12:58 PM EDT, 08/21/2024 (MT Newswires) -- US equity indexes rose while government bond yields declined in choppy midday trading on Wednesday.

The S&P 500 and the Nasdaq Composite rose 0.2% to 5,609.9 and 17,856.4, respectively. The Dow Jones Industrial Average was fractionally up at 40,851.4. The indexes traded lower earlier in the session. Consumer discretionary and utilities led the gainers while the financial sector was the steepest decliner intraday.

In economic news, the preliminary estimate of the Bureau of Labor Statistics' annual benchmark revision is for an 818,000 downward adjustment, the BLS said Wednesday, representing a 0.5% downward adjustment.

The CBOE Volatility Index (VIX) extended a rebound from Tuesday, jumping 14.1% to 16.90 intraday.

Most Treasury yields fell, with the 10-year down 3.8 basis points to 3.78%. The two-year yield dropped to 3.93%, down 7.4 basis points.

While the Federal Open Market Committee maintained the 5.25%-5.50% range of the federal funds rate at its July 30-31 meeting, the tone signaled a shift toward more concern about the detrimental impact of higher rates on the job market. The meeting minutes due on Wednesday will likely offer more details about the conversation leading to that shift.

Meanwhile, in company news, Target ( TGT ) raised its full-year earnings outlook amid improving trends across discretionary categories, as the retailer's fiscal second-quarter results exceeded market estimates. Shares soared 13 % intraday, the top performer on the S&P 500.

Franklin Resources ( BEN ) Western Asset Management said Wednesday that co-Chief Investment Officer Ken Leech is taking an immediate leave of absence amid internal and external probes into past trade allocations. Shares dropped 7.7% intraday, the worst performer on the S&P 500.

West Texas Intermediate crude oil declined 0.4% to $74.04 a barrel.