01:03 PM EDT, 08/30/2024 (MT Newswires) -- US equity indexes fell after midday Friday, giving up intraday gains, and government bond yields rose as investors weighed the Federal Reserve's preferred inflation data.

The S&P 500 fell 0.2% to 5,583.2, with the Nasdaq Composite down less than 0.1% to 17,499.2 and the Dow Jones Industrial Average 0.5% lower at 41,150.6. All three indexes were in the green earlier in the session. The S&P 500 and the Dow are heading for the fourth straight month of gains.

Except for consumer discretionary, all the other sectors traded lower intraday. Energy led the decliners.

Most Treasury yields rose, with the 10-year up four basis points to 3.91% and the two-year yield 2.8 basis points higher at 3.91%.

In economic news, the personal consumption expenditures price index increased as expected by 0.2% in July, following a 0.1% gain in June. The year-over-year rate was unchanged from the 2.5% increase in the previous month. The core PCE price index increased 0.2% for the second month in a row, matching forecasts. The year-over-year rate remained at 2.6% for the third back-to-back month.

The Institute for Supply Management's Chicago PMI reading rose to 46.1 in August from 45.3 in July, compared with the expected 44.8 print in a survey compiled by Bloomberg. The reading indicates contraction, as did all the regional manufacturing data and the S&P Global flash estimate.

The University of Michigan consumer sentiment index was revised upwards to 67.9 for August from 67.8 in the preliminary estimate, compared with expectations for 68.1 in a survey compiled by Bloomberg.

In company news, Intel ( INTC ) is working with Morgan Stanley ( MS ) and Goldman Sachs Group ( GS ) to navigate the best way forward as the California-based technology company faces challenging times, Bloomberg News reported Friday, citing people familiar with the matter. Intel ( INTC ) shares climbed 7.7%, among the top gainers in the S&P 500, the Nasdaq, and the Dow.

MongoDB's ( MDB ) fiscal Q2 results demonstrated "some stabilization" in its operations after a "shaky" start to 2024 as the management highlighted this as an operational rebound, Truist Securities said in a Friday note. Shares jumped 16% intraday, the top performer on the Nasdaq.

West Texas Intermediate crude oil slumped 2.5% to $73.98 a barrel.

Oil edged down ahead of the Labor Day holiday weekend with the market focused on light demand even as Libya removes supply.

"To trust Libyan influence, bullish or bearish, has never played out well in recent history," PVM Oil Associates said in a note. "The market will find a workaround and is used to the on/off switch being thrown by the factions within the North African state."

Gold fell 1% to $2,535.22 an ounce, and silver dropped 2.2% to $29.32.