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S&P 500, NASDAQ REGISTER RECORD HIGHS, THOUGH DATA ADDS TO INFLATION WORRIES

The S&P 500 .SPX and Nasdaq .IXIC posted record closing highs on Wednesday, helped by technology-related stocks even as investors worried about data showing U.S. producer prices increased more than expected in April. The Dow .DJI ended lower.

Communication services .SPLRCL led S&P 500 sector gainers, closing more than 2% higher, while technology .SPLRCT gained 1%. The utilities sector .SPLRCU was down the most.

The data was the latest sign that inflation was accelerating amid the war with Iran. On Tuesday, data on U.S. consumer prices was also hotter than expected.

Energy prices have soared since the late February start of the war in Iran, and recent inflation data is dimming any hopes for a near-term rate cut from the Federal Reserve.

Wednesday's report showed PPI jumped by 1.4% last month, going past the 0.5% consensus and adding to March's upwardly revised 0.7% increase. It was the largest monthly increase since March 2022.

Also on the Fed front, the U.S. Senate on Wednesday approved Kevin Warsh as chair of the Fed. Warsh will take the leadership baton from Fed Chair Jerome Powell, whose term ends on Friday.

Investors are also paying close attention to U.S. President Donald Trump's visit to China. Trump was preparing to ask China's Xi Jinping to "open up" to U.S. business at the start of their two-day summit.

Here is the closing market snapshot:

(Caroline Valetkevitch)

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EARLIER ON LIVE MARKETS:

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WALL STREET COOLS AFTER ANOTHER HOT INFLATION REPORT CLICK HERE

AI VS. SECURITY: CYBERATTACKS SURGE, LOSSES HIT $300 BILLION CLICK HERE

TRUMP'S CHINA TRIP COULD HAVE CONSEQUENCES FOR EUROPE CLICK HERE

GOLDMAN SACHS' VIEW ON BRITISH MARKETS CLICK HERE

ONE BILLION BARRELS LOST, BUT IT COULD HAVE BEEN WORSE CLICK HERE

STRONG START FOR EUROPE AS TRUMP AND CO. HEAD TO CHINA CLICK HERE

EUROPE BEFORE THE BELL: FUTURES SIGNAL A REBOUND CLICK HERE

LOCKED IN A STALEMATE WITH IRAN, TRUMP HEADS TO CHINA CLICK HERE