US stocks trade mixed after fresh inflation data while indexes eye big monthly gains

• US stocks traded mixed Wednesday after fresh data boosted expectations for a Fed policy pivot.
• Core PCE data showed the annual inflation rate cooled to 3.5% in October from 3.65% the prior month.
• All three of the major US index are also on pace for steep monthly gains.

US equities traded mixed Thursday morning as the latest batch of inflation data boosted hopes for a monetary policy pivot.

The personal consumption expenditures index came in line with expectations for October. Core price data showed the annual inflation rate cooled to 3.5% in October from 3.65% the prior month.

Meanwhile, evidence of a labor market cooldown is also mounting, as weekly jobless applications rose to 218,000 from 209,000.

"Inflation is cooling and markets could end up pleasantly surprised as inflation could cool faster than expected. Investors should expect additional Fed officials tweak their language as they prepare markets for a subtle shift in policy stance," Jeffrey Roach, chief economist for LPL Financial, said in a note.

While November is nearing its end, big monthly gains are just around the corner. The S&P 500 is up 8.6%, the Nasdaq has jumped 11%, and the Dow is up 7.8%.

Here's where US indexes stood at the 9:30 a.m. ET opening bell on Thursday:

• S&P 500: 4,546.95, down 0.08%
• Dow Jones Industrial Average: 35,623.47, up 0.54% (193.05 points)
• Nasdaq Composite: 14,219.52, down 0.27%

Here's what else happened today:

• JPMorgan's Jamie Dimon isn't afraid of China, but would exit the country if ordered to by the US.
• The Cybertruck's launch should propel Tesla toward the $1 trillion valuation, Wedbush Securities said.
• A recession is still on the table, denting prospects of a 2024 stock rally, JPMorgan said.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil rose 1.18% to $78.77 per barrel. Brent crude, oil's international benchmark, climbed 1.14% to $84.24.
• Gold fell 0.43% to $2,033.74 per ounce.
• The yield on the 10-year Treasury gained 6.1 basis points to 4.332%.
• Bitcoin slid 0.66% to $37,588.