12:34 PM EDT, 07/29/2024 (MT Newswires) -- US equity indexes rose in choppy trading in midday trading on Monday as government bond yields extended declines after a regional manufacturing gauge deteriorated more than forecast and ON Semiconductor's (ON) fiscal Q2 results topped estimates.

The Nasdaq rose 0.7% to 17,475.1, with the S&P 500 up 0.4% to 5,481.9 and the Dow Jones Industrial Average fractionally higher at 40,608.8. All three indexes traded lower earlier in the session.

All sectors, except energy and financials, rose intraday, with consumer discretionary leading the gainers.

Most Treasury yields kicked off Monday on a downbeat mood, with the 10-year slipping two basis points to 4.18%. The yields on most Treasuries ended last week lower.

In economic news, the Dallas Fed's monthly manufacturing index fell to minus 17.5 in July from minus 15.1 in June, compared with expectations for minus 15.5 in a survey compiled by Bloomberg. The reading indicates a faster pace of contraction in the sector, in line with the Empire, Richmond, Kansas, and the S&P Global flash measures but in contrast with the Philadelphia Fed Index that pointed to expansion.

In company news, ON Semiconductor's (ON) fiscal Q2 results topped market estimates, and the outlook for the chipmaker's earnings for the ongoing three-month period matched analyst expectations at the midpoint. Shares soared 13.7% intraday, the top performer on the S&P 500 and the Nasdaq.

Meanwhile, Enstar Group ( ESGR ) agreed to be taken private by a Sixth Street-led consortium in a $5.1 billion deal.

West Texas Intermediate crude oil slumped 1.8% to $75.80 a barrel.