12:40 PM EDT, 06/26/2024 (MT Newswires) -- US equity indexes rose in choppy trading and government bond yields jumped with the dollar after midday on Wednesday.

The Nasdaq rose 0.3% to 17,775.1, erasing earlier declines in the session. The S&P 500 rose less than 0.1% to 5,471.2, and the Dow Jones Industrial Average also gained less than 0.1% to 39,145.3.

Barring consumer discretionary, all the other peer groups retreated intraday. Mega-caps Tesla (TSLA) and Amazon.com ( AMZN ) lifted consumer discretionary, with gains of 3.4% and nearly 3% each intraday. The energy sector was the steepest decliner.

After the bell Wednesday, quarterly results from Micron Technology ( MU ) , a chipmaker, will shed further light on the impact of a global surge in the adoption of artificial intelligence. With the poster child for the so-called AI trade, Nvidia ( NVDA ) , off its peak from last week, technology bulls need another catalyst to keep the rally going.

In economic news, US new-home sales plunged to a 619,000 annual rate in May from an upwardly revised 698,000 rate in April, below the 633,000 rate expected in a survey compiled by Bloomberg as of 7:55 am ET. Home sales sank almost 17% from a year earlier. The supply of homes for sale rose 1.5% to 481,000, up nearly 13% from a year ago.

The US 10-year yield soared 7.8 basis points to 4.31%, and the two-year rate climbed six basis points to 4.75%.

The US Dollar index advanced 0.4% to 106.03. Gold fell 0.8% to $2,313.01 an ounce.

West Texas Intermediate crude oil slid 0.7% to $80.26 a barrel.

US commercial crude oil stocks, excluding inventories in the Strategic Petroleum Reserve, rose 3.6 million barrels during the week ended June 21, following a 2.5-million-barrel decrease in the previous week, compared with the 2.8-million-barrel drop expected in a survey compiled by Bloomberg as of 7:55 am ET.

In company news, FedEx (FDX) provided upbeat earnings guidance for fiscal 2025 as ongoing cost reduction efforts helped it top market expectations in Q4. Shares surged 15% intraday, the leader on the S&P 500.