US stocks soared as traders cheered encouraging inflation data, while the 10-year Treasury plunged 13 basis points.

U.S. stocks are rallying Wednesday after Wall Street and financial markets worldwide got a shot of adrenaline from an encouraging update on U.S. inflation. Strong profit reports from the biggest U.S.

Investors are gearing up for December's crucial consumer price index to determine the direction of Fed policy.

Asian shares are mixed after gains for oil and gas producers helped offset drops for Nvidia and other Big Tech companies on Wall Street.

US stocks gained after cooler-than-expected producer price index data soothed inflation concerns. The numbers on Tuesday showed wholesale inflation rose 0.2% in December on a monthly basis, compared to an estimated 0.4% increase. The reading climbed 3.3% from a year ago, below the projected 3.5% gain.

Asian stocks are mixed after Wall Street’s mostly positive performance ahead of key U.S. inflation data that could influence the pace of the Federal Reserve’s rate cuts

By Johann M Cherian and Sukriti Gupta (Reuters) -Strong quarterly results from Wall Street's biggest banks pushed U.S. stock index futures higher on Wednesday as investors awaited a crucial inflation report due later in the day.