02:22 PM EST, 11/13/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday after official data showed consumer inflation rose in line with Wall Street's expectations in October.

The Dow Jones Industrial Average was up 0.4% at 44,079.5 after midday Wednesday, while the S&P 500 and the Nasdaq Composite rose 0.3% each to 6,004.6 and 19,340.9, respectively. Among sectors, consumer discretionary paced the gainers, while utilities saw the biggest drop.

In economic news, the US consumer price index increased 0.2% last month, the same as it did July through September, the Bureau of Labor Statistics reported. Annually, inflation accelerated to 2.6% from September's 2.4% pace.

"Progress on the inflation front has slowed to a snail's pace in recent months as services inflation is looking increasingly sticky, while much of the disinflationary pressure from falling goods prices is now in the rear-view mirror," TD Economics said in a note. "All of this suggests that the last leg lower on returning inflation to the (Federal Reserve's) 2% target is going to occur much more gradually."

The odds of policymakers lowering their benchmark lending rate by 25 basis points next month jumped to about 82% Wednesday from 59% Tuesday, according to the CME FedWatch tool. The remaining odds are for interest rates to remain unchanged.

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

Mortgage application volume in the US rose for the first time in seven weeks even though the 30-year fixed rate for conforming loan balances rose, the Mortgage Bankers Association said.

The US 10-year yield rose two basis points to 4.45% intraday, while the two-year rate fell 5.8 basis points to 4.29%.

The central bank's Federal Open Market Committee will most likely need to ease monetary policy further, though "it's best to proceed with caution," Dallas Fed President Lorie Logan said. "It's difficult to be sure how many cuts may be needed and how soon they may need to happen."

In company news, Charter Communications ( CHTR ) agreed to acquire Liberty Broadband ( LBRDA ) in an all-stock deal. Charter shares were up 5.5%, among the best performers on the S&P 500 and the Nasdaq, while Liberty's series A and C common shares fell more than 3% each.

Rivian Automotive ( RIVN ) shares jumped nearly 18%. German car manufacturer Volkswagen Group has agreed to invest up to $5.8 billion in the US electric vehicle maker and their new joint venture by 2027, up from the previous plan for a $5 billion investment, the companies said late Tuesday.

Super Micro Computer ( SMCI ) said Wednesday it cannot file its quarterly report for the period ended Sept. 30 on time. The artificial intelligence server maker's shares were down 4.8% intraday, the steepest decliner on the Nasdaq and among the worst on the S&P 500.

Cisco Systems ( CSCO ) is scheduled to report its latest quarterly financial results after Wednesday's closing bell.

West Texas Intermediate crude oil was up 0.7% at 68.6 a barrel intraday.

Gold fell 0.8% to $2,586.50 per troy ounce, while silver dropped 0.3% to $30.68 per ounce.