U.S. stocks ripped higher Wednesday following a shot of adrenaline from an encouraging update on U.S. inflation. Strong profit reports from Wells Fargo and other big U.S. banks also helped launch indexes to their best day in two months.

Asian stocks are mixed after Wall Street’s mostly positive performance ahead of key U.S. inflation data that could influence the pace of the Federal Reserve’s rate cuts

The S&P 500 edged higher while the Nasdaq dipped after a volatile session on Tuesday as investors gauged inflation data and braced for quarterly earnings reports to justify stock valuations and the strength of the U.