01:35 PM EST, 11/08/2024 (MT Newswires) -- US equity indexes were higher in midday trading Friday after a consumer sentiment gauge jumped more than forecast.

The S&P 500 rose 0.4% at 5,999.1 and the Dow Jones Industrial Average climbed 0.6% to 43,982.5. Both indexes touched new intraday record highs for the third day in a row following the results of the US presidential elections and as the Federal Reserve continued to ease monetary policy. The Nasdaq Composite was slightly higher at 19,280.3 after touching new highs earlier this week.

All three mainstream indexes are headed higher this week after investors removed election uncertainty from their 2024 playbook.

Real estate, utilities, and consumer staples led the gainers intraday, while the materials sector was among the trio of decliners.

In economic news, the University of Michigan's preliminary consumer sentiment index rose to 73.0 in November from 70.5 in October, above expectations for an increase to 71.0 in a survey compiled by Bloomberg. Respondents saw one-year inflation expectations at 2.6%, down from 2.7% in October, while five-year inflation expectations increased to 3.1% from 3%.

US Treasury yields were mixed, with the 10-year down 4.3 basis points to 4.3% and the two-year rate 5.3 basis points higher at 4.25%.

In company news, Axon Enterprise ( AXON ) reported a surge in Q3 adjusted earnings and sales, and raised its 2024 revenue outlook. Shares soared 25% intraday, the top performer on the S&P 500.

Akamai Technologies ( AKAM ) sank 13% intraday, the worst performer on the S&P 500, after the company's Q4 non-GAAP earnings and revenue guidance missed expectations amid a lowering of the full-year earnings forecast.

West Texas Intermediate crude oil slumped 2.6% to $70.46 a barrel.

Crude oil imports by China, the world's biggest buyer of crude oil, dropped for a sixth-straight month in October. The drop added to demand concerns as US inventories rise even as OPEC+, the world's largest cartel of crude oil producers, plans to return 2.2-million barrels per day of production cuts to market beginning in January. OPEC+ is planning monthly additions of 180,000 barrels per day for a year.

Gold fell 0.4% to $2,695.01 an ounce, and silver declined 1.3% to $31.46 an ounce.