12:32 PM EDT, 04/11/2024 (MT Newswires) -- US benchmark stock indexes and government bond yields traded mixed as investors weighed the wholesale producer price inflation data for March.

The S&P 500 rose 0.2% to 5,168.7, with the Nasdaq Composite up 0.7% to 16,278.7 after midday on Wednesday. The Dow Jones Industrial Average bucked the intraday trend, down 0.3% to 38,346.4. All sectors, except technology and communication services, were in the red intraday. Energy led the decliners.

In economic news, producer prices in March logged the biggest annual increase since April 2023, the Bureau of Labor Statistics reported Thursday, a day after hotter-than-expected consumer inflation data largely wiped out pricing for a June interest rate cut by the Federal Reserve.

The US producer price index increased 2.1% year-over-year in March, accelerating from 1.6% in February. The estimate in a survey compiled by Bloomberg was 2.2%. Core PPI rose 2.4% from 2.1% and compared with the 2.3% Bloomberg-compiled consensus. The month-over-month PPI, at 0.2%, compared with 0.6% in February, while the corresponding data for core PPI was 0.2% versus 0.3%, respectively.

The Federal Open Market Committee will continue to monitor incoming data due to the uncertainty in the economic outlook, New York Fed President John Williams said Thursday. Williams said in prepared remarks that he expects inflation to continue to ease toward the 2% goal with "bumps along the way, as we've seen in some recent inflation readings."

Markets widely expect the central bank's Federal Open Market Committee to keep its rates unchanged on May 1, according to the CME FedWatch Tool. The odds for a 25-basis-point cut in June were 20% on Thursday, up from 16% on Wednesday but sharply down from 59% a week ago.

The US 10-year yield rose 2.7 basis points to 4.59%. A 1.2 basis-point decline in the two-year Treasury pushed the yield down to 4.96%.

West Texas Intermediate crude oil fell 0.9% to $85.41 a barrel.

In company news, Globe Life ( GL ) shares sank 18% intraday, the worst performer on the S&P 500, after short-seller Fuzzy Panda Research alleged that company executives disregarded insurance fraud. Globe Life ( GL ) did not immediately respond to MT Newswires' requests for comment.