U.S. benchmark equity indexes showed gains as the market approached Wednesday's close, following the release of official data indicating that consumer inflation matched expectations for October. The Dow Jones Industrial Average rose by 0.3%, reaching 44,021.5, while the S&P 500 climbed 0.2%, settling at 5,998.5.
The Nasdaq Composite remained relatively stable at 19,281. Among various sectors, consumer discretionary led the gains, whereas communication services experienced the most significant decline. The U.S. consumer price index (CPI) saw an increase of 0.2% last month, a steady pace from the July through September period, as reported by the Bureau of Labor Statistics.
Year-over-year, inflation surged to 2.6%, up from a 2.4% rate in September. Upcoming on Thursday are the official producer prices data for October, which may provide further insight into inflationary trends. In bond markets, the U.S. 10-year yield rose by 1.2 basis points to 4.45%, indicating a slight tightening in long-term borrowing costs.
In contrast, the two-year rate decreased by 6.9 basis points to 4.28%, reflecting shifting expectations regarding interest rates. In corporate news, Cisco Systems ($CSCO) is set to release its latest quarterly financial results following the closing bell, creating anticipation among investors. Additionally, West Texas Intermediate crude oil prices dipped by 0.1%, trading at $68.08 a barrel..