FILE IMAGE. A Wall St street sign is seen near the New York Stock Exchange (NYSE) in New York, USA, September 17, 2019. REUTERS / Brendan McDermid

By Devik Jain

Oct 13 (Reuters) – The Nasdaq index rose on Wednesday as tech stocks were once again the market favorite amid rising inflation concerns, while bank papers fell despite strong quarterly results from JPMorgan.

* At 1437 GMT, the Dow Jones Industrial Average was down 160.16 points, or 0.47%, at 34,210.08; the S&P 500 index lost 15.22 points, or 0.34%, to 4,336.08 units; and the Nasdaq Composite added 29.42 points, or 0.22%, to 14,496.44 units.

* The communications technology and services sectors were among the few that advanced among the top 11 divisions of the S&P.

* Megacap firms such as Facebook Inc, Inc, Alphabet, Microsoft Corp and Tesla advanced, while chipmakers added 0.5% after three days of losses.

* A Labor Department report showed that consumer prices rose solidly in September and will rise further as the cost of energy products rises, casting doubt on the Federal Reserve’s view that high inflation will be transitory.

* “Today’s CPI report could lead at least some members to give more weight to inflation risk,” said Jai Malhi of JPMorgan Asset Management. “Both the Fed and the market are likely to accept that a tight labor market and persistent inflation confirm that the right thing to do now is to take your foot off the gas.”

* JPMorgan Chase & Co’s third-quarter earnings beat expectations, but its shares were down 2.5%, weighing down the Dow Jones and the S&P 500.

Read:  MAC Hospitals, one of the Super Work Spaces 2021

* Bank of America, Citigroup, Wells Fargo and Morgan Stanley will report their results on Thursday, while Goldman Sachs will do the same on Friday. The broader banking index was down 2.2%.

(Reporting by Devik Jain and Bansari Mayur Kamdar in Bengaluru; edited in Spanish by Carlos Serrano)