01:51 PM EDT, 06/07/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday while Treasury yields surged as markets analyzed official data showing that nonfarm payrolls and wage growth beat Wall Street's expectations for May.

The S&P 500 was up 0.3% at 5,367.8 after midday Friday, while the Dow Jones Industrial Average and the Nasdaq Composite rose 0.2% each to 38,943.3 and 17,208.9, respectively. Among sectors, financials and industrial led the gainers, while materials saw the steepest decline.

In economic news, nonfarm payrolls in the US climbed by 272,000 last month, the Bureau of Labor Statistics reported. The consensus was for a 180,000 increase, according to a survey compiled by Bloomberg. Average hourly earnings grew by 0.4% sequentially, ahead of the 0.3% pace modeled by analysts. The annual measure advanced by 4.1%, versus expectations for 3.9% growth.

"The uptick in average hourly earnings will be something closely watched by (Federal Reserve) officials," TD Economics said in a note. "Still elevated wage pressures are helping to sustain strong gains in service spending and are working against the (Fed's) efforts to bring down inflation across the service sector."

Markets widely expect the central bank's Federal Open Market Committee to keep its policy rate unchanged at 5.25% to 5.50% next week and at the end of July, according to the CME FedWatch Tool.

The US 10-year yield jumped 13.9 basis points to 4.42% intraday, while the two-year rate surged 14.8 basis points to 4.87%.

West Texas Intermediate crude oil rose 0.2% to $75.66 per barrel.

In company news, 3M ( MMM ) shares were up 2.6%, the best performer on the Dow and among the best on the S&P 500, as BofA Securities upgraded the stock to buy from neutral. The brokerage said it expects the industrial conglomerate's new chief executive, William Brown, to refocus the company on growth and operations.

GameStop ( GME ) reported lower fiscal first-quarter sales on an annual basis amid the trading frenzy surrounding the video game retailer's stock. The company's shares slumped nearly 40%.

Gold was down 2.6% at $2,328.50 per troy ounce, while silver plunged 5.8% to $29.55 per ounce.