The U.S. stock market jumped after new data on U.S. producer prices in October was another sign that inflation is cooling.

At 09:56 ET (14:56 GMT), the Dow Jones index was up 282 points, or 0.8%, while the S&P 500 index was up 1.4% and the NASDAQ Composite index was up 2%.

A report from the U.S. Department of Labor showed that the producer price index (PPI) rose 8% year-over-year in October, lower than the 8.3% expected and below September’s reading.

After last week’s consumer price index came in below expectations, the report gives renewed hope for an interest rate cut by the Federal Reserve next month. The idea of a smaller rate hike was suggested by Fed Deputy Governor Lael Brainard at a speech on Monday.

The market is pricing in a 91% probability of a half percentage point rate hike at the Fed’s December meeting, according to Reuters. This would come after 4 consecutive 0.75 percentage point rate hikes.

Shares of Taiwan Semiconductor Manufacturing (NYSE:TSM) rose 12% after it was reported that Warren Buffett’s Berkshire Hathaway B (NYSE:BRKb) acquired a stake worth more than $4 billion.

America’s largest retailer Walmart Inc (NYSE:WMT) raised its full-year net sales forecast and said it approved a new $20 billion share repurchase plan.The company’s shares rose 7%.

Meanwhile, shares of home improvement retailer Home Depot Inc (NYSE:HD) fell 0.5% after it beat expectations but left its full-year outlook unchanged.

Oil got cheaper. WTI was down 0.9% to $85.80 a barrel and Brent fell 0.7% to $92.44 a barrel. The gold price was unchanged at $1777.