04:47 PM EDT, 09/11/2024 (MT Newswires) -- US benchmark equity indexes rose Wednesday as traders evaluated official consumer inflation data and awaited the producer prices report for August.

The Nasdaq Composite jumped 2.2% to 17,395.5, while the S&P 500 advanced 1.1% to 5,554.1. The Dow Jones Industrial Average moved 0.3% higher to 40,861.7. Technology led the gainers among sectors, up 3.3%, while energy and consumer staples saw the steepest declines.

In economic news, US consumer inflation rose as expected last month on a sequential basis, while the annual metric logged the smallest increase since February 2021, government data showed.

"The August readings of employment and inflation have done little to strengthen the case for a larger, 50-basis-point rate cut next week," TD Economics said in a note to clients. "Instead, the (Federal Reserve) is likely to play it cool and cut rates by just 25 (basis points), but also signal more easing in the months ahead."

The probability of a 25-basis-point interest-rate cut on Sept. 18 jumped to 85% Wednesday from 66% Tuesday, while the odds of a more aggressive 50-basis-point reduction fell to 15% from 34%, according to the CME FedWatch tool.

Official producer prices data for August are scheduled to be released Thursday.

Mortgage applications in the US increased for the third consecutive week as the 30-year rate for conforming loan balances declined to its lowest level since February 2023, the Mortgage Bankers Association said.

The US two-year yield rose 4.1 basis points to 3.65%, while the 10-year rate gained 1.7 basis points to 3.66%.

West Texas Intermediate crude oil jumped 2.3% to $67.27 a barrel.

Brent fell below $70 on Tuesday for the first time in more than two years, while WTI reached a December 2021 low, Saxo Bank said in a Wednesday report. "Crude's ability to stage a rebound will depend on several factors, not least next week's (Federal Open Market Committee) meeting and the dollar's response to an expected rate cut," the firm wrote.

In company news, Nvidia ( NVDA ) and Super Micro Computer ( SMCI ) shares rose 8.2% and 7.9%, respectively, among the best performers on the S&P 500 and the Nasdaq.

Campbell Soup ( CPB ) shares fell 3.8%, among the biggest drops on the S&P 500. The company is looking to change its name to "The Campbell's Company," Chief Executive Mark Clouse said Tuesday.

Manchester United's ( MANU ) fiscal fourth-quarter loss increased amid revenue declines in two of its three reportable segments. The British soccer club expects its restructuring initiatives to impact results in fiscal 2025. The company's New York Stock Exchange-listed shares declined 4.6% Wednesday.

Gold was little changed at $2,542.30 per troy ounce, while silver rose 1.5% to $29.05 per ounce.