Equity Markets Rise Intraday as Big Tech Gains
US benchmark equity indexes were higher intraday, aided by certain mega-cap technology stocks, as traders parsed the latest inflation data. The Nasdaq Composite was up 0.5% at 26,246.1 after midday Wednesday, while the S&P 500 advanced 0.3% to 7,568.2. The Dow Jones Industrial Average rose 0.2% to 52,620.4. Among sectors, communication services saw the biggest gain, while energy led the laggards. Tech giant Apple (AAPL) was the best performer on the Dow, up 4%. The iPhone maker has held talks with bankers in recent months about possible deals for chip companies, The Information reported, citing unnamed sources. Other tech majors Alphabet's (GOOGL) class A shares, Amazon.com (AMZN), and Microsoft (MSFT) followed Apple on the Dow as the top performers. In economic news, US producer prices unexpectedly dropped on a monthly basis in June amid a steep decline in the cost of energy products, official data showed. "We expect to see another weak reading for the July (producer prices index), even though global oil prices have moved higher in the past week," Oxford Economics said in a note. On Tuesday, government data showed that US consumer prices decreased last month for the first.
US benchmark equity indexes were higher intraday, aided by certain mega-cap technology stocks, as traders parsed the latest inflation data.
The Nasdaq Composite was up 0.5% at 26,246.1 after midday Wednesday, while the S&P 500 advanced 0.3% to 7,568.2.
The Dow Jones Industrial Average rose 0.2% to 52,620.4.
Among sectors, communication services saw the biggest gain, while energy led the laggards.
Tech giant Apple (AAPL) was the best performer on the Dow, up 4%.
The iPhone maker has held talks with bankers in recent months about possible deals for chip companies, The Information reported, citing unnamed sources.
Other tech majors Alphabet's (GOOGL) class A shares, Amazon.com (AMZN), and Microsoft (MSFT) followed Apple on the Dow as the top performers.
In economic news, US producer prices unexpectedly dropped on a monthly basis in June amid a steep decline in the cost of energy products, official data showed. "We expect to see another weak reading for the July (producer prices index), even though global oil prices have moved higher in the past week," Oxford Economics said in a note.
On Tuesday, government data showed that US consumer prices decreased last month for the first.