02:18 PM EDT, 05/21/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday, as markets evaluated comments by Federal Reserve Governor Christopher Waller.

The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite were up 0.1% each at 39,826.2, 5,313.1 and 16,803.7, respectively, after midday Tuesday. Among sectors, utilities led the gainers, while industrials saw the steepest decline.

Waller said several more months of "good inflation" data are likely required to support a case for a reduction in the central bank's benchmark lending rate. Inflation data for April indicated that progress toward the Federal Open Market Committee's 2% target has likely resumed, he said.

On Monday, Fed Vice Chair Philip Jefferson said it's likely "too early" to say if the recent slowdown in the disinflationary process will last for long. Separately, Fed Vice Chair for Supervision Michael Barr said the current restrictive monetary policy likely needs additional time to help the FOMC achieve its inflation target.

In a bid to combat inflation, the FOMC increased interest rates by 525 basis points from March 2022 through July 2023. It has kept rates unchanged since then.

The US 10-year yield fell 2.7 basis points to 4.41% intraday, while the two-year rate decreased one basis point to 4.83%.

In company news, First Solar ( FSLR ) shares rose 6.6%, the top gainer on the S&P 500, as UBS and Piper Sandler upgraded their respective price targets on the stock.

Keysight Technologies ( KEYS ) shares slumped 9.3%, the worst performer on the S&P 500. The company late Monday issued a downbeat fiscal third-quarter financial outlook.

Toll Brothers ( TOL ) and Urban Outfitters ( URBN ) are among the companies scheduled to post their latest quarterly financial results after Tuesday's closing bell.

West Texas Intermediate crude oil fell 0.7% to $79.25 per barrel intraday.

Gold was down 0.6% at $2,422.80 per troy ounce, while silver fell 1.1% to $32.08 per ounce.