02:22 PM EDT, 07/29/2024 (MT Newswires) -- US benchmark equity indexes were mostly higher after midday Monday as markets awaited major corporate earnings and the Federal Reserve's latest monetary policy decision scheduled for later in the week.

The Nasdaq Composite was up 0.4% at 17,423.2 intraday, while the S&P 500 rose 0.3% to 5,473.9. The Dow Jones Industrial Average was little changed at 40,584.4. Among sectors, consumer discretionary and communication services led the gainers, while energy saw the steepest decline.

Welltower ( WELL ) and Chesapeake Energy ( CHK ) are among the companies scheduled to report their latest quarterly financial results after Monday's closing bell.

Mega-cap companies Apple ( AAPL ) , Microsoft ( MSFT ) , Meta Platforms ( META ) , and Amazon.com ( AMZN ) will report later in the week. Other big names include Intel ( INTC ) , Boeing ( BA ) , Pfizer ( PFE ) , AMD (AMD) and Exxon Mobil ( XOM ) .

Some 206, or 41% of S&P 500 companies, have reported results so far in the current reporting cycle, with earnings up 6.5% year over year on revenue growth of 4.1%, Oppenheimer Asset Management said in a Monday note to clients.

In company news, ON Semiconductor's (ON) fiscal second-quarter results decreased year over year but topped market estimates, while the chipmaker issued an earnings outlook for the ongoing three-month period that matched analyst expectations at the midpoint. The company's shares were up nearly 13%, the top gainer on the S&P 500 and the Nasdaq.

McDonald's (MCD) reported second-quarter earnings and revenue below market estimates, while same-store sales declined across every segment amid cautious consumer spending and lower restaurant traffic in major markets. The fast-food heavyweight's shares rose 4.4%, the best performer on the Dow and among the best on the S&P 500.

Arm Holdings ( ARM ) shares fell 5%, the steepest decline on the Nasdaq, as HSBC downgraded the stock to reduce from hold.

Enstar Group ( ESGR ) shares slid 6% after the company agreed to be taken private by a Sixth Street-led consortium in a $5.1 billion deal.

The US 10-year yield dropped 2.2 basis points to 4.18% intraday, while the two-year rate fell one basis point to 4.38%.

The central bank's Federal Open Market Committee is scheduled to announce its latest monetary policy decision Wednesday.

"While the Fed is widely expected to leave rates unchanged for the eighth consecutive meeting in a range of (5.25% to 5.50%), with no Summary of Economic Projections this month, investors will be looking closely at the (FOMC) statement and listening even closer to (Fed Chair Jerome Powell's) press conference for any indication or lean towards a rate cut in September," Stifel said in a Monday note to clients.

West Texas Intermediate crude oil fell 1.9% to $75.68 a barrel intraday.

In economic news, Texas manufacturing contraction deteriorated more than expected this month as production and shipments fell into negative territory, according to the Dallas Fed.

Gold was down 0.1% at $2,379.30 per troy ounce, while silver lost 0.4% to $27.91 per ounce.