04:37 PM EDT, 08/09/2024 (MT Newswires) -- US benchmark equity indexes closed higher Friday as markets assessed comments by a Federal Reserve official.

The S&P 500 rose 0.5% to 5,344.2 and the Nasdaq Composite gained 0.5% to 16,745.3. The Dow Jones Industrial Average advanced 0.1% to 39,497.5. Communication services led the gainers among sectors, while materials posted the lone decline.

For the week, the Dow fell 0.6%, while the Nasdaq lost 0.2%. The S&P 500 was little changed.

Boston Fed President Susan Collins said it would likely be appropriate to start easing monetary policy soon if economic data continue "the way that I expect," the Providence Journal reported. "My outlook is for continued gradual reduction back to our 2% (inflation) target amid a healthy labor market," Collins said.

Collins spoke with the Providence Journal on Thursday, while the newspaper published her responses edited for clarity on its website Friday.

ING said in a report it expects the central bank's Federal Open Market Committee to lower interest rates by half a percentage point next month, followed by "a series of" 25-basis-point cuts amid recent recession concerns.

The FOMC tightened monetary policy by 525 basis points from March 2022 through July 2023 to tame inflation and has since kept rates unchanged with the latest pause late last month.

The US 10-year yield fell 5.7 basis points to 3.94% Friday, while the two-year rate rose 1.1 basis point to 4.06%.

In company news, Akamai Technologies ( AKAM ) shares jumped 11%, the biggest gain on the S&P Late Thursday, the company raised its full-year earnings outlook after Q2 results topped Wall Street's estimates.

Trade Desk ( TTD ) shares rose 13%, the largest advance on the Nasdaq, a day after the company Q2 earnings and revenue that topped estimates.

Insulet ( PODD ) shares dropped 8.8%, the steepest decline on the S&P. The company late Thursday reported Q2 adjusted earnings that trailed estimates.

Intel ( INTC ) shares fell 3.8%, the biggest drop on the Dow and the second-largest on the S&P and the Nasdaq. On Thursday, Moody's downgraded the chipmaker's senior unsecured ratings to Baa1 from A3 and changed its ratings outlook to negative from stable.

The downgrade reflects expectations for Intel's ( INTC ) "significantly weaker" profitability over the next 12 to 18 months amid a lower-than-anticipated demand in almost all of the product segments and continued market-share losses, among other factors, Moody's said.

West Texas Intermediate crude oil rose 1% to $76.98 a barrel.

Gold gained 0.2% to $2,469.30 per troy ounce, while silver fell 0.4% to $27.5 per ounce.