01:35 PM EDT, 08/09/2024 (MT Newswires) -- US equity indexes rose with crude oil while government bond yields were mixed in choppy midday trading on Friday.

The Nasdaq Composite climbed 0.5% to 16,740.7, with the S&P 500 up 0.5% to 5,345.4 and the Dow Jones Industrial Average 0.3% higher at 39,555.3. Technology led the broad-based rally after all three indexes gave up intraday gains earlier in the session.

The CBOE's Volatility Index (VIX), known as the fear gauge, slumped 10.3% to 21.33.

West Texas Intermediate crude oil climbed 1% to $76.95 a barrel.

The oil price gains come as geopolitical tensions remain taut while Israel awaits Iran's response to last week's assassination of a senior official in the Hamas militant group in Tehran. Iran's senior leader vowed to retaliate against Israel for the deadly airstrike, threatening a wider Middle Eastern war that could imperil Persian Gulf oil supplies. "As the sentiment-driven crude sell-off eases, traders have turned their attention back to supply risks, not least the Middle East," Saxo Bank said in a note.

Treasury yields were mixed, with the 10-year down 5.1 basis points to 3.95% and the two-year rate less than one basis point higher at 4.05%.

Emphasizing the Federal Reserve's data-dependent stance related to policy formulation, Boston Fed President Susan Collins reiterated the time for rate cuts may be approaching if - and only if - inflation data continues to improve, according to a note from Stifel Friday. In an interview with The Providence Journal, she said, "So I would say, if the data continue the way that I expect, I do believe that it will be appropriate soon to begin adjusting policy and easing how restrictive the policy is."

At an event Thursday hosted by the National Association for Business Economics, three Federal Reserve Bank policymakers stated that they are confident that inflation is cooling enough for the Fed to cut interest rates in the near term, according to a note from D.A. Davidson. "Investors will look ahead to next week's consumer prices and retail sales data for fresh evidence of a soft landing for the American economy."

In company news, Akamai Technologies ( AKAM ) reported a jump in Q2 non-GAAP earnings and sales, beating market expectations, and also raised its EPS guidance for 2024. Shares advanced 11% intraday, the top performer on the S&P 500.

Intel's ( INTC ) senior unsecured rating was downgraded by Moody's to BAA1 from A3 rating over apprehensions about the chipmaker's profitability, Reuters reported Thursday, citing the credit ratings firm. Shares of Intel ( INTC ) dropped 3.2% intraday, among the worst performers on the S&P 500, the Dow, and the Nasdaq.

Gold rose 0.5% to $2,474.50 an ounce, while silver fell 0.1% to $27.59.