02:06 PM EDT, 05/31/2024 (MT Newswires) -- US benchmark equity indexes were mixed after midday Friday, as official data showed the Federal Reserve's preferred inflation gauge met market projections for April.

The Nasdaq Composite was down 1.1% at 16,544.5 intraday, while the S&P 500 fell 0.4% to 5,215.8. The Dow Jones Industrial Average rose 0.5% to 38,289.3. Among sectors, technology saw the steepest decline, while energy led the gainers.

In economic news, US consumer spending weakened more than expected last month as outlays on goods fell into contraction territory, according to government data. The annual headline personal consumption expenditure price index and the Fed's preferred core measure -- which excludes food and energy -- remained unchanged at 2.7% and 2.8%, respectively. Both metrics were in line with Wall Street's forecast.

"While April's inflation numbers are headed in the right direction once again, Fed governors are likely to continue their exercise in patience, with the first rate cut occurring closer to the end of the year," TD Economics said in a note.

Separately, Stifel said that with inflation "stubbornly elevated, a growing number of Fed officials continue to question whether the (Federal Open Market Committee) stopped short of a sufficiently restrictive level to tackle price pressures, or if the current pace of policy is as restrictive as previously thought."

The US 10-year yield fell 4.4 basis points to 4.51% intraday, while the two-year rate declined 3.6 basis points to 4.89%.

In company news, MongoDB ( MDB ) shares slumped roughly 25%, the steepest decline on the Nasdaq. The database software maker late Thursday lowered its full-year outlook due to a slower-than-expected start for its Atlas offering and new workload wins, even as its fiscal first-quarter results topped market estimates.

Zscaler ( ZS ) was the top gainer on the Nasdaq intraday Friday, up 7.2%. The company late Thursday posted fiscal third-quarter results that topped the Street's estimates.

Carl Icahn has amassed a large position in Caesars Entertainment ( CZR ) , Bloomberg News reported, citing unnamed sources. Caesars shares jumped nearly 11%, the best performer on the S&P 500.

West Texas Intermediate crude oil fell 0.9% to $77.24 per barrel intraday.

Gold was down 0.9% at $2,345.10 per troy ounce, while silver sank 3.6% to $30.39 per ounce.