12:51 PM EDT, 05/13/2024 (MT Newswires) -- US equity indexes traded mixed after midday on Monday as expectations for inflation one year ahead increased, adding to concern near-term price pressures are growing in the economy.

The S&P 500 was up less than 0.1% at 5,224.2, and the Nasdaq Composite rose 0.3% to 16,394.7. The Dow Jones Industrial Average slipped less than 0.1% to 39,498.3. Technology and materials were the sole decliners intraday. Communication services led the decliners.

In economic news, consumer expectations for one-year US inflation growth increased to 3.3% in April after remaining at a 3% pace for four consecutive months, according to a New York Federal Reserve Bank survey Monday. The median expectations slowed to a 2.8% gain from a 2.9% increase for the upcoming three years but rose to a 2.8% jump from a 2.6% advance for the five years ahead.

Following three hotter-than-expected reports in January, February, and March, the April consumer price index data is due Wednesday. The producer price index for the month is due Tuesday.

The US 10-year Treasury yield fell 2.5 basis points to 4.48%, and the two-year rate declined 1.5 basis points to 4.85%.

In company news, Incyte ( INCY ) shares jumped 7.6% intraday, the top performer on the S&P 500, after the company said its directors authorized a $2 billion share buyback program.

Walgreens Boots Alliance ( WBA ) is seeking potential buyers for the 7 billion British pounds ($8.8 billion) Boots drugstore chain in the UK, a news report from Bloomberg said Monday, citing people familiar with the matter. Shares jumped 5% intraday, among the top performers on the S&P 500 and the Nasdaq.

West Texas Intermediate crude oil rose 0.7% to $78.81 a barrel.

Gold slumped 1.4% to $2,342.11 an ounce, and silver slipped 0.1% to $28.48.