12:48 PM EDT, 03/12/2024 (MT Newswires) -- US equity indexes rose after midday on Tuesday as February's inflation print failed to meaningfully lift bets in favor of pushing interest-rate cuts further into the year.

The S&P 500 advanced 0.8% to 5,158.5, with the Nasdaq Composite up 1.1% to 16,197.9 and the Dow Jones Industrial Average 0.5% higher at 38,938.2. Technology and consumer discretionary led the gainers intraday, while the utilities sector was the biggest laggard.

The US 10-year Treasury yield jumped 5.3 basis points to 4.16%, and the two-year advanced 6.7 basis points to 4.6%.

The US consumer price index rose by 0.4% in February, as expected in a survey compiled by Bloomberg, and following a 0.3% increase in January. Core CPI, which excludes food and energy prices, rose by 0.4%, the same as in the previous month and above the consensus estimate for a 0.3% increase.

The year-over-year rate for overall CPI increased to 3.2% from 3.1% in January, while core CPI slowed to 3.8% from 3.9% in the previous month. The forecast was 3.1% and 3.7%, respectively.

"These are pretty small misses in the grand scheme," Thomas Simons, an economist at Jefferies, said in a note.

As per the note, about 60% of the increase this month came from gasoline and shelter costs. Core and the so-called super-core measures of service prices slowed from last month but remained firm.

The probability of the Fed's easing cycle beginning in June stood at 57% versus 60% a day ago, according to the CME Group's FedWatch tool, implying market expectations for a 25 basis point cut have not changed dramatically.

West Texas Intermediate crude oil rose 0.4% to $78.27 per barrel intraday.

In company news, Oracle (ORCL) shares surged 11% intraday, the top performer on the S&P 500, after the technology giant reported higher fiscal Q3 adjusted earnings and revenue.

Southwest Airlines ( LUV ) sank 14% intraday, the steepest decliner on the S&P 500, as the company said that it revised its Q1 guidance after Boeing (BA) advised the budget carrier that it would be delivering fewer aircraft in 2024.