The S&P 500 rose on Wednesday, with major technology stocks advancing, as traders digested more data showing inflation is cooling.
The Dow Jones Industrials galloped 150.91 points to 52,659.18.
The much broader index gained 28.82 points to 7,572.41
The NASDAQ Composite regained 162.22 points to 26,269.23.
Investors appeared to be paring exposure to key semiconductor stocks and moving into shares of certain Big Tech names.
Notably, Amazon, Microsoft and Alphabet moved up around 3%. Apple also gained 4%.
Among the chipmakers, Micron Technology shares declined 7%, while Lam Research shares were down more than 4%. Intel slid 5% and Advanced Micro Devices was lower by 3%.
On Wednesday, the producer price index unexpectedly fell 0.3% in June, while economists had expected it to be unchanged on the month.
That follows Tuesday’s cooler-than-expected consumer price index report, which bolstered hopes that the Fed may not need to raise interest rates as aggressively this year. The report prompted traders to scale back expectations for near-term Fed tightening.
Prices for the 10-year Treasury hiked, lowering yields to 4.55% from Tuesday’s 4.59%. Treasury prices and yields move in opposite directions.
Oil prices revived one dollar to $80.34 U.S. a barrel.
Gold prices faded $10.60 to $4,059.10 U.S. an ounce.
