02:21 PM EDT, 09/12/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday as markets assessed the latest economic data, including the official producer prices report for August.

The Nasdaq Composite was up 1% at 17,562.5 after midday Thursday, while the S&P 500 advanced 0.7% to 5,593.1. The Dow Jones Industrial Average moved 0.5% higher to 41,055.1. All sectors were in the green, led by communication services and technology.

In economic news, producer prices in the US grew more than expected last month as wholesale services costs rebounded, the Bureau of Labor Statistics reported.

On Wednesday, the BLS data showed that US consumer inflation rose as expected in August on a sequential basis, while the annual metric logged the smallest increase since February 2021.

The PPI and consumer price index data reinforce the need for a "tempered path of policy easing" by the Federal Reserve, Stifel said in a note to clients.

There's a 73% probability that the central bank's Federal Open Market Committee will lower its benchmark lending rate by 25 basis points Wednesday, with the remaining odds in the favor of a more aggressive 50-basis-point reduction, according to the CME FedWatch tool.

Weekly applications for unemployment insurance in the US increased unexpectedly, government data showed Thursday.

The US 10-year yield rose 3.8 basis points to 3.69% intraday, while the two-year rate gained 1.6 basis points to 3.66%.

In company news, Warner Bros. Discovery ( WBD ) signed a multiyear distribution agreement with Charter Communications ( CHTR ) that integrates linear video and streaming services. Warner Bros. shares were up 8.5%, the best performer on the S&P 500 and the Nasdaq, while Charter rose 3.3%.

Moderna ( MRNA ) said it plans to cut back on its research and development spending as the company looks to save costs and prioritize the launch of new products already in the pipeline. The drugmaker's shares plunged 12%, the steepest decline on the S&P 500 and the Nasdaq.

Mastercard ( MA ) agreed to buy cyber defense and intelligence company Recorded Future from Insight Partners for $2.65 billion, bolstering its security capabilities within the payments ecosystem. Mastercard ( MA ) shares rose 0.4%.

Adobe (ADBE) and RH (RH) are among the companies scheduled to report their latest quarterly financial results after Thursday's closing bell.

West Texas Intermediate crude oil increased 2.8% to $69.22 a barrel intraday.

Gold was up 1.5% at $2,580.50 per troy ounce, while silver advanced 4% to $30.07 per ounce.