01:53 PM EDT, 06/27/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday as Washington and China confirmed details of a trade framework, while Nike's ( NKE ) shares rallied in a post-earnings move.

The Dow Jones Industrial Average was up 1.1% at 43,867.6 after midday Friday, while the S&P 500 rose 0.6% to 6,176.6. The Nasdaq Composite advanced 0.5% to 20,262.4. Barring energy, all sectors were higher, led by consumer discretionary and industrials.

The US and China confirmed details of a trade framework that would allow exports of rare earths and ease technology curbs, CNBC reported Friday, citing China's Ministry of Commerce. Beijing will reportedly review and approve export applications for items subject to export control rules, while Washington will cancel various restrictive measures against China.

On Thursday, President Donald Trump told reporters that the US and China had formally signed a trade agreement, without giving additional details. Earlier in June, the US and China agreed on a framework for implementing a pact that the two sides reached in Switzerland.

The US is hopeful of wrapping up trade discussions with more than 12 countries by the start of September, The Wall Street Journal reported Friday, citing Treasury Secretary Scott Bessent.

US Treasury yields were mixed intraday, with the two-year rate rising one basis point to 3.72% and the 10-year rate losing one basis point to 4.24%.

In company news, Nike ( NKE ) shares jumped 15%, the best performer on the Dow and the S&P 500. The sportswear giant late Thursday laid out a plan to tackle tariff-related costs, such as price increases in the US and reducing Chinese footwear imports. The company recorded better-than-expected fiscal fourth-quarter results.

Plane maker Boeing ( BA ) was the second-top gainer on the Dow and among the best on the S&P 500 intraday Friday, up 4.3%.

West Texas Intermediate crude oil was little changed at $65.2 a barrel intraday. Oil prices were on track for their "steepest weekly loss since March 2023, as geopolitical risk premiums faded," D.A. Davidson said in a client note.

In economic news, US consumer spending unexpectedly declined last month as outlays on goods turned negative, while the Federal Reserve's preferred inflation metric accelerated, government data showed.

Personal consumption expenditure inflation remained "benign in May, but we are only just starting to see the impact of tariffs in consumer goods prices, and several favorable one-offs depressing inflation over the past few months will go into reverse from June onwards," Oxford Economics said. "Despite the slowing economy, the upside risks to inflation will keep the Fed on the sidelines until much later in the year."

US consumer sentiment rose for the first time in six months in June, final survey results from the University of Michigan showed Friday, confirming its initial findings. Year-ahead inflation expectations dropped to 5% this month from 6.6% in May, while the long-run outlook decreased to 4% from 4.2%.

"Consumers continue to be concerned about the potential impact of tariffs, but at this time they do not appear to be connecting developments in the Middle East with the economy," Surveys of Consumers director Joanne Hsu said.

Gold was down 1.8% at $3,287.3 per troy ounce, while silver fell 1.5% to $36.06 per ounce.