01:32 PM EDT, 06/10/2024 (MT Newswires) -- US benchmark equity indexes were mixed midday Monday, as markets awaited the Federal Reserve's latest monetary policy decision and inflation reports for May, scheduled to be released later in the week.

The Nasdaq Composite was up 0.3% at 17,192.6, while the S&P 500 rose 0.1% to 5,354.5. The Dow Jones Industrial Average slipped 0.1% to 38,756. Among sectors, utilities and energy led the gainers, while financials saw the steepest decline.

The central bank's Federal Open Market Committee is widely expected to hold its benchmark lending rate steady Wednesday, according to the CME FedWatch Tool. The focus, however, will be on the FOMC's updated Summary of Economic Projections.

"Indicating three rate cuts as of the March report, with inflation -- and the broader economy failing to evolve as expected -- the committee is likely to materially revise down expectations for rate reductions, with projections expectedly indicating a widening or growing divide between those hopeful of inflation resuming its previous disinflationary path and those underscoring rising risks -- upside risks -- to price pressures," Stifel said in a Monday note.

In a bid to tame inflation, the FOMC tightened monetary policy by 525 basis points from March 2022 through July 2023, but has since kept interest rates unchanged.

Official data on May consumer inflation in the US are scheduled to be released Wednesday, while the producer prices report is slated for a Thursday release.

The US 10-year yield rose 4.9 basis points to 4.48% intraday, while the two-year rate added 1.9 basis points to 4.89%.

In company news, Southwest Airlines ( LUV ) shares jumped 7.5%, the best performer on the S&P 500, after Elliot Investment Management confirmed its roughly $1.9 billion stake in the low-cost carrier. The activist investor called for new leadership at the company, alongside a broad review of the business.

Huntington Bancshares ( HBAN ) saw the steepest decline on the S&P 500, down 5.4%. The company said it now expects 2024 net interest income to fall 1% to 4% from a year earlier, down from its prior range of 2% fall to 2% growth.

West Texas Intermediate crude oil advanced 2.7% to $77.64 per barrel intraday.

Gold was up 0.2% at $2,330.20 per troy ounce, while silver gained 1.5% to $29.88 per ounce.