01:38 PM EDT, 08/21/2024 (MT Newswires) -- US equity indexes rose in choppy midday trading Wednesday as the Bureau of Labor Statistics flagged a downward revision to labor market data and investors awaited the Federal Reserve's July meeting minutes.

The S&P 500 and the Nasdaq Composite rose 0.3% each to 5,613.2 and 17,867.4, respectively. The Dow Jones Industrial Average was 0.1% up at 40,871.4. The indexes traded lower earlier in the session. Consumer discretionary and utilities led the gainers intraday. The financial sector was the steepest decliner.

The preliminary estimate of the Bureau of Labor Statistics' annual benchmark revision is for an 818,000, or 0.5%, downward adjustment, the BLS said Wednesday.

While the Federal Open Market Committee maintained the 5.25%-5.5% range of the federal funds rate at its July 30-31 meeting, the tone signaled a shift toward more concern about the detrimental impact of higher rates on the job market. The meeting minutes due on Wednesday will likely offer more details about the conversation leading to that shift.

Investors await the release this afternoon, with the expectations the rate-setting meeting last month leaned dovish, according to a note from D.A. Davidson. Federal Reserve Chair Jerome Powell will likely speak on Friday morning at the Jackson Hole Economic Policy Symposium, which is focused this year on the transmission mechanism of monetary policy.

The CBOE Volatility Index (VIX) extended a rebound from Tuesday, jumping 14.1% to 16.90 intraday. The move higher in volatility on Tuesday, after a string of declines from the record 65.7 level, coincided with the S&P 500 snapping an eight-day winning streak.

Most Treasury yields fell, with the 10-year down 3.2 basis points to 3.79%. The two-year yield dropped to 3.93%, down 6.9 basis points.

Further, in economic news, mortgage applications fell by more than 10% in the week ended Aug. 16, partially reversing a gain of 17% in the previous week despite lower mortgage rates, data released by the Mortgage Bankers Association showed.

Meanwhile, in company news, Target ( TGT ) raised its full-year earnings outlook amid improving trends across discretionary categories, as the retailer's fiscal second-quarter results exceeded market estimates. Shares climbed 13% intraday, the top performer on the S&P 500.

Franklin Resources ( BEN ) Western Asset Management said Wednesday that co-Chief Investment Officer Ken Leech is taking an immediate leave of absence amid internal and external probes into past trade allocations. Shares of Franklin Resources ( BEN ) dropped 7.7% intraday, among the worst performers on the S&P 500.

Keysight Technologies ( KEYS ) shares jumped 13% intraday, among the top gainers on the S&P 500, after the company beat market expectations for fiscal Q3 earnings and sales.

West Texas Intermediate crude oil declined 1.7% to $71.95 a barrel.

Gold fell 0.1% to $2,547.22 an ounce, while silver rose less than 0.1% to $29.53.