Inflation has cooled notably, but a pickup in annual price increases underscores that it is not fully back to normal.

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The inflation trajectory is likely favorable enough to keep the Fed on track to cut borrowing costs at its next meeting in December. The election of Donald Trump has fueled fears of inflation reigniting if he implements the tariffs he promised on the campaign trail.

The Dow and the S&P 500 ended slightly higher on Wednesday while the Nasdaq lost ground after October data showed consumer prices rising in line with expectations, adding support to bets that the U.S.

New inflation data out Wednesday showed consumer prices rose as forecast in October, keeping the Federal Reserve on track to lower interest rates again in December.