12:15 PM EDT, 06/12/2024 (MT Newswires) -- US benchmark stock indexes rose as inflation eased ahead of the June policy announcement from the Federal Reserve, enabling policymakers to incorporate fresh data in their projections for interest rates this year.

The Nasdaq Composite jumped 1.8% to 17,655.1, with the S&P 500 up 1.2% to 5,437.2 and the Dow Jones Industrial Average 0.5% higher at 38,927.5. The Nasdaq and the S&P 500 hit new record highs as technology and real estate led the gainers intraday, while energy was the steepest decliner.

In economic news, the US seasonally adjusted consumer price index stood pat in May, below the 0.1% gain expected in a survey compiled by Bloomberg and cooling from a 0.3% increase in April, according to data released Wednesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose 0.2% versus the consensus for a 0.3% gain. Core CPI rose by 0.3% in April.

The year-over-year overall and core CPI slowed to 3.3% and 3.4%, respectively, from 3.4% and 3.6% in the previous month.

The Federal Open Market Committee's interest-rate-setting meeting will unveil its June policy statement on Wednesday.

The US 10-year yield sank 13.1 basis points to 4.27%, and a 14.9 basis-point plunge in the two-year pushed yield to 4.69%.

In company news, Oracle (ORCL) surged 12% intraday, the top performer on the S&P 500, after the technology giant reported an increase in fiscal Q4 sales and unveiled partnerships with Microsoft ( MSFT ) and Alphabet's (GOOG, GOOGL) Google ( GOOG ).

West Texas Intermediate crude oil rose 0.4% to $78.41 a barrel.