02:07 PM EST, 01/14/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday as traders parsed the latest producer price report and awaited official data on consumer inflation.

The Dow Jones Industrial Average was up 0.4% at 42,464.7 after midday Tuesday, while the S&P 500 rose 0.3% to 5,851.3. The Nasdaq Composite advanced 0.1% to 19,112.9. Among sectors, utilities paced the gainers, while health care saw the biggest drop.

In economic news, US producer price growth unexpectedly decelerated on a sequential basis last month as wholesale costs of services held steady while goods' price gains cooled, the Bureau of Labor Statistics reported.

"A relatively more benign producer price report compared to expectations offers welcome relief for a (Federal Reserve) increasingly concerned about an acceleration in cost pressures," Stifel said in a note to clients. "While this morning's report does little to arrest the likelihood -- and need -- for a policy pivot near term, it does seemingly afford the (Federal Open Market Committee) more flexibility for policy as the data continue to evolve in the new year and under a new regime in Washington."

BLS data are expected to show Wednesday that the US consumer price index rose 0.4% sequentially and 2.9% annually in December, according to a Bloomberg-compiled consensus.

Small business optimism reached its highest level since October 2018, the National Federation of Independent Business' December survey showed Tuesday.

"Optimism on Main Street continues to grow with the improved economic outlook following the (US presidential) election," NFIB Chief Economist Bill Dunkelberg said. "Expectations for economic growth, lower inflation, and positive business conditions have increased in anticipation of pro-business policies and legislation in the new year."

The US two-year yield decreased 2.9 basis points to 4.37% intraday, while the 10-year rate lost one basis point to 4.8%.

In company news, Celanese (CE) shares were up 5.6%, the top gainer on the S&P 500, as BofA Securities upgraded the stock to buy.

Constellation Energy ( CEG ) was among the best performers on the S&P 500 and the Nasdaq, up 4.6%, as UBS and Jefferies raised their respective price targets on the stock.

Eli Lilly ( LLY ) shares tumbled 7.4%, the worst performer on the S&P 500, after the drugmaker lowered fourth-quarter and full-year revenue expectations amid slower-than-expected growth in its US incretin division.

Boeing ( BA ) saw the steepest decline on the Dow, down 2%, after the planemaker posted lower deliveries and orders for the fourth quarter and full year from a year earlier.

West Texas Intermediate crude oil fell 1.5% to $77.68 a barrel intraday.

Gold was up 0.1% at $2,682.80 per troy ounce, while silver rose 0.3% to $30.4 per ounce.