The NASDAQ Composite was higher Wednesday as investors grew optimistic after a tamer-than-expected inflation report.
The Dow Jones Industrials plummeted 150.03 points to break for lunch Wednesday at 33,411.78.
The S&P 500 index registered gains of four points to 4,123.17.
The NASDAQ Composite stayed positive 83.16 points to 12,262.71. Tech giant Amazon helped lift the NASDAQ with a gain of 2.5%.
Airbnb gave way 11.5% and Twilio fell 16%, on weak forecasts. Electric vehicle maker Rivian popped 9% on a narrower-than-expected loss. Earnings season continues Wednesday with results from Disney and Robinhood
April consumer prices increased 4.9% from a year ago, which was less than the 5% annual increase expected by economists polled by Dow Jones. Month-over-month inflation matched expectations with a 0.4% increase in April.
Prices for the 10-year Treasury moved forward, lowering yields to 3.45% from Tuesday's 3.53%. Treasury prices and yields move in opposite directions.
Oil prices sank 54 cents to $73.17 U.S. a barrel.
Gold prices tunneled $10.20 to $2,032.70 U.S. an ounce.