02:42 PM EDT, 06/12/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday after producer price data added to signs that cost pressures remain muted.

The S&P 500 was up 0.3% at 6,040.9 after midday Thursday, while the Nasdaq Composite rose 0.2% to 19,662.7. The Dow Jones Industrial Average edged 0.1% higher to 42,897.6. Among sectors, utilities paced the gainers, while communication services saw the biggest drop.

In economic news, US producer prices rebounded less than expected in May, according to government data released Thursday. On Wednesday, official data showed that consumer inflation unexpectedly decelerated last month, weighed down by lower energy prices.

"The downside surprise on the May consumer and producer price report continues to offer relief for a (Federal Reserve) increasingly concerned about a potential acceleration in cost pressures," Stifel said. "Additionally at this point, this week's reports indicate the impact of tariffs thus far remains somewhat muted, along with a hesitancy by at least some companies to pass on price increases to consumers."

Weekly applications for unemployment insurance in the US remained at their highest level since October 2024, while continuing claims reached the highest point since November 2021, government data showed.

"Though inflation was tame in May and initial claims for unemployment insurance benefits have jumped in June, we don't think this alters the Fed's calculus yet," Oxford Economics said. "We're sticking with our forecast for the next rate cut to occur in December, but the Fed needs to carefully monitor whether businesses opt to lay off workers to cut costs because they're eating more of the tariffs than anticipated."

Markets are widely expecting the central bank to again leave its benchmark lending rate unchanged next week, according to the CME FedWatch tool.

US Treasury yields were lower intraday Thursday, with the 10-year rate falling 4.7 basis points to 4.37% and the two-year rate dropping 3.1 basis points to 3.91%.

President Donald Trump said Wednesday that the US plans to send letters to countries in the next one or two weeks about setting unilateral tariffs, Bloomberg News reported.

"Trump brought forward the July 9th tariff deadline for reciprocal tariffs to instead roughly two weeks from now when he claims he will set unilateral tariffs and send letters to various countries," Scotiabank said. "The aim is likely to try to force others to negotiate where progress has been poor."

West Texas Intermediate crude oil was up 0.4% at $68.41 a barrel intraday.

In company news, Oracle (ORCL) shares were up nearly 14%, the top gainer on the S&P 500. The cloud computing company's strong fiscal fourth-quarter results and increased revenue outlook are expected to help ease worries about a potential margin pressure, UBS Securities said in a Thursday note.

Cardinal Health ( CAH ) was among the best performers on the S&P 500, up 4.7%, after the drug distributor raised its fiscal 2025 earnings guidance and provided a preliminary bottom-line outlook above market estimates at the midpoint for the following year.

Boeing ( BA ) shares declined 4.8%, the steepest decline on the S&P 500 and the Dow, after a 787-8 Dreamliner operated by Air India, bound for the UK, crashed shortly after takeoff. The plane carried 242 passengers and crew.

Gold was up 1.8% at $3,404.3 per troy ounce, while silver rose 0.2% to $36.34 per ounce.