02:17 PM EDT, 06/27/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday as markets evaluated the latest economic data and remarks by a Federal Reserve official.

The Nasdaq Composite was up 0.4% at 17,869.4 after midday Thursday, while the Dow Jones Industrial Average advanced 0.3% to 39,233.2. The S&P 500 rose 0.1% to 5,484.8. Among sectors, consumer discretionary was the top gainer, while consumer staples saw the steepest decline.

The US economy grew at a 1.4% annualized rate in the first quarter, up from a 1.3% gain projected previously, according to a third estimate by the Bureau of Economic Analysis. The latest reading matched a consensus compiled by Bloomberg and marked the weakest quarterly pace since the second quarter of 2022.

"The US economy is on track for a soft landing...just what the Fed wants to see," BMO Capital Markets said in a note to clients.

Pending home sales in the US fell 2.1% in May, versus expectations for a 0.5% gain in a Bloomberg-compiled consensus.

"The market is at an interesting point with rising inventory and lower demand," National Association of Realtors Chief Economist Lawrence Yun said. "Supply and demand movements suggest easing home price appreciation in upcoming months."

Weekly applications for unemployment insurance in the US declined more than market expectations, while continuing claims rose to the highest level since late 2021, government data showed.

The US 10-year yield fell 3.5 basis points to 4.28% intraday, while the two-year rate retreated 3.3 basis points to 4.72%.

Atlanta Fed President Raphael Bostic said he still believes the Federal Open Market Committee could start easing monetary policy in the fourth quarter.

"Taking all the circumstances into account, I continue to believe conditions will likely call for a cut in the federal funds rate in the fourth quarter of this year," Bostic said. "There are plausible scenarios in which more cuts, no cuts, or even a raise could be appropriate. I will let the data and conditions on the ground be my guide."

West Texas Intermediate crude oil rose 0.8% to $81.52 a barrel intraday.

In company news, Palo Alto Networks ( PANW ) was among the best performers on the S&P 500 and the Nasdaq, up 5.5%, as Baird adjusted its price target on the stock to $360 from $340 and maintained its outperform rating.

McCormick ( MKC ) shares rose 5%, among the top gainers on the S&P 500, after the spices and seasonings producer maintained its full-year outlook amid improving volume trends as fiscal second-quarter results came in better than expected.

Walgreens Boots Alliance ( WBA ) shares plunged 25%, the steepest decline on the S&P 500 and the Nasdaq, after the drug-store operator slashed its full-year earnings outlook amid "challenging" pharmacy industry trends and a worsening retail environment. The company said it plans to close some underperforming US stores after quarterly profit missed market estimates.

Athletic footwear and apparel giant Nike ( NKE ) is scheduled to report its latest financial results after Thursday's closing bell.

Gold was up 1.1% at $2,337.20 per troy ounce, while silver rose 0.1% to $29.28 per ounce.