US benchmark equity indexes closed mixed Wednesday as markets parsed consumer inflation data for October and remarks by Federal Reserve officials.

The Dow Jones Industrial Average rose 0.1% to 43,958.2, while the Nasdaq Composite fell 0.3% to 19,230.7. The S&P 500 closed little changed at 5,985.4. Among sectors, consumer discretionary led the gainers, while communication services saw the biggest drop.

In economic news, US consumer inflation rose in line with Wall Street's projections last month, government data showed.

"Inflation continues to run hot with little improvement in the core measure since June," Stifel said in a note to clients. Core inflation excludes the volatile food and energy components.

The odds of policymakers lowering their benchmark lending rate by 25 basis points next month jumped to about 82% Wednesday from 59% Tuesday, according to the CME FedWatch tool. The remaining odds are for interest rates to remain unchanged.

Last week, the central bank's Federal Open Market Committee cut interest rates by 25 basis points, following a 50-basis-point reduction in September.

Official producer prices data for October are scheduled to be released Thursday.

Mortgage application volume in the US rose for the first time in seven weeks even though the 30-year fixed rate for conforming loan balances rose, the Mortgage Bankers Association said Wednesday.

The US 10-year yield rose 1.6 basis points to 4.45%, while the two-year rate fell 6.5 basis points to 4.28%.

The FOMC needs to proceed carefully with rate cuts amid upside risks to inflation, Dallas Fed President Lorie Logan and St. Louis Fed President Alberto Musalem said in separate statements.

Separately, Kansas City Fed President Jeff Schmid said that while the FOMC needs to ease policy, "it remains to be seen how much further interest rates will decline or where they might eventually settle."

West Texas Intermediate crude oil fell 0.2% to $67.98 a barrel Wednesday.

In company news, Charter Communications (CHTR) agreed to acquire Liberty Broadband (LBRDA, LBRDK) in an all-stock deal. Charter shares rose 3.6%, among the best performers on the S&P 500 and the Nasdaq, while Liberty's series A and C common shares fell 4.7% and 5.1%, respectively.

Rivian Automotive (RIVN) shares jumped nearly 14%. German car manufacturer Volkswagen Group has agreed to invest up to $5.8 billion in the US electric vehicle maker and their new joint venture by 2027, up from the previous plan for a $5 billion investment, the companies said late Tuesday.

Super Micro Computer (SMCI) said Wednesday it cannot file its quarterly report for the period ended Sept. 30 on time. The artificial intelligence server maker's shares dropped 6.3%, the steepest decliner on the Nasdaq and the second-worst on the S&P 500.

Gold fell 0.9% to $2,582.80 per troy ounce, while silver lost 1% to $30.46 per ounce.