01:03 PM EST, 02/18/2025 (MT Newswires) -- US equity indexes traded mixed while most government bond yields rose after midday Tuesday as a regional manufacturing gauge improved more than forecast and a housing measure slumped more than anticipated.

The Nasdaq Composite slipped less than 0.1% to 20,011.2, with the S&P 500 rising 0.1% at 6,120.6 and the Dow Jones Industrial Average 0.1% lower at 44,489.9. Communication services and consumer discretionary led the decliners intraday, while energy was the biggest gainer.

The S&P 500 and Nasdaq are trading close to record highs as inflation and growth scares seen last week have been "largely absorbed," an IG research note said Tuesday, adding that "attention has shifted to broader catalysts such as the potential for Ukraine-Russia peace talks and delayed US tariff action." Volatility may be relegated to Q2 when the US trade findings could still trigger reciprocal tariff actions, allowing investors to capitalize on "near-term momentum" to push for further gains.

In economic news, the New York Federal Reserve's Empire State manufacturing index rebounded to 5.7 in February from minus 12.6 in January, compared with minus 2 in a survey compiled by Bloomberg. The Empire State index is the first manufacturing sector reading for February and suggests a return to expansion.

However, the National Association of Home Builders' monthly housing market index fell to 42 in February from 47 in January, compared with expectations for 46 in a survey compiled by Bloomberg. The index, below 48 a year earlier, came in at the lowest since September.

"While builders hold out hope for pro-development policies, particularly for regulatory reform, policy uncertainty and cost factors created a reset for 2025 expectations in the most recent HMI," said NAHB Chairman Carl Harris. "Uncertainty on the tariff front helped push builders' expectations for future sales volume down to the lowest level since December 2023. Incentive use may also be weakening as a sales strategy as elevated interest rates reduce the pool of eligible home buyers."

Most US Treasury yields rose, with the 10-year up 6.3 basis points to 4.54% and the two-year 3.6 basis points higher at 4.30%.

In company news, Taiwan Semiconductor Manufacturing ( TSM ) and Broadcom ( AVGO ) are considering pitching deals to acquire separate pieces of Intel ( INTC ) , The Wall Street Journal reported, citing people familiar with the matter. Intel ( INTC ) shares rose 10.3% intraday, among the top gainers on the S&P 500 and the Nasdaq.

Medtronic ( MDT ) shares declined 6.5% after the company reported fiscal Q3 revenue below analysts' expectations.

Nike ( NKE ) said Tuesday it is partnering with Kim Kardashian-backed clothing brand Skims to form a new brand, NikeSKIMS. The new brand will focus on women's apparel, footwear, and accessories for the global fitness and activewear industry. Shares of the sportswear retailer jumped 4.4% intraday, the top gainer on the Dow.

West Texas Intermediate crude oil futures advanced 1.2% to $71.56 a barrel.

Gold futures jumped 1.6% to $2,948.30. Silver climbed 1.5% to $33.36.