(For a Reuters live blog on U.S., UK and European stock

markets, click LIVE/ or type LIVE/ in a news window)

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Indexes: Dow up 0.10%, S&P 500 up 0.03%, Nasdaq down 0.12%

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Bank of America ( BAC ) profit rises, shares gain

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Johnson & Johnson ( JNJ ) up as Q2 profit beats estimates

(Updates with market-open prices)

By Pranav Kashyap and Nikhil Sharma

July 16 (Reuters) -

Wall Street's main indexes were largely steady on Wednesday

as investors sifted though fresh inflation data and earnings

reports from corporate giants.

U.S. producer prices held steady in June, defying

expectations as higher costs for tariff-hit goods were offset by

a slump in services.

According to the Labor Department, the Producer Price Index

climbed 2.3% year-over-year, slightly below forecasts, while

remaining flat for the month.

"It's (PPI data) basically been in the same range. It's a

non-story. So the tariffs are most likely not going to filter

into inflation," said Robert Ruggirello, chief investment

officer at Brave Eagle Wealth Management.

Tuesday's inflation report revealed that rising prices,

driven in part by President Donald Trump's tariffs, have put a

damper on hopes for more aggressive Federal Reserve rate cuts.

Money markets pricing show traders are betting on just 43

basis points of Fed easing by year-end, with a July rate cut off

the table and the odds of a September move now a coin flip.

On the earnings front, Goldman Sachs ( GS ) rose 0.4% after

posting a 22% surge in second-quarter profit, with wild market

swings propelling equities trading revenue to record highs.

Morgan Stanley ( MS ) also reported a profit boost, thanks

to market volatility energizing its trading desks, but its

shares dipped 1.6%.

Meanwhile, Bank of America ( BAC ) added 0.4% as its traders

capitalized on the market's turbulence, helping to lift

second-quarter profits.

Johnson & Johnson ( JNJ ) jumped 4.5% after the drugmaker

reported a second-quarter profit above estimates and raised its

full-year sales forecast by around $2 billion.

Most sectors on the S&P were trading in the green. Real

estate led the gains by rising 1%, boosted by

Prologis' ( PLD ) upbeat forecast. Shares of the

warehouse-focused real estate investment trust rose 4.1%.

Meanwhile, U.S. semiconductor equipment makers were down

after ASML warned it may not achieve growth in 2026 because of

U.S. tariff uncertainty.

Applied Materials ( AMAT ) and Lam Research ( LRCX ) fell

about 4% each, while KLA Corp ( KLAC ) was down 3.7%.

At 9:50 a.m. ET, the Dow Jones Industrial Average

rose 45.66 points, or 0.10%, to 44,061.36, the S&P 500

gained 1.62 points, or 0.03%, to 6,245.38 and the Nasdaq

Composite lost 25.19 points, or 0.12%, to 20,652.61.

Trade tensions also remained in focus after Trump announced

a 19% tariff on Indonesian goods as part of a new deal, one of

several rushed agreements ahead of an August 1 deadline for

broader tariff hikes. Meanwhile, the European Union was

preparing retaliatory measures should talks with Washington

falter.

Meanwhile, EU trade chief Maros Sefcovic was headed to

Washington for tariff talks.

Investors have shown resilience in recent weeks, largely

ignoring Trump's ongoing tariff rhetoric and instead focusing on

potential trade agreements that could de-escalate the global

trade conflict.

Advancing issues outnumbered decliners by a 1.63-to-1

ratio on the NYSE and by a 1.51-to-1 ratio on the Nasdaq.

The S&P 500 posted four new 52-week highs and three new

lows, while the Nasdaq Composite recorded 28 new highs and 26

new lows.