The tech-heavy Nasdaq was the top gainer among major Wall Street indexes on Wednesday as inflation rose less than expected in April, reflecting the effectiveness of the Federal Reserve’s rapid interest rate hike, Reuters writes.

US Treasury yields fell and the Nasdaq jumped 1.15% to its highest level in more than 8 months, with stocks like Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) leading the way, rising around by 0.5% each.

The US Labor Department’s Consumer Price Index (CPI) rose 4.9% in April, compared with expectations for a 5% rise. On a monthly basis, the CPI rose 0.4% in April after rising 0.1% in March. Traders believe with a high degree of probability that the Fed’s campaign to suppress inflation is working, although more slowly than desired.

With another report due before the Fed’s meeting in June, home rent inflation is expected to show final signs of easing. The interest rate-sensitive S&P 500 index rose 0.8%, while the communications industry index rose 0.9%.

The Dow Jones Industrial Average fell 67.80 points, or 0.20%, to 33,494.01, the S&P 500 rose 11.08 points, or 0.27%, to 4,130.25, and The Nasdaq Composite Index rose 95.73 points, or 0.79%, to 12,275.29.

Alphabet (NASDAQ:GOOGL) shares jumped 1.6% as the company will soon introduce artificial intelligence features in its products in response to competition from Microsoft.

Occidental Petroleum (NYSE:OXY) shares fell 2.1% after its first-quarter earnings missed analysts’ estimates.

Livent (NYSE: LTHM) Corp. shares rose 4.2% after Australian lithium miner Allkem Ltd agreed to merge with a US chemicals company to create a new company valued at $10.6 billion.

Shares of Airbnb Inc (NASDAQ:ABNB) fell 11.5% as the home booking company cut bookings and average daily rates in the second quarter.

Rivian Automotive (NASDAQ:RIVN) rose 13% after the electric vehicle maker beat estimates and confirmed its full-year production forecast.