04:44 PM EDT, 05/31/2024 (MT Newswires) -- US benchmark equity indexes closed mostly higher Friday, as official data showed the Federal Reserve's preferred inflation gauge met market expectations for April.

The Dow Jones Industrial Average jumped 1.5% to 38,686.3, while the S&P 500 rose 0.8% to 5,277.5. The Nasdaq Composite was virtually flat at 16,735. Energy and real estate led sector gainers, while technology was little changed. No sector posted a loss.

For the week, the Nasdaq dropped 1.1%, while the Dow lost 1%. The S&P 500 fell 0.5%.

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 five basis points to 4.50% Friday, while the two-year rate declined 5.2 basis points to 4.88%.

In company news, Carl Icahn has amassed a large position in Caesars Entertainment ( CZR ) , Bloomberg News reported, citing unnamed sources. Caesars shares jumped nearly 12%, the best performer on the S&P 500.

Zscaler ( ZS ) was the top gainer on the Nasdaq, up 8.5%. The company late Thursday posted fiscal third-quarter results that topped the Street's estimates.

MongoDB ( MDB ) shares slumped roughly 24% Friday, 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.

Moderna ( MRNA ) said Friday the US Food and Drug Administration approved its respiratory syncytial virus vaccine for people aged 60 years and above. The drugmaker's shares dropped 5.9%, among the worst performers on the S&P 500 and the Nasdaq.

West Texas Intermediate crude oil fell 0.8% to $77.26 per barrel. The Organization of the Petroleum Exporting Countries and its allies' meeting is scheduled for June 2.

Gold declined 0.7% to $2,347.10 per troy ounce, while silver fell 3.1% to $30.55 per ounce.