02:13 PM EDT, 05/16/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday as traders analyzed the latest set of economic data.

The Dow Jones Industrial Average was up 0.5% at 42,529.1 after midday Friday, while the S&P 500 rose 0.4% to 5,940.9. The Nasdaq Composite advanced 0.3% to 19,159.8. Among sectors, health care paced the gainers, while energy and technology were in the red.

In economic news, US housing starts rose last month as a double-digit percentage gain in multi-family projects helped offset a decline in the single-family component, government data showed.

In the coming quarters, housing starts are expected to drop below 1.3 million units amid factors such as higher building costs due to tariffs, Oxford Economics said. "The risk to our forecast is tilted to the upside if the (US') recent truce on tariffs with China becomes permanent or if tariffs are scaled back further," the firm wrote.

Consumer sentiment unexpectedly deteriorated in May, hitting the lowest reading in nearly three years, as inflation expectations mounted, according to a survey by the University of Michigan.

"Many survey measures showed some signs of improvement following the temporary reduction of China tariffs, but these initial upticks were too small to alter the overall picture -- consumers continue to express somber views about the economy," said Joanne Hsu, Surveys of Consumers director.

US Treasury yields were mixed intraday, with the 10-year rate falling 1.6 basis points to 4.44% and the two-year rate gaining one basis point to 3.98%.

West Texas Intermediate crude oil was up 1.6% at $62.57 a barrel intraday.

In company news, 3M ( MMM ) shares were up 2.6%, the second-best performer on the Dow, as JPMorgan and Mizuho raised their respective price targets on the industrial conglomerate's stock.

Charter Communications ( CHTR ) and Cox Communications agreed to combine in a deal that would better position the combined entity to compete with broadband and streaming companies. Charter Communications ( CHTR ) shares rose 1.6%.

Applied Materials ( AMAT ) was the worst performer on the S&P 500, down 6%. The semiconductor equipment maker late Thursday logged fiscal second-quarter revenue that trailed Wall Street's estimates.

Gold fell 1.2% to $3,188 per troy ounce, while silver lost 1% to $32.35 per ounce.