02:39 PM EDT, 05/17/2024 (MT Newswires) -- US benchmark equity indexes were mixed intraday on Friday, but were likely on course to post weekly gains.

The Dow Jones Industrial Average was up 0.2% at 39,935.10 after having crossed the 40,000 level briefly for the first time in the previous trading session. The Nasdaq Composite fell 0.1% to 16,678.2 after midday Friday, while the S&P 500 was little changed at 5,297.5.

All three indexes, which closed at record-high levels Wednesday, are expected to report increases on the week.

Among sectors, energy led the gainers intraday Friday, while technology saw the steepest decline.

Official US producer prices data for April were released Tuesday, followed by the consumer inflation report Wednesday.

"A cooler-than-expected (consumer price index) report this week buoyed investors' optimism for a nearer term rate cut (by the Federal Reserve), with expectations for a September reduction jumping to over 50%," Stifel said in a Friday note. "While a step in the right direction, the headline improvement was a minimal one tenth of a percentage point drop, still leaving consumer price pressures well above 3%."

On Thursday, Cleveland Fed President Loretta Mester said it's likely "prudent at this point" for policymakers to hold the restrictive monetary policy stance for longer as they seek clarity about the inflation path.

In a bid to tame inflation, the central bank's Federal Open Market Committee tightened monetary policy by 525 basis points from March 2022 through July 2023. It has kept interest rates unchanged since then, with its latest pause coming earlier this month.

The US 10-year yield rose 4.5 basis points to 4.42% intraday, while the two-year rate gained 3.1 basis points to 4.82%.

In company news, GameStop ( GME ) shares were down nearly 25% after the video game retailer disclosed preliminary results that pointed to a sharp year-over-year decline in fiscal first-quarter sales. The company said it may sell up to 45 million of its class A shares.

Lam Research ( LRCX ) kept its quarterly dividend at $2 per share. The company's shares were down 3.4%, the steepest decliner on the S&P 500 and the Nasdaq.

West Texas Intermediate crude oil rose 0.9% to $79.97 per barrel intraday.

Gold was up 1.4% at $2,418.40 per troy ounce, while silver jumped 4.8% to $31.32 per ounce.