12:33 PM EDT, 05/10/2024 (MT Newswires) -- US equity indexes traded mixed while government bond yields rose in midday trading on Friday as an increase in expectations that inflation will get hotter in the short and medium term accompanied a plunge in consumer sentiment.

The S&P 500 was up 0.1% at 5,217.46, and the Dow Jones Industrial Average was 0.2% higher at 39,469.04. The Nasdaq Composite slipped 0.2% to 16,319.65. Communication services led the decliners, while technology topped gainers intraday.

In economic news, the University of Michigan's preliminary consumer sentiment index declined to 67.4 in May from 77.2 in April, compared with expectations for a decline to 76.2 in a survey compiled by Bloomberg.

Respondents in the Michigan survey saw one-year inflation expectations at 3.5%, up from 3.2% in April, while five-year inflation expectations rose to 3.1% from 3%. Both were the highest since November, adding to the Federal Reserve's challenges in easing monetary policy.

The US 10-year Treasury yield jumped 4.9 basis points to 4.5%. The two-year yield advanced five basis points to 4.86%.

In company news, Akamai Technologies ( AKAM ) Q1 revenue fell short of Wall Street's estimates, dragged down by weakness in content delivery solutions. The cloud computing company late Thursday also offered a downbeat Q2 outlook. Its shares sank 7.7% intraday, the worst performer on the S&P 500.

Gen Digital's ( GEN ) shares soared 15% intraday, the top performer on the S&P 500, after the company reported an increase in fiscal Q4 adjusted earnings and revenue.

Mettler-Toledo International ( MTD ) reported Q1 adjusted earnings and revenue that topped estimates and revised up full-year 2024 earnings expectations. Shares surged 15% intraday, the second-biggest gainer on the S&P 500.

West Texas Intermediate crude oil declined 0.3% to $79.04 a barrel.