02:45 PM EDT, 08/09/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday as markets evaluated remarks by a Federal Reserve official.

The S&P 500 and the Nasdaq Composite were up 0.6% each at 5,348.7 and 16,761.3, respectively, after midday Friday. The Dow Jones Industrial Average rose 0.3% to 39,543.3. Among sectors, technology paced the gainers, while industrials was the sole decliner.

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 reportedly said.

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

Separately, ING said in a report that 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, but has since kept interest rates unchanged, with its latest pause coming late last month.

The US 10-year yield fell 5.3 basis points to 3.94% intraday, while the two-year rate rose 1.1 basis points to 4.06%.

In company news, Akamai Technologies ( AKAM ) shares were up 11%, the best performer on the S&P 500. Late Thursday, the company raised its full-year earnings outlook after its second-quarter financial results topped Wall Street's views.

Trade Desk ( TTD ) saw the biggest gain on the Nasdaq intraday Friday, up 10%, after the company delivered a second-quarter beat late Thursday.

Insulet ( PODD ) shares were down 6.8%, the steepest decline on the S&P 500. The company late Thursday reported second-quarter adjusted earnings that fell short of the Street's expectations.

Getty Images ( GETY ) swung to a second-quarter profit year over year, while the visual content creation company cut its full-year revenue and core profitability outlook. Its shares were down 5%.

West Texas Intermediate crude oil rose 0.7% to $76.73 a barrel intraday.

Gold was up 0.3% at $2,470.60 per troy ounce, while silver fell 0.2% to $27.54 per ounce.