03:43 PM EDT, 05/06/2024 (MT Newswires) -- US benchmark equity indexes were higher ahead of Monday's close, as markets assessed comments by a Federal Reserve official.

The Nasdaq Composite was up 0.9% at 16,296.2, while the S&P 500 rose 0.7% to 5,165.8. The Dow Jones Industrial Average advanced 0.2% to 38,765.5. Among sectors, technology and communication services led the gainers. Only consumer staples and real estate were in the red.

Richmond Fed President Tom Barkin said policymakers likely have time to gain confidence that inflation is moving sustainably toward their 2% goal, as the labor market remains strong. "Despite my concerns about demand and inflation, I am optimistic that today's restrictive level of rates can take the edge off demand in order to bring inflation back to our target."

The US two-year yield rose 2.5 basis point to 4.83%, while the 10-year rate fell 1.1 basis points to 4.49%.

Vertex Pharmaceuticals ( VRTX ) , Palantir Technologies ( PLTR ) and Coty ( COTY ) are among the companies scheduled to report their latest financial results after the closing bell.

West Texas Intermediate crude oil rose 0.6% to $78.54 per barrel.