US stocks climbed ahead of the bell Thursday, on track for their best month this year as investors continued to bet on interest-rate cuts ahead of a key reading on consumer inflation.
Dow Jones Industrial Average (^DJI) futures paced gains with a jump of about 0.5%, or 180 points, while S&P 500 (^GSPC) futures moved up around 0.2%. Futures on the tech-heavy Nasdaq 100 (^NDX) added almost 0.3%.
The stock gauges head into the last day of November trading with fresh 2023 closing highs within reach. That comes after a monster rally powered by optimism that the Federal Reserve is done with hiking interest rates.
That rally could be put to the test with Thursday’s release of the PCE index, the Fed’s preferred inflation measure. After signs of cooling and a resilient economy in recent data, the October report will be scoured for more reasons to make the case for rate cuts.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
Hopes were buoyed by a surprise November drop in euro zone inflation to 2.4%, seen as challenging the European Central Bank’s stance that price growth is stubborn.
Eyes are also on the OPEC+ meeting on Thursday, held online after being delayed as smaller African producers resisted Saudi Arabia and Russia’s push for more supply cuts. Oil prices rose for a third day amid expectations the sides could reach a deal on policy, with WTI (CL=F) and Brent (BZ=F) crude futures both up about 0.7%.
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