01:13 PM EDT, 09/10/2025 (MT Newswires) -- US equity indexes were mixed in midday trading on Wednesday as the Dow Jones Industrial Average lagged its peers after a surprise drop in the wholesale price inflation rate helped send technology shares sharply higher.

The Nasdaq Composite was up 0.2% to 21,930.4, after scaling a new peak of 22,000.97. The S&P 500 traded 0.4% higher at 6,539.5, after touching a record 6,555.97. The Dow Jones Industrial Average, however, fell 0.7% to 45,415.4.

Technology was the standout gainer intraday, followed by utilities. Consumer staples and healthcare led the decliners intraday.

The producer price index fell 0.1% in August, after a downwardly revised 0.7% increase in July, the Bureau of Labor Statistics reported Wednesday. A Bloomberg-compiled survey forecast a 0.3% gain. Annually, producer prices growth decelerated to 2.6% from 3.1%, lagging analysts' estimate for a 3.3% increase.

Markets are pricing a 90% probability the Federal Open Market Committee will lower interest rates by 25 basis points on Sept. 17, with the remaining 10% odds in favor of a 50-basis-point cut, according to the CME FedWatch tool. A week ago, the probabilities were 97% and zero, respectively. This means the Fed is all set to restart its easing cycle after remaining on pause for several months.

US Treasury yields fell, with the 10-year down 2.9 basis points to 4.05%.

"Historically, equities perform very well when rate cuts follow an extended pause, outperforming bonds by more than 15% on average over the subsequent 12 months," Daniel Grosvenor, director of equity strategy at Oxford Economics, said in a research note.

West Texas Intermediate crude oil futures rose 1.1% to $63.32 a barrel.

In company news, Oracle (ORCL) soared 40% intraday, the top performer on the S&P 500, after the technology giant overnight reported higher fiscal Q1 results and announced its contract backlog will likely exceed half a trillion dollars amid strong demand over the coming months.

Synopsys ( SNPS ) reset guidance in fiscal Q3 results as challenges in China and the failure to close a major contract overshadowed "good" performance in its core electronic design automation business, Deutsche Bank said in a note. Shares of Synopsys ( SNPS ) sank 35% intraday, the steepest decline on the S&P 500 and the Nasdaq.