Dow Opens Higher On Inflation Data; Tesla Stock in Focus as Cybertruck Delivery Begins

Bond traders, rejoice: November was finally your month.

The Bloomberg U.S. Aggregate bond index is up 4.8% in price this month. That puts the widely tracked index on course for its best month since the 1980s, according to FactSet data, after a sharp unwinding of rate-hike expectations sent investors on a bond-buying spree.

Stocks, international currencies, and bitcoin have also rallied, with traders betting the Fed is done lifting interest rates as inflation continues to ebb. On Thursday, the latest personal-consumption expenditures price index—the Fed’s preferred inflation gauge—offered the latest sign that pricing pressures are softening.

Stock indexes were mixed in early trading. The Dow industrials climbed more than 0.5% while the tech-heavy Nasdaq shed about 0.3% and the S&P 500 was flat.

Salesforce’s stock rose, lifting the blue-chip Dow, after the business-software company reported results last night. Here’s the Heard on the Street take on the numbers.

The yield on the 10-year U.S. Treasury note ticked up, rising to around 4.333%, after three days of declines. Yields move inversely to prices.

Oil prices rose ahead of a meeting between OPEC and its Russia-led allies. The cartel agreed to new oil-production cuts. Benchmark U.S. oil futures rose to about $79 a barrel and energy stocks were the top-performing segment of the S&P 500.

In Europe, the Stoxx Europe 600 inched higher and the euro weakened after inflation in the eurozone was lower than expected for the second straight month in November.