Major US stock indexes opened higher on Wednesday after data showed underlying consumer prices remained tepid in February, easing concerns about a spike in inflation as an economic recovery gathers momentum.

The Dow Jones Industrial Average rose 74.2 points, or 0.23 percent, at the open to 31906.96. The S&P 500 rose 16.5 points, or 0.43 percent, at the open to 3891.99, while the Nasdaq Composite rose 160.9 points, or 1.23 percent, to 13234.733 at the opening bell.

Futures on the Dow Jones Industrial Average and the Russell 2000 indexes outperformed, while Nasdaq 100 contracts drifted after the underlying benchmark advanced nearly 4 percent amid a surge in growth stocks. Treasury yields steadied below their recent peaks as the first in a string of US auctions went off without disrupting markets.

The Stoxx Europe 600 Index swung between losses and gains as automakers, energy firms and banks led the gauge. The exception was mining stocks, which hit a three-week low amid declining iron ore prices. Just Eat Takeaway.com NV gained after announcing it expects a further acceleration of order growth in 2021 compared with last year.

In Asia, China’s CSI 300 gauge rose modestly after a slump on Tuesday.

While Tuesday’s pullback in Treasury yields spurred a rush into stay-at-home winners, the rotation from growth to value shares looked set to resume on Wednesday. Congress is poised to send the US$1.9 trillion COVID-19 relief plan to President Joe Biden for his signature, while vaccinations are picking up amid further signs of economic recovery. Upcoming consumer prices data in the US are also expected to show a slightly faster annual increase.

The rising trend in bond yields is consistent with economic growth expectations, said Lauren Goodwin, portfolio strategist at New York Life Investments. That backdrop still favors cyclicals over defensive assets and “supports equities over bonds, and a weaker US dollar,” she said.

Elsewhere, oil was steady as the dollar strengthened. The Australian dollar fell after the central bank governor suggested markets may be getting ahead of themselves by pricing in an interest-rate increase within the next couple of years.

Here are the main moves in markets:

Stocks

Futures on the S&P 500 Index were little changed at 9:04 am London time.

The Stoxx Europe 600 Index increased 0.1 percent.

The MSCI Asia Pacific Index gained 0.3 percent.

The MSCI Emerging Market Index rose 0.7 percent.

Currencies

The Bloomberg Dollar Spot Index jumped 0.1 percent.

The euro was little changed at US$1.1898.

The British pound was little changed at US$1.3889.

The onshore yuan strengthened 0.1 percent to 6.505 per dollar.

The Japanese yen weakened 0.2 percent to 108.71 per dollar.

Bonds

The yield on 10-year Treasuries rose two basis points to 1.55 percent.

The yield on two-year Treasuries increased less than one basis point to 0.16 percent.

Germany’s 10-year yield gained less than one basis point to -0.30 percent.

Britain’s 10-year yield was unchanged at 0.727 percent.

Japan’s 10-year yield gained less than one basis point to 0.128 percent.

Commodities

West Texas Intermediate crude was little changed at US$64 a barrel.

Brent crude declined 0.2 percent to US$67.41 a barrel.

Gold weakened 0.1 percent to US$1,713.56 an ounce.

With Reuters input