US Stock Indexes Mixed Wednesday
(AP) -- Stocks were mixed Wednesday, as modest gains from big technology companies offset declines in banks and other parts of the market. Stocks championed by hordes of online retail investors, the "meme" stocks as they have become known, were volatile once again.
The S&P 500 index rose 0.1% as of 10 a.m. Eastern. The Dow Jones Industrial Average was down 0.1% and the Nasdaq Composite was up 0.3%.
The tech-heavy Nasdaq was lifted by the usual Big Tech companies that have pushed that index generally higher for the last 18 months. Microsoft's stock rose 1% and Amazon's climbed 1%.
Investors continue to focus a significant amount of attention on inflation. China's producer price index, which measures prices of raw goods and services, jumped 9% from a year earlier in May, the fastest increase since 2008 and above analysts' forecasts. Surging prices for oil and other commodities and manufacturing components such as semiconductors were the main factor behind the jump in producer prices there.
Aside from surging prices of raw materials, fuel and other items needed for manufacturing, factories are struggling to keep up with demand as the pandemic recedes in many places. That has pushed up prices of everything from food to household staples.
Investors will get closely watched U.S. inflation data on Thursday and how it might impact ultra-low interest rates and other market-supporting policies.
Volatility in stocks embraced by Reddit investors continued for another day Wednesday. Clover Health jumped 7% while AMC Entertainment sank 11%.
The original "meme" stock, GameStop, will report its quarterly results after the closing bell on Wednesday. The company has tried to avoid its attachment to the online activist investor community as best as it can. It's last quarterly conference call with investors lasted 15 minutes and the company took zero questions.