U.S. stock futures rose Thursday, buoyed by inflation data that increased hopes the Federal Reserve could begin cutting rates next year. Wall Street was also poised to wrap up November with strong monthly gains. Futures tied to the Dow Jones Industrial Average were up 243 points, or nearly 0.7%. S&P 500 futures jumped 0.4% and Nasdaq-100 futures climbed about 0.3%. Salesforce and Snowflake popped 9% and 7.8%, respectively, on the back of better-than-expected earnings. Sentiment also got a boost Thursday after new data out of Europe showed inflationary pressures are easing. Data released early Thursday showed that the personal consumption expenditures price index—the Federal Reserve’s favorite inflation gauge—rose in line with expectations in October, gaining 0.2% for the month and 3.5% on a year-over-year basis. The numbers could provide an incentive for the Fed to hold rates steady, before lowering them in 2024. Although the 30-stock Dow and the S&P 500 ended Wednesday’s trading session near the flatline, the two indexes are only about 0.5% and 0.8%, respectively, from their year-to-date closing highs. The tech-heavy Nasdaq Composite slipped 0.16% during the day, but is also roughly 0.7% away from its 2023 closing high. The major averages remain on track to close November with sizeable gains, which would end a three-month losing streak for the indexes. The S&P 500 is up 8.5% in November, while the Nasdaq has advanced nearly 11%. Both averages are tracking for their best monthly performance since July 2022. The Dow is up 7.2% in November, on pace for its best month since October 2022. Despite interest rates lingering at higher levels, strategist Jay Woods isn’t afraid that stocks will give up their gains before the year’s end. “The cycle, to me, is complete. We’ve made back what we lost, and now we’re starting to build on where we were going at the end of 2021 when the market was hot,” the chief global strategist at Freedom Capital Markets told CNBC. “The price action is positive. The economic data supporting the Fed to continue to keep rates at bay and possibly decrease is a huge tailwind.” U.S. Treasury yields held steady Thursday as investors assessed key inflation data that suggested the Federal Reserve could continue to hold rates steady. The 10-year Treasury yield was up by 3 basis points at 4.301%, after having fallen below 4.3% for the first time since September on Wednesday. The 2-year Treasury yield was 2 basis points higher at 4.668%. It had hit its lowest level since mid-July on Wednesday. South Korea stock markets were up on Thursday after the country’s central bank held lending rates for the seventh straight time, while China and Hong Kong equities fell as manufacturing activity in China contracted further. Asia-Pacific markets were mixed as investors assessed economic data from the region. China’s factory activity shrank for a second straight month in November, while non-manufacturing activity hit yet another new low for the year. China’s CSI 300 index dipped marginally, while Hong Kong’s Hang Seng index also fell 0.14%. Japan’s Nikkei 225 reversed losses to rise 0.33%, with the Topix also up by 0.30%. South Korea’s Kospi rose 0.12%, while the small-cap Kosdaq gained 0.52% after the monetary policy decision. In Australia, the S&P/ASX 200 climbed 0.74% and closed at 7,087.3, marking three straight days of gains. Oil prices were higher on Thursday as investors eagerly awaited the outcome of an anticipated OPEC+ meeting that could lead to deeper supply cuts in 2024. Brent crude futures for January climbed 26 cents to $83.36 a barrel, on subdued volumes given the contract is meant to expire today. Meanwhile, U.S. West Texas Intermediate crude futures crept up 28 cents at $78.14 a barrel. Gold prices eased on Thursday as the dollar staged a rebound ahead of U.S. inflation data, although bullion was heading for its second monthly rise boosted by hopes that the Federal Reserve would cut interest rates soon. Spot gold eased 0.2% to $2,041.19 per ounce. Bullion is up 2.8% so far this month after rising 7.3% in October. U.S. gold futures for December delivery fell 0.3% to $2,041.70.