12:04 PM EDT, 06/28/2024 (MT Newswires) -- US equity indexes rose with most government bond yields after data showed the Federal Reserve's preferred inflation was in line with market expectations for May.

The Nasdaq rose 0.3% to 17,908.1, with the S&P 500 up 0.3% to 5,497.8 and the Dow Jones Industrial Average 0.3% higher at 39,233.61.

Energy and technology led the gainers intraday, while utilities, communication services, and consumer discretionary were among the decliners.

The US 10-year Treasury yield jumped 5 basis points to 4.34%, with the five-year and the 30-year rates also trending higher.

In economic news, the personal consumption expenditures price index was flat in the month, as expected, below the 0.3% gain in April, according to the Bureau of Economic Analysis Friday. The year-over-year rate slowed to 2.6% from 2.7% in the previous month. The core PCE price index increased by an expected 0.1% but below the 0.3% gain in April. The year-over-year rate slowed to 2.6% from 2.8% in the previous month.

The University of Michigan consumer sentiment index was revised upwards to 68.2 for June from the 65.6 print in the preliminary estimate, compared with expectations for 66 in a survey compiled by Bloomberg. That was still below the final reading of 69.1 in May. Respondents in the Michigan survey expected a 3% inflation rate over the next year, down from 3.3% in May, while their expectation for annual inflation over the next five years remained at 3% for the third straight month.

West Texas Intermediate crude oil fell 0.6% to $81.24 a barrel.

In company news, Wedbush cut Nike's ( NKE ) price target to $97 from $115 while maintaining its outperform rating after "very choppy" fiscal Q4 earnings. Shares plummeted 19% intraday, the worst performer on the S&P 500 and the Dow.