04:37 PM EDT, 06/11/2025 (MT Newswires) -- The Nasdaq and the S&P 500 closed lower on Wednesday even amid signs of tame US inflation and a preliminary trade framework accord by the US and China.

The Nasdaq fell 0.5% to 19,615.88, and the S&P 500 decreased 0.3% to 6,022.24. The Dow Jones Industrial Average was unchanged at 42,865.77. Among sectors, consumer discretionary paced the declines, and energy led the gainers.

US Treasury yields were lower, with the 10-year rate decreasing 6.4 basis points to 4.42% and the two-year rate declining 8.4 basis points to 4.95%.

July West Texas Intermediate crude oil increased 4.5% to $67.89 a barrel on Wednesday.

US and Chinese officials agreed on a framework for implementing the pact the two countries reached in Switzerland last month, according to media reports. President Donald Trump said that China will supply rare earths upfront as part of a trade agreement that is subject to his approval and that of his Chinese counterpart, Xi Jinping.

"Our deal with China is done," Trump wrote in a social media post. "We are getting a total of 55% tariffs, China is getting 10%."

In economic news, US consumer inflation unexpectedly decelerated last month, weighed down by lower energy prices, government data showed.

In a social media post, Trump said the inflation report showed "great numbers" and that the Federal Reserve should lower its policy rate by a full percentage point.

"The president has been saying this for a while, but it's even more clear: the refusal by the Fed to cut rates is monetary malpractice," Vice President J.D. Vance said in a social media post.

US mortgage applications jumped last week to the highest in over a month as rates for Federal Housing Administration-backed financing and 15-year loans declined, the Mortgage Bankers Association said.

In company news, Intel ( INTC ) shares fell 6.3%, the steepest decline on the S&P.

Nucor ( NUE ) shares dropped 6.1%, a day after media reports that the US and Mexico are in talks to remove the 50% tariffs imposed by President Donald Trump on steel imports from Mexico by capping imports to a certain volume.

Starbucks ( SBUX ) shares rose 4.3%, the second-biggest gain on the S&P. The company has drawn "a lot of interest" in its move to explore a partnership with outside investors for a minority stake in its China business, the Financial Times reported, citing Chief Executive Officer Brian Niccol.

Franklin Resources ( BEN ) shares climbed 3.1%. Goldman Sachs raised the price target on the stock to $22.50 from $21.50 and maintained its neutral rating.

Vaxart (VXRT) shares jumped 28% after the phase 1 trial of its second-generation oral norovirus vaccine pills met its primary immunological endpoint.

Gold increased 0.6% to $3,364.10 per troy ounce, while silver was down 1.2% to $36.21 per troy ounce.