The Dow Jones Industrials began the day ahead 122.77 points to 29,361.96.
The S&P 500 nicked up 2.71 points to 3,591.55, boosted by a more than 12% jump in shares of Moderna, the top gaining stock in the index.
The NASDAQ Composite dumped 14.5 points to 10,411.69.
Stocks whiplashed between gains and losses earlier in the morning when the September producer price index, a gauge of final-demand wholesale prices, came in higher than expected.
The print was up 0.4% in September, more than the consensus estimate of a 0.2% increase, according to Dow Jones.
The PPI number is one of the inflation gauges investors are watching alongside the Federal Reserve. If inflation stays high, the central bank is more likely to continue its aggressive path of interest rate hikes to bring it back into check. That means rates will continue to rise and may stay high for longer than markets expect, weighing on stocks.
Treasury prices were stationery, keeping yields at Tuesday’s 3.94%.
Oil prices sank $1.31 to $88.04 U.S. a barrel.
Gold prices dumped $7.80 to $1,678.20 U.S. an ounce.