01:34 PM EDT, 08/13/2026 (MT Newswires) -- (Updates with latest market prices and developments.)

US benchmark equity indexes were mostly higher intraday following another benign inflation report.

The Nasdaq Composite was up 0.8% at 26,796.98 after midday Thursday, while the S&P 500 rose 0.6% to 7,795.4. The Dow Jones Industrial Average was little changed at 53,748.2. Among sectors, technology paced the gainers, while materials led the laggards.

US producer prices held steady in July, defying expectations for a monthly rise, as energy costs continued to decline, Bureau of Labor Statistics data showed. The report follows Wednesday's tame consumer inflation numbers that further lowered bets for a Federal Reserve interest rate hike next month.

"While prices are still rising and inflation remains well above the (Federal Open Market) Committee's 2% target, the slightly slower pace of increase underscores hope earlier pressures from a global energy shock are already easing," Stifel said in a report e-mailed to MT Newswires. "This won't necessarily remove, but it does potentially mitigate, the sense of urgency for the Fed to firm its policy stance, at least in the nearer term, particularly in the aftermath of a weaker-than-expected July employment report."

As of Thursday, markets are pricing in a 66% probability that the Fed will keep its benchmark rate steady next month, compared with 59% on Wednesday, according to the CME FedWatch tool. The odds that the US central bank will hike by 25 basis points fell to 34% from 41%.

Richmond Fed President Tom Barkin offered contrasting views on the inflation outlook on Thursday, saying its unclear whether the central bank should hike interest rates to guide inflation back to its 2% target.

US Treasury yields were lower intraday, with the 10-year yield down 4.5 basis points at 4.65% and the two-year yield falling five basis points to 4.15%.

West Texas Intermediate crude oil declined 1.6% to $81.91 a barrel intraday, while Brent shed 1.5% to $87.69.

In a social media post on Wednesday, President Donald Trump said the US has "total control" over the Strait of Hormuz.

Iranian officials reportedly said earlier in the week that the Strait of Hormuz, a key chokepoint for crude flows, will remain closed as long as the US does not accept Tehran's conditions, including a permanent end to the conflict and compensation for war damages.

In company news, Sandisk ( SNDK ) shares jumped 16% intraday, the best performer on the S&P 500, after the semiconductor company said it expects revenue to grow at a mid-to-high-teens rate from fiscal 2028 through fiscal 2030.

Cisco Systems ( CSCO ) slumped 8.6%, the worst performer on the Dow and the second-biggest decline on the S&P 500. Late Wednesday, the networking equipment maker reported better-than-expected fiscal fourth-quarter results. However, adjusted gross margin declined on a yearly basis.

Tapestry (TPR) slid 15%, the steepest drop on the S&P 500. The company provided a full-year outlook below Wall Street's estimates at the midpoint.

Applied Materials ( AMAT ) is scheduled to release its quarterly results after the markets close on Thursday.

Spot gold fell 0.9% to $4,366.85 per troy ounce, while silver lost 1.2% to $64.94 per ounce.