12:45 PM EDT, 07/09/2024 (MT Newswires) -- US stocks were higher around midday Tuesday, after Federal Reserve Chair Jerome Powell said more recent H1 data suggests the central bank is succeeding to lower inflation although there is still work to be done.

The Nasdaq rose about 0.2% to 18,441 and the S&P 500 was up 0.1% at 5,580 and the Dow Jones Industrial Average increased 0.1% to around 39,380.

Financial and utility stocks were leading the gainers, both rising about 0.9%. To the downside, materials and energy were dropping about 0.6% and 0.4%, respectively.

Economic news was relatively light with the NFIB Small Business Optimism Index reaching its highest level of the year during June at 91.5, a one-point gain over the prior month.

Redbook US same-store sales rose by 6.3% from year-ago levels during the seven days ended July 6, following a 5.8% year-over-year increase in the previous week.

The US 10-year Treasury yield rose 4.1 basis points to 4.31%. The two-year rate

rose 1.7 basis points to 4.63%.

The US Dollar Index was up 0.16% to 105.16.

West Texas Intermediate crude dropped 0.86% to $81.60 per barrel.

Gold was up 0.12% to $2,366 per ounce and silver added 0.44% to $31.05 per ounce.