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The Nasdaq led gains among Wall Street’s main indexes on Wednesday, as a slightly lower-than-expected increase on inflation last month indicated that the Federal Reserve’s rapid interest rate hikes were yielding result.

The U.S Treasury yields fell while the Nasdaq jumped as much as 1.15% to its highest intraday level in more than eight months, with large-cap technology stocks, including Apple Inc and Microsoft Corp up about 0.5% each.

The Labor Department’s Consumer Price Index (CPI) rose 4.9% in April from a year ago and compared with expectations of a 5% increase. Month-over-month CPI in April rose 0.4% after gaining 0.1% in March.

Fed funds futures traders are now pricing in an 86% chance that the Fed will leave rates unchanged in its June meeting, and 14% odds of another 25 basis points hike.

“Today’s report suggests that the Fed’s campaign to quell inflation is working, albeit more slowly than they would like,” said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina.

“This report will be followed by another one before the Fed meets in June, where expectations are that rent-related inflation will indicate definitive signs of easing, helping to push overall headline inflation lower.”

The rate-sensitive S&P 500 technology sector index rose 0.8%, while communication services rose 0.9%.

At 9:48 a.m. ET, the Dow Jones Industrial Average was down 67.80 points, or 0.20%, at 33,494.01, the S&P 500 was up 11.08 points, or 0.27%, at 4,130.25, and the Nasdaq Composite was up 95.73 points, or 0.79%, at 12,275.29.

Alphabet Inc gained 1.6% as the Google-parent was set to unveil more artificial intelligence in its products to answer the latest competition from Microsoft.

Oil and gas producer Occidental Petroleum Corp fell 2.1% after its first-quarter earnings fell short of analysts’ estimates.

Livent Corp added 4.2% after Australian lithium miner Allkem Ltd agreed to merge with the U.S.-based chemical manufacturing firm to create a $10.6 billion firm.

Airbnb Inc lost 11.5% as the vacation rental booking company saw fewer bookings and lower average daily rates in the second quarter.

Rivian Automotive jumped 13% after the EV maker beat first-quarter results estimates and reiterated its annual production forecast.

Advancing issues outnumbered decliners by a 2.28-to-1 ratio on the NYSE and by a 2.15-to-1 ratio on the Nasdaq.

The S&P index recorded 12 new 52-week highs and four new lows, while the Nasdaq recorded 50 new highs and 37 new lows.

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