S&P Little Changed Ahead of Inflation Report

Stocks were mixed on Wednesday as investors shook off hotter-than-expected inflation data and cheered a large merger in the energy space. Treasury yields continued to retreat from the 16-year highs reached last week.

The Dow Jones Industrials faded 37.05 points, to observe noon hour Wednesday at 33,702.35.

The S&P 500 index sank 0.56 points to 4,357.68.

The NASDAQ index stayed stoically in plus territory 40.31 points at 13,603.15.

Earlier Wednesday, Exxon Mobil agreed to buy shale driller Pioneer Natural Resources in an all-stock transaction worth $59.5 billion, the largest merger announced on Wall Street this year. Pioneer shares were up 0.5%, while Exxon was down by about 4.7%.

Investors continue to assess the ongoing war unfolding between Israel and Hamas after the militant group launched an attack on Israeli civilians in what marked the deadliest offensive the country’s experienced in 50 years. President Joe Biden condemned the Hamas attacks as terrorism in remarks Tuesday and said that the United States stands with Israel.

The producer price index rose 0.5% for September, coming out higher than the Dow Jones estimate for a 0.3% rise. While slightly higher than what economists expected, the September figure still represented a slowing from the 0.7% producer prices increase in the prior month.

Minutes from the Federal Reserve’s latest meeting due in the afternoon will offer further insight into the central bank’s hiking cycle after it chose to skip an interest rate increase last month.

Prices for the 10-year Treasury gained sharply, lowering yields to 4.57% from Tuesday’s 4.65%. Treasury prices and yields move in opposite directions.

Oil prices handed back $2.23 to $83.74 U.S. a barrel.

Gold prices added $10.40 to $1,885.70.

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