As of 11:31 AM ET, the S&P 500 (SNPINDEX:^GSPC) is up 1.06% to 7,672, the Nasdaq Composite (NASDAQINDEX:^IXIC) has climbed 1.31% to 26,423, and the Dow Jones Industrial Average (DJINDICES:^DJI) is trading up 0.95% to 52,560 as stocks gained despite sticky inflation data.

Gold is trading up 0.05% to $4,409.40, while the 10-Year Treasury yield slipped to 4.94%. Apart from healthcare, almost every sector gained this morning, with technology and communication stocks outperforming.

Today's biggest moves

Oracle (NYSE:ORCL) jumped in early trading today after the software giant reported a fiscal first-quarter beat and hiked profit guidance, however it pared gains as the morning wore on. Arista Networks (NYSE:ANET) gained as management stressed demand strength during the Citi Global TMT Conference. Hewlett Packard (NYSE:HPE) surged as investors reassessed tech stocks.

What this means for investors

Fears about escalating tensions in the Middle East and rising energy prices have pressured U.S. stocks this week. That shifted as oil prices retreated this morning, lifting equities despite higher-than-expected inflation data. Oracle's strong results boosted the tech sector, and artificial intelligence (AI) stocks gained as investors regained some risk appetite.

The probability of a September rate hike now stands at 86%, up from 60% just a week ago. August's Consumer Price Index (CPI) was up 3.4% from the year before, making it extremely likely that the Federal Reserve will raise interest rates when it meets. Consumer sentiment also fell this month as high gas prices weigh on people's budgets.

Investors might brace for near-term volatility, particularly with stocks near record highs. However, for most investors, over time, trying to time the market won't beat consistent investments in quality stocks that make up a diversified portfolio.

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Citigroup is an advertising partner of Motley Fool Money. Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Arista Networks, Hewlett Packard Enterprise, and Oracle. The Motley Fool has a disclosure policy.