12:53 PM EDT, 06/14/2024 (MT Newswires) -- US benchmark equity indexes were lower after midday Friday as a closely monitored survey showed consumer sentiment unexpectedly dropped in June, while long-run inflation expectations rose.

The Dow Jones Industrial Average and the S&P 500 were down 0.3% each at 38,541.2 and 5,420.2, respectively, intraday. The Nasdaq Composite fell 0.1% to 17,644.5. Among sectors, industrials and consumer discretionary saw the steepest declines. Only communication services and technology were in the green.

In economic news, preliminary results from the University of Michigan's Surveys of Consumers showed that US consumer sentiment dropped to 65.6 this month from 69.1 in May. The consensus was for an increase to 72 in a survey compiled by Bloomberg.

"Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes," Surveys of Consumers Director Joanne Hsu said.

Year-ahead inflation expectations held steady at 3.3% this month, while the five-year price growth outlook rose to 3.1% from 3% in May, according to the survey. Wall Street was looking for 3.2% and 3%, respectively.

"The strength of the labor market limits the downside for consumer confidence, but inflation fatigue limits the upside," Jefferies said in a note to clients. "We do not see any evidence that there is enough weakness in any labor market data to suggest that consumers are going to alter their consumption behavior due to concern about maintaining employment."

Data from the Bureau of Labor Statistics showed earlier this week that US consumer inflation cooled more than anticipated last month, while producer prices unexpectedly returned to contraction territory.

The US 10-year yield fell 2.7 basis points to 4.21% intraday, while the two-year rate was little changed at 4.69%.

US home sales in May slumped to one of the lowest levels on record as prices reached an all-time high and demand continued to outpace supply, a Redfin (RDFN) report showed.

West Texas Intermediate crude was almost unchanged at $78.64 per barrel.

In company news, On Semiconductor (ON) shares fell 4.4%, the steepest decline on the Nasdaq. The company said late Thursday it intends to consolidate nine sites and reduce its global workforce by about 1,000 employees.

The US Federal Aviation Administration and Spirit AeroSystems ( SPR ) are investigating fake documents certifying the authenticity of titanium that may have been used in some Boeing ( BA ) and Airbus airplanes. Boeing ( BA ) shares were down 1.7% intraday, among the worst performers on the Dow.

Adobe (ADBE) was the top gainer on the S&P 500 and the Nasdaq, up nearly 15%. The software maker late Thursday raised its full-year earnings outlook, as customers drawn in by its artificial intelligence offerings drove fiscal second-quarter results above market estimates.

Gold was up 1.2% at $2,345 per ounce, while silver gained 1.1% to $29.39 per ounce.