04:56 PM EST, 02/12/2025 (MT Newswires) -- US benchmark equity indexes closed mostly lower Wednesday, while Treasury yields increased after official data showed that consumer inflation accelerated in January.

The Dow Jones Industrial Average dropped 0.5% to 44,368.6, while the S&P 500 fell 0.3% to 6,052. The Nasdaq Composite was little changed at 19,650. Among sectors, energy saw the biggest drop, down 2.7%, while communication services was little changed. Consumer staples was the sole gainer.

In economic news, the US consumer price index increased 0.5% in January from 0.4% the month prior, while the annual measure accelerated to 3% from 2.9%. Core inflation, which excludes the volatile food and energy components, accelerated to 0.4% sequentially and to 3.3% annually last month, topping Wall Street's views.

"The first CPI reading for 2025 showed core inflation rising at its fastest pace in nearly a year, amid a further uptick in goods prices and ongoing stickiness in services inflation," TD Economics said. Separately, BMO said the report is likely to make the Federal Reserve more cautious and patient regarding future rate cuts than it already is.

Fed Chair Jerome Powell said the latest CPI report fits with an overall picture that policymakers are "close but not there" on getting inflation back to their 2% goal, media outlets reported.

On Tuesday, Powell said the Fed does "not need to be in a hurry" to adjust monetary policy as the economy remained strong.

The official US producer price report for January is scheduled to be released Thursday.

The US 10-year yield jumped 8.8 basis points to 4.63% Wednesday, while the two-year rate added 6.7 basis points to 4.36%.

In company news, Westinghouse Air Brake Technologies ( WAB ) shares slumped 9.1%, the worst performer on the S&P 500, after the company's fourth-quarter results fell short of the Street's views.

Biogen (BIIB) guided for a decline in earnings and revenue for 2025 amid ongoing challenges in its multiple sclerosis product category. The company's shares fell 4.3%, the steepest decline on the Nasdaq.

CVS Health ( CVS ) posted better-than-expected fourth-quarter results and projected higher 2025 earnings on a year-over-year basis. The healthcare company's shares jumped nearly 15%, the top gainer on the S&P 500.

Generac ( GNRC ) was the second-best performer on the S&P 500, up 7.6%, after the company delivered a fourth-quarter earnings beat.

West Texas Intermediate crude oil dropped 2.7% to $71.33 a barrel Wednesday.

The Organization of the Petroleum Exporting Countries maintained its global oil demand projections for 2025 and 2026, while flagging uncertainty from the impact of potential tariffs.

"It remains to be seen how and to what extent potential tariffs and other policy measures will play out" for the global economy, the cartel said. "So far, they are not anticipated to materially impact the current underlying growth assumptions."

Commercial crude stockpiles in the US increased more than expected last week, government data showed.

Gold decreased 0.2% to $2,927.10 per troy ounce, while silver rose 1.2% to $32.7 per ounce.