Stocks were mostly flat Wednesday with the major averages well within striking distance of records as investors shrugged off the latest consumer price reading showing the biggest jump in inflation in more than 30 years.

The Dow Jones Industrials stayed in the red 40.11 points, to move into noon hour at 36,279.87. Investors appeared to make the bet that inflation would eventually ease somewhat. American Express led the Dow as rates jumped. Technology shares remained weak, weighing down the market.

The S&P 500 stumbled 9.21 points to 4,676.04.

The NASDAQ Composite lost 85.92 points to 15,800.62.

The consumer price index jumped 6.2% from a year ago, well above the 5.9% estimate from economists polled by Dow Jones and the largest annual increase since 1990. On a monthly basis, the CPI increased 0.9% against the 0.6% estimate. The CPI is a basket of products ranging from gasoline and health care to groceries and rents.

Technology stocks moved lower. Advanced Micro Devices pulled back more than 3%, Google-parent Alphabet and Nvidia each dipped more than 1%.

Tesla, the leader of the bull market whose shares have come under pressure recently, added more than 4% to cut losses for the week to 12%.

The stock was the top gainers on the S&P 500 on Wednesday. Electric vehicle makers are in focus Wednesday with Amazon-backed EV startup Rivian set to go public.

Disney, Affirm, Bumble and The Honest Company are all scheduled to report earnings Wednesday after the bell.

Prices for 10-year Treasurys slumped, raising yields to 1.53% from Tuesday’s 1.44%. Treasury prices and yields move in opposite directions.

Oil prices dropped $1.80 to $82.35 U.S. a barrel.

Gold prices gained $26.10 to $1,856.90 U.S. an ounce.