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As of 11:31 AM ET, the S&P 500 (SNPINDEX:^GSPC) is up 1.06% to 7,672, the Nasdaq Composite (NASDAQINDEX:^IXIC) has climbed 1.31% to 26,423, and the Dow Jones Industrial Average (DJINDICES:^DJI) is trading up 0.95% to 52,560 as stocks gained despite sticky inflation data.
Gold is trading up 0.05% to $4,409.40, while the 10-Year Treasury yield slipped to 4.94%. Apart from healthcare, almost every sector gained this morning, with technology and communication stocks outperforming.
Oracle (NYSE:ORCL) jumped in early trading today after the software giant reported a fiscal first-quarter beat and hiked profit guidance, however it pared gains as the morning wore on. Arista Networks (NYSE:ANET) gained as management stressed demand strength during the Citi Global TMT Conference. Hewlett Packard (NYSE:HPE) surged as investors reassessed tech stocks.
Fears about escalating tensions in the Middle East and rising energy prices have pressured U.S. stocks this week. That shifted as oil prices retreated this morning, lifting equities despite higher-than-expected inflation data. Oracle's strong results boosted the tech sector, and artificial intelligence (AI) stocks gained as investors regained some risk appetite.