03:50 PM EDT, 05/21/2024 (MT Newswires) -- US benchmark equity indexes were higher ahead of Tuesday's close, as markets evaluated comments by Federal Reserve Governor Christopher Waller.

The Dow Jones Industrial Average and the S&P 500 were up 0.2% each at 39,880.2 and 5,320.1, respectively. The Nasdaq Composite rose 0.1% to 16,815.9. 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.

The US 10-year yield fell 2.5 basis points to 4.41%, while the two-year rate decreased one basis point to 4.83%.

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

West Texas Intermediate crude oil fell 0.9% to $79.06 per barrel.