis points at its meeting last week.

Most US Treasury yields fell, turning the corner from earlier in the session. The 10-year yield rose 1.5 basis points to 3.75% while the two-year rate declined 1.3 basis points to 3.56%.

In company news, Marriott International ( MAR ) partnered with Sands China, a Las Vegas Sands ( LVS ) subsidiary (LVS), to launch The Luxury Collection brand in Macao. Shares of Las Vegas Sands ( LVS ) jumped 6.1% intraday, the second-biggest gainer on the S&P 500.

Visa (V) will face a US Justice Department lawsuit as soon as Tuesday alleging it illegally monopolized the debit card market in the US, Bloomberg reported, citing people familiar with the matter. Shares dropped 4.3% intraday, the worst performer on the Dow.

Regeneron (REGN) boasts an "underappreciated" pipeline of prospective drug candidates helping soothe Monday's legal decision rejecting its effort to keep Amgen's ( AMGN ) Eylea biosimilar retina medication off the market, Truist Securities said Monday. Regeneron is evaluating options, Truist said, adding Amgen ( AMGN ) has not yet decided when it will introduce Pavblu. Shares of Regeneron fell 5.8% intraday, the steepest decliner on the Nasdaq.

West Texas Intermediate crude oil futures jumped 1.3% to $71.32 a barrel.

Gold rose 0.9% to $2,675.50 an ounce, and silver soared 4% to $32.35.