01:34 PM EDT, 06/27/2024 (MT Newswires) -- US equity indexes rose in choppy trading while government bond yields fell after midday on Thursday as a surprise increase in durable goods orders coincided with an upward revision in the final estimate for Q1 economic growth.

The Nasdaq rose 0.3% to 17,846.4 after midday Thursday, and the S&P 500 climbed less than 0.1% to 5,480.8, with both benchmarks erasing declines from earlier in the session. The Dow Jones Industrial Average advanced 0.2% to 39,204.2.

Consumer discretionary was the top gainer intraday, while consumer staples and healthcare led the decliners.

In economic news, new orders for US durable goods rose 0.1% in May, following a 0.2% gain the previous month, versus expectations for a 0.5% decrease in a survey compiled by Bloomberg. Excluding a 0.6% gain in transportation orders, new orders would have been down 0.1% after a 0.4% increase in April. Expectations were for a 0.2% gain.

US gross domestic product was revised higher to a 1.4% increase in Q1 from a 1.3% gain in the previous estimate, in line with a 1.4% increase expected in a survey compiled by Bloomberg. GDP rose by 3.4% in Q4.

US initial jobless claims fell to 233,000 in the week ended June 22 from an upwardly revised 239,000 in the previous week, compared with expectations for 235,000 in a survey of analysts compiled by Bloomberg. The four-week moving average rose to 236,000 from 233,000 previously.

While topline growth continues to tell a story of "steady" activity at the start of the year, the slowdown in consumer activity coupled with weaker durable orders activity in May paint a weaker expectation for growth in Q2, according to a note from Stifel.

"Taking all the circumstances into account, I continue to believe conditions will likely call for a cut in the federal funds rate in the fourth quarter of this year," Atlanta Federal Reserve Bank President Raphael Bostic said. "There are plausible scenarios in which more cuts, no cuts, or even a raise could be appropriate. I will let the data and conditions on the ground be my guide."

The US 10-year yield retreated 3.3 basis points to 4.28%, and the two-year rate slid 3.5 basis points to 4.71%.

In its fiscal Q3 results released late Wednesday, Micron Technology ( MU ) forecast sales of $7.60 billion, plus or minus $200 million, for Q4. Analysts polled by Capital IQ expect $7.58 billion. Shares of the chipmaker slumped 6.8% intraday, the steepest among a group of large technology companies with a market capitalization of between $10 billion and $200 billion.

"Micron tumbled after an unimpressive current-quarter forecast and dragged down chip stocks, while caution ahead of economic data and a presidential debate also dented sentiment," a research note from D.A. Davidson said. Nvidia (NVDA) and Qualcomm (QCOM) were down the most among mega-caps in the technology sector.

Walgreens Boots Alliance ( WBA ) shares sank 25% intraday, the laggard on the S&P 500 and the Nasdaq, after the drug-store operator's fiscal Q3 adjusted earnings fell short of market estimates while it cut full-year earnings outlook.

West Texas Intermediate crude oil rose 0.8% to $81.52 a barrel.

Gold jumped 1% to $2,336.42 an ounce, while silver gained nearly 0.1% to $29.27.