Stocks rise on Big Tech gains and softer inflation data

U.S. stocks moved higher on Wednesday as large technology shares helped lift the market and fresh inflation data supported expectations that price pressures may be easing. The S&P 500, Nasdaq Composite and Dow Jones Industrial Average all opened in positive territory. Wholesale prices fell 0.3% in June, according to the Bureau of Labor Statistics, while the annual producer price index rate came in at 5.5%. The softer reading added to recent signs that inflation may be cooling, even as officials and investors continue to watch energy costs and other price pressures. Among the biggest market movers, BlackRock rose after reporting quarterly results that beat analyst estimates, while Morgan Stanley also gained on strongerthanexpected earnings. Semiconductor stocks were mixed, with some chipmakers sliding after a recent rally, and oil prices rose after U.S. strikes against Iran heightened geopolitical concerns. Separately, Yum! Brands fell after investors reacted to the cyclospora outbreak affecting sentiment around the company.