The S&P 500 and the Nasdaq rose on Wednesday while the Dow Jones slipped after softer-than-expected wholesale inflation data.
Oracle shares rallied on Wednesday after the tech giant forecast massive revenue growth.
At 09:41 AM ET, the Dow Jones Industrial Average fell 85.24 points, or 0.19%, to 45,626.10, the S&P 500 rose 31.47 points, or 0.48%, to 6,543.78, and the Nasdaq Composite added 74.71 points, or 0.33%, to 21,952.25.
The US Producer Prices Index (PPI) dropped in August on a decline in the cost of services.
The latest PPI inflation report kept hopes high for the US Federal Reserve to cut interest rates later this month.
US Producer Prices Index dropped in August on a decline in the cost of services.
Markets are now awaiting the US consumer prices data due on Thursday for further insights on the Fed monetary policy.
In the bond market, the yield on the 10-year Treasury fell to 4.05% from 4.08% late on Tuesday.
Gainers and Losers
Oracle shares surged more than 35% after the software giant projected massive revenue growth based on contracts tied to artificial intelligence.
Oracle CEO Safra Catz called the just-finished quarter “astonishing” as the company signed “four multi-billion-dollar contracts with three different customers.”
Following the Oracle news, chipmakers also surged with Nvidia rising 3.6%, Advanced Micro Devices gaining 3.1%, and Broadcom advancing 6.2%.
Constellation Energy stock rose 5%, Vistra surged 5.1% and GE Vernova added 5%.
Synopsys shares tumbled 31.3% after the company, that helps customers design and engineer chips, reported quarterly profit short of Wall Street estimates.
Bullion
Gold prices were near all-time high on Wednesday, on expectations that the Federal Reserve will resume rate cuts at next week’s meeting.
As of 11:06 AM EDT (1506 GMT), spot gold was up 0.5% at $3,644.49 per ounce. US gold futures for December delivery rose 0.1% at $3,684.10.
Among other metals, spot silver added 0.6% to $41.13 per ounce. Platinum gained 1.3% to $1,386.45 and palladium rose 3.1% to $1,182.30.
Crude Oil
Oil prices gained on Wednesday after Israel attacked Hamas leadership in Qatar and Poland shot down drones during a widespread Russian attack in western Ukraine.
At 1208 GMT, Brent crude futures rose 66 cents, or 1%, at $67.05 a barrel, and US West Texas Intermediate crude futures added 68 cents, or 1.1%, to $63.31 a barrel.