Stocks Rise at the Open as Investors Weigh CPI Data and ECB Messaging

U.S. stocks opened higher Thursday after fresh inflation data and central-bank signals set the tone for global markets. The Dow Jones Industrial Average rose 320.55 points, or 0.67%, to 48,206.5 shortly after the opening bell. The S&P 500 added 63.90 points, or 0.95%, to 6,785.33, while the Nasdaq Composite gained 317.71 points, or 1.40%, to 23,011.0. Smaller-company shares also advanced, with the Russell 2000 up 1.27%.

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The early gains came as investors digested the latest Consumer Price Index report from the Bureau of Labor Statistics. The agency said the Consumer Price Index for All Urban Consumers increased 0.2% on a seasonally adjusted basis over the two months from September to November, and the all-items index rose 2.7% over the past 12 months before seasonal adjustment. Core inflation—excluding food and energy—rose 2.6% over the past year, according to the BLS.

The CPI release also carried an unusual caveat tied to federal funding disruptions. The BLS said it did not collect survey data for October 2025 because of a lapse in appropriations and was unable to retroactively collect those data; CPI data collection resumed Nov. 14, the agency said.

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Elsewhere in markets, gauges were mixed. The CBOE Volatility Index climbed 0.85% to 16.62, suggesting investors were paying up modestly for protection even as equities pushed higher. In commodities, crude oil futures rose 0.32% to $55.99, while gold slipped 0.11% to $4,369.10. Crypto assets remained firm in early trading, with bitcoin up 0.91% at $88,604.38.

Overseas, attention remained on the European Central Bank, which left its deposit rate unchanged at 2% while raising growth forecasts for 2026 and 2027, even as inflation was projected to return to the 2% goal only in 2028. Christine Lagarde, president of the ECB, underscored the bank’s caution on the path ahead, saying, “We do not have a set path for our rates going forward. I know everybody would like some forward guidance. But we simply, in the current situation, with the degree of uncertainty that we are facing, we simply cannot offer forward guidance.” The euro rose to an intraday high against the dollar as she spoke.