01:03 PM EDT, 09/12/2024 (MT Newswires) -- US equity indexes rose midday Thursday as communication services and energy led the sector charts following a hot August inflation report.

The S&P 500 index rose 0.2% to 5,562.1, and the Nasdaq Composite climbed 0.3% to 17,452.7. The Dow Jones Industrial Average edged 0.3% higher to 40,965.2 after trading lower earlier in the session. Real estate and healthcare were the sole decliners.

In economic news, the US Producer Price Index grew 0.2% month-over-month in August following a flat reading in July, according to the Bureau of Labor Statistics Thursday, faster than the 0.1% gain expected in a survey compiled by Bloomberg. Excluding food and energy prices, core PPI climbed 0.3%, above the 0.2% gain expected and a 0.2% decline in the previous month.

On a year-over-year basis, PPI was up 1.7% in August versus a 2.1% growth in the previous month. But the rate for PPI excluding only food and energy accelerated modestly to 2.4% from 2.3%, and the rate for PPI excluding food, energy, and trade services advanced to 3.3% from 3.2%.

US initial jobless claims rose to 230,000 in the week ended Sept. 7 from an upwardly revised 228,000 in the previous week, compared with expectations for a decrease to 227,000 in a survey of analysts compiled by Bloomberg. The four-week moving average rose by 500 to 230,750.

Treasury yields rose intraday, with the 10-year yield advancing 4.7 basis points to 3.7%, and the two-year rate was 5.3 basis points higher at 3.7%.

West Texas Intermediate crude oil jumped 2.8% to $69.16 a barrel.

In company news, Moderna ( MRNA ) said it plans to cut back on its research and development spending as the company looks to save costs and prioritize new products in the pipeline. Shares plunged 14% intraday, the worst performer on the S&P 500 and the Nasdaq.

Warner Bros. Discovery (WBD) and Charter Communications ( CHTR ) said they have entered a multi-year distribution agreement integrating linear video and streaming services. Shares of Warner Bros. jumped 5.7% intraday, the top performer on the Nasdaq.