02:24 PM EDT, 06/23/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday, while oil prices plunged as traders responded to Iran launching retaliatory missiles at US airbases in the Middle East.

The S&P 500 and the Nasdaq Composite were up 0.7% each at 6,009.9 and 19,595.7, respectively, after midday Monday. The Dow Jones Industrial Average rose 0.6% to 42,470.8. Among sectors, consumer discretionary paced the gainers, while energy saw the biggest drop.

Iran fired missiles toward US military bases in Qatar and Iraq in response to recent American airstrikes that targeted Tehran's nuclear facilities, CNN reported, citing Iranian state media Tasnim.

The US airstrikes were conducted on Saturday amid the ongoing conflict between Iran and Israel.

West Texas Intermediate crude oil was down 4.9% at $70.19 a barrel intraday Monday.

Earlier, US President Donald Trump urged "everyone" to keep oil prices down.

US Treasury yields were lower intraday, with the two-year rate falling 7.6 basis points to 3.83% and the 10-year rate losing 6.5 basis points to 4.3%.

Federal Reserve Vice Chair for Supervision Michelle Bowman said she would support cutting interest rates as soon as the central bank's meeting next month "should inflation pressures remain contained."

"I think it is likely that the impact of tariffs on inflation may take longer, be more delayed, and have a smaller effect than initially expected, especially because many firms front-loaded their stocks of inventories," Bowman said. "All considered, ongoing progress on trade and tariff negotiations has led to an economic environment that is now demonstrably less risky."

Fed Chair Jerome Powell is scheduled to testify before the US House Financial Services Committee Tuesday and the Senate Committee on Banking, Housing, and Urban Affairs Wednesday as a part of his semi-annual testimony to Congress.

Last week, the Fed kept its policy rate unchanged for a fourth straight meeting, while sticking to its federal funds rate outlook for 2025 amid higher inflation expectations.

In company news, Tesla (TSLA) shares jumped 9.8%, the top gainer on the S&P 500. The electric vehicle maker started offering rides in its Robotaxis Sunday in Texas, with Wedbush Securities analyst Daniel Ives saying the trips exceeded his expectations.

Super Micro Computer ( SMCI ) shares were down 5.9%, the second-steepest decline on the S&P 500, after the artificial intelligence server maker said it intends to offer $2 billion of convertible senior notes.

In economic news, US private-sector output growth decelerated in June amid falling exports, according to S&P Global's ( SPGI ) flash purchasing managers' index.

US existing home sales unexpectedly rebounded in May even as prices reached a record high for the month, according to data National Association of Realtors data.

"The relatively subdued sales are largely due to persistently high mortgage rates," NAR Chief Economist Lawrence Yun said. "Lower interest rates will attract more buyers and sellers to the housing market."

Gold was up 0.4% at $3,398.3 per troy ounce, while silver rose 0.6% to $36.25 per ounce.