U.S. stocks are drifting near their records after the latest inflation update boosted hopes that more help for the economy will arrive next month from another cut to interest rates

Core CPI, which excludes food and energy costs and is considered a better indicator of future prices, also matched estimates. The gauge increased 0.3% in October, or the same rate seen in August and September. Annual core CPI advanced 3.3% to meet the consensus estimate.

On a "core" basis, which strips out food and energy prices, CPI is forecast to have risen 3.3% over last year in October, unchanged from September's increase. Monthly core price increases are expected to clock in at 0.3%, also in line with the September gain.

Markets on Wall Street rose modestly in early trading Thursday as more corporate earnings are released ahead of another inflation update from the U.S. government. Futures for the S&P 500 were up just 0.

Shares have opened higher in Europe after mostly falling in Asia following a report showing inflation in the U.S. was roughly as expected last month. The dollar was trading at 156 Japanese yen. On Wednesday,

U.S. stocks are drifting near their records after the latest inflation update boosted hopes that more help for the economy will arrive next month from another cut to interest rates. The S&P 500 was up 0.