02:12 PM EDT, 05/06/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday, as traders evaluated comments by a Federal Reserve official.

The S&P 500 and the Nasdaq Composite were up 0.7% each at 5,161.8 and 16,272.1, respectively, while the Dow Jones Industrial Average rose 0.3% to 38,794.5. Among sectors, technology and energy led the gainers. Only consumer staples and real estate were in the red.

Richmond Fed President Tom Barkin said policymakers likely have time to gain confidence that inflation is moving sustainably toward their 2% goal, as the labor market remains strong. "Despite my concerns about demand and inflation, I am optimistic that today's restrictive level of rates can take the edge off demand in order to bring inflation back to our target."

Last week, the central bank's Federal Open Market Committee left interest rates unchanged for its sixth consecutive meeting and said there's been "a lack of further progress" in bringing inflation down in recent months. The FOMC started tightening monetary policy in March 2022 to tame inflation.

The US 10-year yield fell 1.3 basis points to 4.49% intraday, while the two-year rose one basis point to 4.81%.

In company news, American Airlines Group (AAL) shares were up 5.3%, the top gainer on the S&P 500, as Bernstein adjusted its price target on the stock to $22 from $21.

Micron Technology (MU) was the best performer on the Nasdaq, up 4.7%, after Baird upgraded the stock to outperform from neutral and adjusted its price target to $150 from $115.

Tyson Foods (TSN) swung to a fiscal second-quarter profit year over year despite a surprise decline in revenue, while the meat processor reiterated its outlook for flat sales in 2024. The company's shares slid 8.1%, the steepest decliner on the S&P 500.

Vertex Pharmaceuticals (VRTX), Palantir Technologies (PLTR) and Coty (COTY) are among the companies scheduled to report their latest financial results after Monday's closing bell.

West Texas Intermediate crude oil rose 0.2% to $78.25 per barrel intraday.

Gold was up 1.1% at $2,333.60 per troy ounce, while silver jumped 3.5% to $27.62 per ounce.