(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

Indexes up: Dow 0.04%, S&P 500 0.17%, Nasdaq 0.12%

*

Charter Communications ( CHTR ) rises after co to buy Cox

Communications

*

U. Mitch Consumer Sentiment Index at 50.8 vs 53.4 estimate

*

Applied Materials ( AMAT ) falls after Q2 revenue miss

(Updates with afternoon trading levels)

By Pranav Kashyap and Shashwat Chauhan

May 16 (Reuters) - Wall Street's main indexes were on

track for weekly gains on Friday, buoyed by a U.S.-China tariff

truce, though soft consumer sentiment data on the day kept

risk-taking in check.

Stocks briefly came off their highs after the University of

Michigan Surveys of Consumers said its Consumer Sentiment Index

slumped further in May while one-year inflation expectations

surged to 7.3% from 6.5% last month.

"Some of the market movements today reflected that the

market has been a little bit torn between this desire for relief

and the reality," said Julia Hermann, global markets strategist

at New York Life Investments.

At 11:48 a.m. ET, the Dow Jones Industrial Average

rose 15.26 points, or 0.04%, to 42,338.01, the S&P 500

gained 9.73 points, or 0.17%, to 5,926.74 and the Nasdaq

Composite gained 23.68 points, or 0.12%, to 19,135.99.

All three main indexes were poised for weekly gains and the

S&P 500 was set for a fifth consecutive single-day gain.

U.S. equities found their footing earlier in the week,

rallying on Monday and Tuesday after Washington and Beijing

agreed to a 90-day pause in their escalating trade war.

As a result, the S&P 500 catapulted back into the

green year-to-date - the first time it is in positive territory

since late February. Still, the benchmark index remains about 4%

shy of its all-time peak.

"The market is currently leaning toward the optimistic side

of things on the idea that lower tariffs might be able to

support higher economic growth. However, what I see here is an

opportunity for investors to use this relief to prepare for the

next leg of reality," said Hermann.

Trump and British Prime Minister Keir Starmer had announced

a limited bilateral trade agreement last week.

Focus would also be on comments from Federal Reserve

policymakers, with at least two officials including Richmond Fed

President Thomas Barkin slated to speak throughout the day.

House Budget Committee Chairman Jodey Arrington cautioned

that Friday's planned vote on the tax bill might be delayed due

to opposition to the measure.

Megacap and growth stocks were mixed, with Alphabet

advancing more than 1%, while Meta Platforms ( META )

dipped in excess of 1%.

Big Tech was one of the biggest drivers on Wall Street this

week, with the information technology sector heading

towards a more than 7% gain.

Applied Materials ( AMAT ) slipped 6% after the chipmaking

equipment maker missed estimates for second-quarter revenue.

Charter Communications ( CHTR ) was off session highs, but

still up about 1% after the media company said it would buy

privately held rival Cox Communications for $21.9 billion.

Advancing issues outnumbered decliners by a 1.49-to-1 ratio

on the NYSE and by a 1.35-to-1 ratio on the Nasdaq.

The S&P 500 posted 19 new 52-week highs and no new lows

while the Nasdaq Composite recorded 50 new highs and 56 new

lows.