Dow futures jump 700 points, 10-year Treasury yield drops below 4% on softer-than-expected CPI

U.S. stock futures surged to the upside on Thursday after softer-than-expected consumer price data. Up just 83 points ahead of the data, Dow Jones Industrial Average futures
YM00,
+2.70%
were up 900 points, or 2.7%, to 33,434. S&P 500 futures
ES00,
+3.65%
surged 118 points, or 3.1%, to 3,873.25, with those futures up just 11 points ahead of the data. Nasdaq-100 futures
NQ00,
+4.70%
surged 390.50 points, or 3.6%, to 11,215. Bond yields were tumbling, with that of the 10-year note
TMUBMUSD10Y,
3.907%
plunging 21 basis points to 3.939% and that of the two-year
TMUBMUSD02Y,
4.365%
off 23 basis points to 4,399%. The ICE Dollar Index
DXY,
-1.44%
slid 0.8%, while gold
GC00,
+1.84%
surged $21 to $1,735.90 an ounce. The CPI report showed headline October inflation cooling more than expected to 7.7%, which has encouraged investors hoping the Federal Reserve can begin easing up on interest rate hikes sooner than later.