The Nasdaq rose on Wednesday as technology stocks returned as market favorites amid concerns about rising inflation, while banking stocks slipped despite strong quarterly results from JPMorgan. Technology and communication services were among the few gainers among the 11 major S&P sectors. Mega-caps growth names including Facebook Inc., Amazon.com Inc., Google-parent Alphabet Microsoft Corp., and Tesla rose, while chipmakers added 0.5 percent after a three days of losses. A Labor Department report showed consumer prices increased solidly in September and are set to rise further amid a surge in the costs of energy products, which would cast doubts on the Federal Reserve’s view that high inflation is transitory. “Today’s CPI print may sway at least some members to place a higher weight on the inflation risk,” said Jai Malhi, global market strategist at J.P. Morgan Asset Management. “Both the Fed and the market are likely to accept that a tight …