02:06 PM EDT, 07/12/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday as markets assessed the latest producer prices data, while a survey showed easing consumer inflation expectations.

The Nasdaq Composite was up 1.2% at 18,499.2 after midday Friday. The Dow Jones Industrial Average and the S&P 500 rose 1% each to 40,170.6 and 5,642.7, respectively. Technology and consumer discretionary led the gainers among sectors, while communication services was the sole decliner.

In economic news, US producer prices rose above market expectations on a sequential and annual bases in June, the Bureau of Labor Statistics reported, a day after its data showed consumer inflation surprisingly declined sequentially last month.

"Producer prices confirmed the encouraging June (consumer price index) and point to another benign reading of the Federal Reserve's preferred inflation gauge," Oxford Economics said in a note to clients. Second-quarter price reports were expected to instill "far more confidence" that inflation was moving sustainably towards the Fed's 2% target.

US consumers' year-ahead and long-run inflation expectations fell in July, according to a preliminary survey by the University of Michigan.

Fed Chair Jerome Powell said earlier this week that inflation in the US seems to have improved in recent months, and "more good data would strengthen" the case for potential monetary policy easing.

The US two-year yield fell 4.1 basis points to 4.64% intraday, while the 10-year rate was little changed at 4.19%.

West Texas Intermediate crude oil fell 0.1% to $82.57 a barrel.

In company news, Intel's ( INTC ) total software and developer cloud subscription revenue could reach $1 billion by the end of 2027, Reuters reported, citing Chief Technology Officer Greg Lavender. The tech giant's shares were up 5.2%, the top performer on the Dow and among the best on the S&P 500 and the Nasdaq.

Wells Fargo ( WFC ) saw the steepest decline on the S&P 500, down 5.6%, after the lender's second-quarter net interest income declined annually and fell short of analysts' estimates.

Gold was up 0.1% at $2,420.90 per troy ounce, while silver fell 1.6% to $31.18 per ounce.