US equity indexes traded mixed as the Dow Jones Industrial Average gave up gains after government bond yields turned the corner with a decisive move higher.

The Nasdaq Composite rose 0.7% to 18,539.7. Apple (AAPL), Microsoft (MSFT), Alphabet (GOOG, GOOGL), Amazon.com (AMZN), and Meta Platforms (META) will be reporting quarterly results next week.

The S&P 500 was fractionally up at 5,811.3, with the Dow Jones Industrial Average down 0.7% to 42,067.4. Technology, communication services, and consumer discretionary were the only gainers intraday. Financials and utilities led the decliners.

US Treasury yields rose intraday, with the 10-year yield up 1.4 basis points to 4.22%, trading close to its highest since late July. The two-year rate advanced 1.3 basis points to 4.08%, hovering near its strongest since mid-August. Earlier in the session, most Treasury yields traded steady-to-down.

"Ongoing labor market softening suggests [US] monetary policy is restrictive at current levels and we think a Republican clean sweep in the US elections - resulting in greater inflationary pressures - would simply push [Federal Reserve] rate cuts further into the future rather than halting them altogether," Ryan Field, Global Macro Strategist at Oxford Economics, said in a note.

Meanwhile, gold rose 0.1% to $2,752.71 an ounce, bringing the yellow metal's year-to-date increase to 27%. Silver edged up 0.1% to $33.83, trading up 37% since the beginning of this year.

In economic news on Friday, the University of Michigan consumer sentiment index was revised upward to 70.5 for October from the 68.9 preliminary estimate and compared with expectations for 69.1 in a survey compiled by Bloomberg. The index is above the final 70.1 reading in September and is the highest since April 2024.

New orders for US durable goods fell 0.8% in September, in line with the previous month but versus a 1% decrease anticipated in a survey compiled by Bloomberg. Excluding a 3.1% drop in transportation orders, new orders would have been up 0.4% in September after a 0.6% gain in August. Expectations were for a 0.1% drop.

"Core orders, which are a clearer indication of future capital spending by companies, rose at a solid pace, defying our expectations for a moderate decline," Bernard Yaros, lead US economist at Oxford Economics, said in a separate note.

In company news, Tapestry (TPR) said it plans to appeal a US federal court decision granting the Federal Trade Commission's request to block the acquisition of Capri Holdings (CPRI). Tapestry shares were up 13% intraday, the top gainer on the S&P 500.

The worst performer on the index was Mohawk Industries (MHK), down 12% intraday after reporting overnight adjusted earnings guidance for Q4 that missed the average analyst estimate compiled by Capital IQ.

West Texas Intermediate crude oil rose 2.1% to $71.68 a barrel.