12:39 PM EDT, 06/03/2025 (MT Newswires) -- US equity indexes rose in midday trading Tuesday as gains in the technology and consumer discretionary sectors helped offset a downgrade to economic growth to the weakest pace since the COVID-19 pandemic.

The Nasdaq Composite rose 0.9% to 19,414.1, the S&P 500 climbed 0.6% to 5,970.2, and the Dow Jones Industrial Average advanced 0.4% to 42,485.3. Real estate and consumer staples led the declines intraday.

Nvidia ( NVDA ) , part of the technology sector, and Tesla (TSLA), which is a consumer discretionary constituent, were up 3.2% and 2.3%, respectively, among the top three gainers in a group with a market capitalization of over $200 billion. Apple ( AAPL ) and Microsoft ( MSFT ) were in the top 20 gainers from the same category, implying investors are gravitating toward mega-caps on a day the Organization for Economic Cooperation and Development downgraded the outlook for global economic growth.

The OECD revised global growth projections to 2.9% this year from 3.3% in 2024. It expects US growth to slow to 1.6% this year, revised from the 2.2% forecast in March. At 1.6%, this would mark the weakest pace since the 2020 coronavirus pandemic, according to a note from Stifel.

President Donald Trump and Chinese leader Xi Jinping will likely have a conversation this week, the White House said on Monday, following Trump's announcement late last week that steel and aluminum import tariffs will double to 50% from Wednesday. Last Friday, the president accused China of "totally violating" the Geneva pact.

"It's a difficult time to forecast right now given the relentless crossfire of trade headlines," Jim Reid, head of global fundamental credit strategy at Deutsche Bank, said in the note. "But there's a growing sense that we're now on a turbulent but sustained path towards de-escalation."

Even if the US administration remains hawkish on trade, there are limits to that approach given the current market turmoil and declining approval ratings for President Trump, Reid added.

The ICE US Dollar Index, which measures the greenback's performance against the world's major currencies, advanced 0.5% to 99.15.

Gold futures dropped 1% to $3,337.01 per ounce, and silver futures declined 0.5% to $34.51.

US Treasury yields traded mixed, with the 10-year steady at 4.46%. The two-year yield rose 2.3 basis points to 3.97%.

West Texas Intermediate crude oil futures jumped 1.5% to $63.44 a barrel.