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U.S. STOCKS SEARCH FOR DIRECTION IN EARLY TRADE

The main U.S. indexes are mixed and little changed early on Wednesday as investors sift through new inflation data and digest a fresh round of heavyweight earnings reports.

June U.S. producer prices came in below estimates as higher costs for tariff-hit goods were offset by a slump in services.

Money markets pricing shows traders are betting on about 44 basis points of Fed easing by year-end, with a July rate cut essentially off the table and the odds of a September move now just slightly better than a coin-flip.

S&P 500 .SPX sectors are mixed with relatively modest changes. Healthcare .SPXHC, up about 0.9%, is posting the biggest gain, while tech .SPLRCT, off just 0.3%, is the weakest group.

Meanwhile, semiconductor shares are down after ASML warned it may not achieve growth in 2026 because of U.S. tariff uncertainty. The chip stock index .SOX is lower by more than 1.5%.

And in the wake of earnings from Bank of America BAC.N, Goldman Sachs GS.N and Morgan Stanley MS.N, the big banks index .SPXBK is edging up around 0.1%.

Here is a snapshot of where markets stood just shortly before 10:00 a.m. EDT:

(Terence Gabriel)

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EARLIER ON LIVE MARKETS:

EQUAL-WEIGHT S&P 500 HITS 22-YEAR LOW VS CAP-WEIGHTED BENCHMARK CLICK HERE

TIME TO LOOK AT EUROPE'S BEATEN-DOWN EXPORTERS? CLICK HERE

$1.30 AND BEYOND FOR THE EURO, SAY MORGAN STANLEY CLICK HERE

THE GREAT EURO ZONE EMPLOYMENT SPLIT IS GOOD FOR THE ECB CLICK HERE

"NOT THE MARKET TO MISS": UBS FLAGS FRAGILE BANK RALLY CLICK HERE

SOME BIG POST-RESULTS STOCK FALLS CLICK HERE

EUROPE BEFORE THE BELL: EARNINGS GET GOING CLICK HERE

MORNING BID EUROPE: TARIFF IMPRINT SPIED IN US CPI CLICK HERE