Wall Street’s main indexes were largely steady on Wednesday as investors sifted though fresh inflation data and earnings reports from corporate giants.

U.S. producer prices held steady in June, defying expectations as higher costs for tariff-hit goods were offset by a slump in services.

According to the Labor Department, the Producer Price Index climbed 2.3% year-over-year, slightly below forecasts, while remaining flat for the month.

“It’s (PPI data) basically been in the same range. It’s a non-story. So the tariffs are most likely not going to filter into inflation,” said Robert Ruggirello, chief investment officer at Brave Eagle Wealth Management.

Tuesday’s inflation report revealed that rising prices, driven in part by President Donald Trump’s tariffs, have put a damper on hopes for more aggressive Federal Reserve rate cuts.

Money markets pricing show traders are betting on just 43 basis points of Fed easing by year-end, with a July rate cut off the table and the odds of a September move now a coin flip.

On the earnings front, Goldman Sachs rose 0.4% after posting a 22% surge in second-quarter profit, with wild market swings propelling equities trading revenue to record highs.

Morgan Stanley also reported a profit boost, thanks to market volatility energizing its trading desks, but its shares dipped 1.6%.

Meanwhile, Bank of America added 0.4% as its traders capitalized on the market’s turbulence, helping to lift second-quarter profits.

Johnson & Johnson jumped 4.5% after the drugmaker reported a second-quarter profit above estimates and raised its full-year sales forecast by around $2 billion.

Most sectors on the S&P were trading in the green. Real estate led the gains by rising 1%, boosted by Prologis’ upbeat forecast. Shares of the warehouse-focused real estate investment trust rose 4.1%.

Meanwhile, U.S. semiconductor equipment makers were down after ASML warned it may not achieve growth in 2026 because of U.S. tariff uncertainty.

Applied Materials and Lam Research fell about 4% each, while KLA Corp was down 3.7%.

At 9:50 a.m. ET, the Dow Jones Industrial Average rose 45.66 points, or 0.10%, to 44,061.36, the S&P 500 gained 1.62 points, or 0.03%, to 6,245.38 and the Nasdaq Composite lost 25.19 points, or 0.12%, to 20,652.61.

Trade tensions also remained in focus after Trump announced a 19% tariff on Indonesian goods as part of a new deal, one of several rushed agreements ahead of an August 1 deadline for broader tariff hikes. Meanwhile, the European Union was preparing retaliatory measures should talks with Washington falter.

Meanwhile, EU trade chief Maros Sefcovic was headed to Washington for tariff talks.

Investors have shown resilience in recent weeks, largely ignoring Trump’s ongoing tariff rhetoric and instead focusing on potential trade agreements that could de-escalate the global trade conflict.

Advancing issues outnumbered decliners by a 1.63-to-1 ratio on the NYSE and by a 1.51-to-1 ratio on the Nasdaq.

The S&P 500 posted four new 52-week highs and three new lows, while the Nasdaq Composite recorded 28 new highs and 26 new lows.

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(Reporting by Pranav Kashyap in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju Samuel)