US Equity Indexes Mixed, Treasury Yields Advance Ahead of Fed Speaks

US equity indexes traded mixed, while most government bond yields rose in midday trading Wednesday ahead of comments from top Federal Reserve officials.

The S&P 500 and the Nasdaq Composite took a breather after starting the week with gains, easing 0.1% to 5,182.3, and 0.3% to 16,284.5, respectively. The Dow Jones Industrial Average bucked the trend, up 0.2% to 38,968.6.

Real estate slid the most, while the utility sector topped the gainers intraday.

The US 10-year Treasury yield climbed 2.7 basis points to 4.49%. The two-year yield increased 1.1 basis points to 4.84%.

Investors are focused on the pace and timing of interest-rate cuts, with a slew of Fed officials scheduled to speak later on Wednesday, according to a note from D.A. Davidson. The speakers are Fed Vice Chair Philip Jefferson, Federal Reserve Bank of Boston President Susan Collins, and Fed Governor Lisa Cook. Since Fed Chair Jerome Powell hinted against rate increases and nonfarm payroll data came in softer last week, investors are gaining confidence the central bank could begin its easing cycle soon.

In economic news, wholesale inventories fell 0.4% in March, unrevised from the advance reading, as expected in a survey compiled by Bloomberg and following a 0.2% gain in February.

In company news, Uber Technologies UBER slumped almost 9% intraday after reporting a Q1 net loss of $0.32 per diluted share, widening from a $0.08 per share loss a year earlier. Shares were the worst performer in the S&P 500.

Intel INTC shares dropped nearly 3% intraday, among the worst in the Nasdaq and the Dow Jones. The chipmaker updated its Q2 outlook after the US Commerce Department notified the company that it is revoking with immediate effect licenses for exports of consumer-related items to a customer in China. Intel now expects Q2 revenue to remain in the company's original range of $12.5 billion to $13.5 billion but below the midpoint.

West Texas Intermediate crude oil rose 0.5% to $78.81 a barrel.

Excluding inventories in the Strategic Petroleum Reserve, US commercial crude oil stocks fell by 1.4 million barrels during the week ended May 3, following a 7.3-million-barrel gain in the previous week.

Gold was down less than 0.1% to $2,322.4 per troy ounce, and silver rose 0.4% to $27.66.