02:46 PM EDT, 07/10/2024 (MT Newswires) -- US benchmark equity indexes were higher after midday Wednesday as Federal Reserve Chair Jerome Powell reiterated that inflationary pressures were likely easing.

The Nasdaq Composite was up 1% at 18,608.2 intraday, while the S&P 500 rose 0.7% to 5,614.8. The Dow Jones Industrial Average advanced 0.5% to 39,479.8. Among sectors, technology and materials led the gainers, while financials was the sole decliner.

Powell said he has "some confidence" that inflation is cooling, Bloomberg News reported, citing his testimony to the House Financial Services Committee.

"The question is: Are we sufficiently confident that it is moving sustainably down to 2%? And I'm not prepared to say that yet," Powell reportedly said.

He reiterated remarks submitted to the Senate Banking Committee Tuesday, that recent inflation data have shown "modest further progress," and that "more good data" would strengthen policymakers' confidence that inflation was returning to their 2% target.

The US two-year yield rose one basis point to 4.63% intraday, while the 10-year rate fell one basis point to 4.29%.

Government data are likely to show Thursday that consumer inflation in the US rose 0.1% sequentially and 3.1% annually in June, according to a Bloomberg-compiled consensus. Official producer prices data for last month are scheduled to be released Friday.

Mortgage applications in the US edged down last week as a recent uptick in interest rates slowed demand, the Mortgage Bankers Association said Wednesday.

West Texas Intermediate crude oil increased 0.8% to $82.08 per barrel intraday.

In company news, CarMax ( KMX ) shares were up 6%, the second-top gainer on the S&P 500. Oppenheimer said in a note to clients that used car prices in the US seem to be moderating, a development that likely bodes well for leading retailers within the sector, especially CarMax ( KMX ).

Intuit (INTU) saw one of the steepest declines on the S&P 500 and the Nasdaq, down 3%, after the financial technology company announced plans to lay off 1,800 employees and close two locations as part of a restructuring plan that will enable it to increase investments in artificial intelligence.

WD-40 ( WDFC ) , PriceSmart ( PSMT ) and AZZ (AZZ) are among the companies scheduled to report their latest financial results after Wednesday's closing bell.

Gold was up 0.4% at $2,377.30 per troy ounce, while silver fell 0.1% to $31.02 per ounce.