Wall Street: Tech stocks lift Nasdaq, banks weigh on S&P 500, Dow Jones

JPMorgan falls, BlackRock gains on strong Q3 earnings; Apple falls after report of lower iPhone production

The Nasdaq rose on Wednesday as technology stocks returned as market favorites amid concerns about rising inflation, while banking stocks slipped despite strong quarterly results from JPMorgan.

Technology and communication services were among the few gainers among the 11 major S&P sectors.

Mega-caps growth names including Facebook Inc, Amazon.com Inc, Google-parent Alphabet

Microsoft Corp, and Tesla rose, while chipmakers added 0.5% after a three days of losses.

A Labor Department report showed consumer prices increased solidly in September and are set to rise further amid a surge in the costs of energy products, which would cast doubts on the Federal Reserve's view that high