04:53 PM EDT, 04/11/2024 (MT Newswires) -- US benchmark equity indexes closed mostly higher Thursday as markets weighed the official producer price report, a day after hotter-than-expected consumer inflation data largely wiped out pricing for a June interest rate cut.

The Nasdaq Composite rose 1.7% to 16,442.2, while the S&P 500 advanced 0.7% to 5,199.06. The Dow Jones Industrial Average was little changed at 38,459.1. Technology led sector gainers, while financials paced the decliners.

In economic news, producer prices logged the biggest annual increase since April 2023 while wholesale costs eased sequentially in March, the Bureau of Labor Statistics reported Thursday.

BLS data on Wednesday showed that March consumer inflation came in higher than predicted. Markets widely expect the Federal Reserve to keep its rates unchanged on May 1, according to the CME FedWatch Tool. The odds for a 25-basis-point cut in June were at 25% on Thursday, up from 16% on Wednesday but sharply down from 59% a week ago.

Recent economic data have reduced the urgency to lower interest rates, stressing the need for continued patience as the disinflation process will likely be uneven, Boston Fed President Susan Collins said Thursday. "This also implies that less easing of policy this year than previously thought may be warranted," Collins said in prepared remarks for a speech in New York.

Weekly applications for unemployment insurance in the US declined more than expected, according to government data, which Jefferies said indicated a subdued layoff environment or the possibility that terminated workers are easily finding another job.

The US 10-year yield rose 2 basis points to 4.58% Thursday, while the two-year rate eased by 2 basis points to 4.95%.

West Texas Intermediate crude oil fell 0.7% to $85.63 per barrel.

In company news, CarMax (KMX) shares retreated 9.2% as the used-car seller's fiscal fourth-quarter results slid and it pushed out a target for unit sales amid uncertainty regarding market recovery.

Gold rose 1.8% to $2,391.40 per troy ounce, while silver climbed 1.9% to $28.58 an ounce.