04:33 PM EDT, 05/09/2025 (MT Newswires) -- US benchmark equity indexes closed mixed on Friday, after Federal Reserve Governor Michael Barr commented on the impact of tariffs ahead of upcoming trade talks between US and Chinese officials.

The Nasdaq remained flat at 17,928.92, while the S&P 500 dropped 0.1% to 5,659.91. The Dow Jones Industrial Average was down 0.3% to 41,249.38. Energy sector posted the highest gains, while healthcare had the steepest decline.

US Treasury yields were mixed, with the 10-year rate increasing 1.3 basis points to 4.39% and the two-year rate shedding less than one basis point to 3.89%.

June West Texas Intermediate crude oil increased 1.7% to $60.96 a barrel on Friday.`

In economic news, Barr said the US government's trade tariffs are likely to raise inflation and unemployment amid an expected economic slowdown.

"The (Federal Open Market Committee) may be in a difficult position if we were to see both rising inflation and rising unemployment," Barr said.

US and Chinese officials are due to meet in Switzerland over the weekend to discuss economic and trade matters. Trump on Friday floated the idea of lowering tariffs on China to 80% from 145%.

"China should open up its market to USA -- would be so good for them," Trump said in a social media post on Friday.

In company news, Insulet ( PODD ) shares were up nearly 21%, the top gainer on the S&P 500. The company late Thursday raised its full-year constant currency revenue growth outlook following a quarterly sales beat.

Microchip Technology ( MCHP ) was the second-best performer on the S&P 500, up 12%. The company reported fiscal Q4 non-GAAP earnings and sales late Thursday above consensus expectations, and its Q1 outlook on adjusted earnings and sales was also above the average analyst forecast.

Akamai Technologies (AKAM) shares sank 10%, the steepest decliner on the S&P 500. The company raised the lower ends of its full-year non-GAAP EPS and revenue guidance. Akamai also reported Q1 earnings and revenue beat.

Gold increased 0.9% to $3,334.30 per troy ounce, while silver was up 1% to $32.94 per troy ounce.