Major indexes fell on Wednesday morning as technology stocks lost ground, offsetting optimism over closely watched consumer price data that showed annual inflation moderated in July.

The S&P 500 and Nasdaq Composite lost 0.2% and 0.7%, respectively, while the Dow Industrial Average was unchanged. The indexes rose sharply on Tuesday, led by a rally in technology stocks after a favorable report on wholesale prices boosted expectations that the Federal Reserve will soon begin cutting its benchmark interest rate. The S&P 500 and Nasdaq are on a four-session winning streak.

The inflation report released on Wednesday showed that consumer prices rose 2.9 percent in July from a year earlier, less than the 3 percent annual rate in June and slightly less than economists expected. The consumer price index rose 0.2 percent in July from the previous month, in line with expectations.

The yield on 10-year Treasury bonds, which is heavily dependent on expectations for Fed action, was at 3.82% on Wednesday morning, its lowest level in a week.

Mega-cap technology stocks, which have been volatile in recent weeks, were down in early trading, led by a 3.5% decline in Alphabet (GOOGL) shares after reports surfaced that the Justice Department is considering breaking up Google due to antitrust concerns.

Popular AI investors Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN) and Meta Platforms (META) also lost ground, while the iShares Semiconductor ETF (SOXX) fell about 1% after rising over 4% on Tuesday.

Kellanova (K) shares were the biggest gainer in the S&P 500, rising 8 percent after news that private candy giant Mars had reached a deal to buy the maker of Pop-Tarts and Pringles for $36 billion.

Gold futures recorded a slight decline to just under $2,500, while Bitcoin prices fell to around $59,000.