US stocks open higher before inflation data, Fed meeting

By Ovunc Kutlu

ISTANBUL (AA) - US stocks opened higher on Monday as investors await key inflation data and a Federal Reserve meeting.

The Dow Jones Industrial Average rose 104 points, or 0.31%, to 33,581 at 9.42 a.m. EDT (1442GMT). The S&P 500 gained 3.4 points, or 0.1%, to 3,937.

The Nasdaq, on the other hand, was down 9 points, or 0.1%, to 10,995.

US consumer price data for November will be released on Tuesday before market opening, which could impact the Fed's decision to be announced after the bank's two-day meeting concludes on Wednesday.

The central bank has raised its benchmark interest rate by a total of 375 basis points, or 3.75%, since March to get control of record inflation.

Annual consumer inflation rose 7.7% in October, and the market expectation for November is to show a gain of 7.3% year-on-year.

The VIX volatility index, also known as the fear index, soared 6.8% at 24.39. The 10-year US Treasury yield lost 1.1% to 3.527%.

The dollar index fell 0.1% to 104.74, while the euro added 0.2% to $1.0555 against the greenback.

Precious metals were down, with gold losing 0.4% to $1,789 per ounce and silver falling 0.6% to $23.34.

Crude oil prices were in positive territory. Global benchmark Brent crude was trading at $77.01 per barrel for an increase of 1.2%, while US benchmark West Texas Intermediate crude was around $77.67, up 2.3%.