U.S. stocks ticked higher at midday Wednesday, buoyed by signs of progress in U.S.-China trade negotiations and cooler-than-expected inflation data, both of which supported risk appetite.

President Donald Trump announced that a new trade agreement with China had been reached, pending final signatures from him and Chinese President Xi Jinping.

On the economic front, the Bureau of Labor Statistics reported that annual consumer inflation rose to 2.4% in May, slightly below the 2.5% forecast. Core inflation held steady at 2.8%, also coming in softer than expected.

The S&P 500 is aiming for a fourth consecutive gain, while the Dow Jones Industrial Average topped 43,000 — a level last seen on March 5.

Treasury yields fell across the curve, with the 10-year yield dropping five basis points to 4.43%. The U.S. dollar slipped 0.4% as the data reinforced expectations for two Fed rate cuts by year-end.

Gold edged up 0.2% to $3,330 an ounce, while platinum surged more than 5%. Crude oil jumped 3% to above $66.50 per barrel after Trump cast doubt on a potential nuclear deal with Iran, with the Tehran government threatening retaliation if talks fail.

Meanwhile, Bitcoin (CRYPTO: BTC) eased 0.7% to $109,500.

Wednesday’s Performance In Major U.S. Indices, ETFs

Major Indices	Price	1-day %
Dow Jones	42,976.07	0.3%
Russell 2000	2,159.81	0.2%
S&P 500	6,036.78	0.0%
Nasdaq 100	21,924.84	-0.1%

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF (NYSE:VOO) flattened at $553.99.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) inched 0.2% up to $430.23.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) eased 0.1% to $533.50.
• The iShares Russell 2000 ETF (NYSE:IWM) held steady at $214.42.
• The Health Care Select Sector SPDR Fund (NYSE:XLV) outperformed, up 0.3%; the Materials Select Sector SPDR Fund (NYSE:XLB) lagged, down 0.8%.

Wednesday’s Stock Movers

• Palantir Technologies Inc. (NYSE:PLTR) rose 3.6% to a fresh record high of $137 on Wednesday after Mizuho analysts raised their price target on the defense software firm.
• Starbucks Corp. (NYSE:SBUX) rallied 3.4% after Citigroup and RBC raised the price target to $95 and $100, respectively.
• Lockheed Martin Corp. (NYSE:LMT) fell over 5% after reports surfaced that the U.S. Air Force plans to cut its F-35 fighter jet procurement by half.
• Oracle Corp. (NYSE:ORCL) shares were up slightly and will report earnings after the close.

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