by Carolina Mandl and Shristi Achar A

(Reuters) – The New York Stock Exchange ended in mixed order on Wednesday, with the Nasdaq and the S&P 500 benefiting from inflation data and Alphabet announcements about several products based on artificial intelligence.

The Dow Jones Industrial Average fell -0.09%, or 30.48 points, to 33,531.33 points.

The broader S&P-500 gained 18.47 points, or 0.45%, to 4,137.64 points.

The Nasdaq Composite advanced for its part by 126.89 points (1.04%) to 12,306.44 points.

The Labor Department on Wednesday released data on the consumer price index in the United States, which showed a slowdown in inflation year on year.

The consumer price index (CPI) came in at 0.4% last month and is down to 4.9% year on year.

“Markets viewed this data as a pretty positive,” said Michael Harris, president of Quest Partners. “The (Federal Reserve) is taking a break. They’ve done their last rate hike and they’ll wait to see (how things develop) in the next few months.”

Traders believe that if the Fed decides to raise rates at its next meeting in June, the odds of it raising interest rates by 25 basis points are less than 5%.

“The market is pricing in a Fed rate cut as early as this summer. Although inflation is slowing, it is not at a pace that would warrant a rate cut until the fourth quarter of 2023,” said Matthew Palazzolo, strategist. at Bernstein Private Wealth Management.

Tech stocks were up, including Google’s parent Alphabet, which rose after the company unveiled new products based on artificial intelligence.

Apple and Microsoft have also advanced.

Airbnb fell after reporting slowing booking growth in the current quarter.

US regional banks like PacWest Bancorp and Zions Bancorporation also ended lower, as concerns over the sector’s stability persist.

(Report Shreyashi Sanyal, Shristi Achar A and Carolina Mandl; Camille Raynaud)

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