Major U.S. indexes gained at midday Wednesday after the latest report on consumer inflation reinforced expectations the Federal Reserve will cut its key interest rate next week. The Nasdaq climbed to a fresh high as tech stocks surged. The Dow and S&P 500 were also higher.

Alphabet (GOOGL) shares rose to a record high, boosted by excitement over its "breakthrough" quantum computing chip called Willow.

Shares of Netflix (NFLX) also hit a fresh high after JPMorgan raised its price target for the stock to $1,010 from $850, citing the streaming service’s content and 2025 ad revenue expectations.

Tesla (TSLA) shares reached a record high as well following a report the electric vehicle (EV) maker has not given up on producing a $30,000 car, and one could be available next year. Goldman Sachs also raised its price target for the stock, on the heels of a price-target bump from Morgan Stanley.

Walgreens Boots Alliance (WBA) shares turned lower following yesterday’s big spike on reports the biggest U.S. drugstore chain was in talks to be taken private by Sycamore Partners.

Macy's (M) shares tumbled after the company posted its delayed third-quarter earnings report and shifted its full-year outlook, with sales falling short of what analysts had expected.

Oil and gold futures rose. The yield on the 10-year Treasury note gained. The U.S. dollar was up versus the euro, pound, and yen. Prices for most major cryptocurrencies took off, with Bitcoin surpassing $101,000.