02:12 PM EDT, 06/05/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday as markets analyzed the latest macroeconomic data, including a report showing that employment gains in the private sector slowed more than expected in May.

The Nasdaq Composite was up 1.5% at 17,110.8 after midday Wednesday, while the S&P 500 rose 0.8% to 5,333.4. The Dow Jones Industrial Average advanced 0.1% to 38,732.8. Among sectors, technology jumped 2.1%, the best performer, while consumer staples saw the biggest drop.

In economic news, private employment in the US increased by 152,000 last month, slowing from April's downwardly revised 188,000, Automatic Data Processing ( ADP ) reported. Analysts in a Bloomberg-compiled survey were modeling for a 175,000 increase.

"The labor market is solid, but we're monitoring notable pockets of weakness tied to both producers and consumers," ADP Chief Economist Nela Richardson said.

On Tuesday, government data showed US job openings fell in April to the lowest level in more than three years.

The Bureau of Labor Statistics is expected to report Friday that the US economy added 185,000 nonfarm jobs last month, which would mark an increase from the 175,000 gain posted for April.

The US 10-year yield fell 3.5 basis points to 4.30% intraday, while the two-year rate lost 2.7 basis points to 4.74%.

The Institute for Supply Management's US services index rose to 53.8 in May from 49.4 the previous month, compared with expectations for 51 in a survey compiled by Bloomberg.

Anthony Nieves, chair of the ISM's services business survey committee, attributed the gain to "notably higher" business activity, faster new orders growth, and slower supplier deliveries, despite continued contraction in employment.

Separately, S&P Global ( SPGI ) said its services PMI jumped to a one-year high of 54.8 last month from 51.3 in April, in line with market expectations.

"It was not all positive in May," with services employment down for the second straight month, said Andrew Harker, economics director at S&P Global Market Intelligence.

Mortgage applications in the US declined for the second consecutive week as rates across most loan types increased, the Mortgage Bankers Association said.

West Texas Intermediate crude oil rose 1.2% to $74.15 per barrel intraday.

In company news, Hewlett Packard Enterprise ( HPE ) shares jumped nearly 13%, the top gainer on the S&P 500. The information technology company late Tuesday raised its full-year outlook amid robust demand for its artificial intelligence systems, while its fiscal second-quarter results topped market expectations.

CrowdStrike ( CRWD ) was the best performer on the Nasdaq intraday Wednesday, up 12%. The cybersecurity company late Tuesday posted stronger-than-expected fiscal first-quarter results and raised its full-year financial outlook.

Dollar Tree ( DLTR ) shares were down 4.4% intraday Wednesday, the steepest decline on the Nasdaq and among the worst on the S&P 500. The discount retailer lowered its full-year earnings outlook due to costs stemming from tornado damage to its distribution center in Oklahoma. The company said it is weighing a potential sale of its Family Dollar segment.

Lululemon Athletica ( LULU ) , Five Below ( FIVE ) , Smartsheet ( SMAR ) and Victoria's Secret (VSCO) are among the companies scheduled to report their latest financial results after Wednesday's closing bell.

Gold was up 1.2% to $2,374.60 per troy ounce, while silver advanced 1.5% to $30.07 per ounce.