01:16 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 inflation expectations in the short and medium term dragged consumer sentiment.

The S&P 500 was up less than 0.1% at 5,217.3, and the Dow Jones Industrial Average was 0.3% higher at 39,491.8. The Nasdaq Composite slipped 0.2% to 16,319.7. Energy was the steepest decliner, while technology and financials were among the 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 Federal Open Market Committee should proceed cautiously with policy decisions, noting the impact of policy on financial stability, Federal Reserve Governor Michelle Bowman said Friday in prepared remarks to the Texas Bankers Association. Bowman has in the past urged caution on policy, recently saying that she could not rule out raising the federal funds rate further as long as upside risks to inflation remain.

The US 10-year Treasury yield jumped 5.7 basis points to 4.51%. The two-year yield advanced 6.1 basis points to 4.86%.

In company news, Mettler-Toledo International ( MTD ) reported Q1 adjusted earnings and revenue that topped estimates and revised up full-year 2024 earnings expectations. Shares surged more than 13% intraday, the second-biggest gainer on the S&P 500.

Akamai Technologies ( AKAM ) Q1 revenue fell short of Wall Street's estimates, dragged down by weakness in content delivery solutions. The cloud computing company also offered a downbeat Q2 outlook. Its shares sank 10% intraday, the worst performer on the S&P 500.

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

West Texas Intermediate crude oil declined 1% to $78.49 a barrel.

Gold jumped 1.3% to $2,371.41 an ounce, and silver rose 0.4% to $28.47.