U.S. stocks finished mixed on Wednesday as global oil futures continued their upward trajectory, overshadowing a highly anticipated inflation report.
The Dow Jones Industrial Average fell 0.61 percent to 47,417.27. The S and P 500 sank 0.08 percent to 6,775.8. The Nasdaq Composite Index increased 0.08 percent to 22,716.14.
Eight of the 11 primary S and P 500 sectors ended in red, with consumer staples and real estate leading the laggards by dropping 1.29 percent and 1.12 percent, respectively. Meanwhile, energy and technology led the gainers by adding 2.48 percent and 0.35 percent, respectively.
West Texas Intermediate crude futures climbed 4.55 percent on Wednesday despite major intervention efforts from the International Energy Agency. The agency announced its members would release 400 million barrels of oil from reserves, marking its largest-ever strategic release, in a direct attempt to mitigate the severe supply disruptions triggered by the ongoing conflict.
On the economic front, the consumer price index (CPI) in the United States increased by a seasonally adjusted 0.3 percent for the month, bringing the 12-month inflation rate to 2.4 percent, according to data the U.S. Bureau of Labor Statistics released Wednesday. Both figures matched the prevailing consensus forecast. The core CPI, which excludes volatile food and energy prices, posted a 0.2 percent monthly gain and a 2.5 percent annual rate, also in line with economists' estimates.
Meanwhile, the U.S. Treasury Department reported Wednesday that the federal budget deficit surpassed 1 trillion U.S. dollars for the fiscal year through February. However, the data indicated that the figure was sharply lower when compared to the same period a year earlier.
In corporate news, Oracle emerged as a notable bright spot amid the broader market decline, jumping 9.18 percent after the software vendor reported fiscal third-quarter earnings and revenue that exceeded analyst projections. Conversely, Campbell's Company shares slumped 7.05 percent after the food manufacturer reported weaker-than-expected fiscal second-quarter results and subsequently lowered its full-year outlook, citing persistent weakness within its snacks division.
U.S. stocks close mixed amid rising oil prices, in-line inflation data
