The S&P 500 and Nasdaq opened higher on Thursday after data showed a mild easing in inflation and solid consumer spending in October, adding to hopes of a likely downshift in the Federal Reserve’s aggressive rate hike policy.

The Dow Jones Industrial Average (.DJI) fell 56.2 points, or 0.16%, at the open to 34533.59. The S&P 500 (.SPX) rose 7.0 points, or 0.17%, at the open to 4087.14​, while the Nasdaq Composite (.IXIC) rose 7.2 points, or 0.06%, to 11475.172 at the opening bell.