US stocks were mixed while government bond yields dropped ahead of minutes from the Federal Reserve's September policy meeting and as the headline inflation rate for the month came in higher than anticipated.
The Dow Jones Industrial Average fell 0.3% to 34,272.09, with S&P 500 little changed but Nasdaq up 0.4%. Financials and energy led intraday decliners while utilities and materials were among the biggest gainers in midday trading on Wednesday.
The 10-year US Treasury yield dropped 2.4 basis points to almost 1.56%.
JPMorgan Chase (JPM) reported better-than-expected third-quarter results but investors remained underwhelmed as the lender's credit reserve release of $2.1 billion amid an improving outlook for the economy boosted earnings per share. Bank of America (BAC) and Citigroup (C), which are scheduled to report Q3 results Thursday, traded down at least 1% each after the JPMorgan stock dropped 4.1% intraday.
The US consumer price index rose 0.4% in September, ahead of expectations for a 0.3% increase and following a gain of 0.3% in August, according to the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.2% as expected and following a 0.1% increase in August.
The minutes from the Federal Open Market Committee's September meeting due for release Wednesday afternoon are likely to offer more clues about the Fed's plans to taper its asset purchase program.
West Texas Intermediate crude oil slipped 0.1% to $80.54 a barrel, trading above the $80-mark this week for the first time since 2014.