12:56 PM EDT, 06/10/2024 (MT Newswires) -- US equity indexes were mixed in choppy trading on Monday as most government bond yields kicked off the week on a higher note ahead of the latest reads on inflation and monetary policy mid-week.

The Nasdaq Composite climbed 0.4% to 17,199.1, with the S&P 500 up 0.2% to 5,356.2. The Dow Jones Industrial Average fell 0.1% to 38,760.3. All three indexes traded lower earlier in the session. Energy and utilities were among the top gainers intraday, while the financial sector was the steepest decliner.

The US 10-year yield jumped 3.7 basis points to 4.47%. The US Dollar index rose 0.3% to 105.17.

Federal Reserve officials will likely reduce their forecast for three interest-rate cuts this year in Wednesday's dot-plot and lift their estimate of the long-run 'neutral rate,' supporting the US dollar, HSBC strategists said in a note Monday.

Noting that the Federal Open Market Committee's two-day rate-setting meeting ends a few hours after the release of May consumer price index figures Wednesday, "the message should be similar to its recent statements. That is, the FOMC needs more confidence that inflation is moving sustainably towards 2 percent," HSBC's strategists said. "A hawkish tone could also be reflected in the FOMC's dot plot."

The CPI is expected to rise 0.1% in May and 3.4% over the past 12 months, potentially matching the annual gain in April and "offering no further confidence for the Committee desperate to see meaningful improvement in cost pressures," Stifel said in a note. The Produce Price Index, meanwhile, is expected to rise 0.1% in May and 2.5% year-over-year, potentially increasing from the 2.1% annual gain in April.

Meanwhile, test Texas Intermediate crude oil advanced 2.6% to $77.48 a barrel.

The gain comes ahead of fresh demand forecasts from the Organization for the Petroleum Exporting Countries and the Energy Information Administration on Tuesday and the International Energy Agency releasing its monthly Oil Market report on Wednesday.

"The market will be monitoring monthly oil market reports from OPEC and IEA for any signs of demand growth downgrades to help justify the recent price slump which has seen hedge funds cut bullish Brent bets to a ten-year low," Saxo Bank said in a note.

In company news, Apple's ( AAPL ) artificial intelligence strategy, set to be revealed at the WWDC conference in Cupertino, California, is expected to trigger a surge in AI-driven growth for the iPhone and Services division in the coming years, Wedbush Securities said in a note on Sunday.

"We believe AI technology being introduced into the Apple ( AAPL ) ecosystem will bring ample monetization opportunities on both the services as well as iPhone/hardware front and adds $30 to $40 per share to the Cupertino growth story," the Wedbush analysts said.

Shares of Nvidia ( NVDA ) , which executed its 10-for-1 stock split after the close on Friday, traded 1.4% higher post-split.