Tuesday, November 10, 2026 · 8:45 PM ET · Shahryar Rahmani, MTC Desk
A hot CPI report stalled Monday’s rally. October consumer prices rose 0.4% against 0.3% expected, and core prices 0.3% against 0.2% (BLS). The S&P 500 fell 0.38% to 7,520.93, the Nasdaq Composite 0.74% to 25,065.88 and the Dow 0.30% to 52,231.89.
The why: before the report, Fed Governor Christopher Waller said a 50 basis point hike should be considered in December if core inflation ran 0.3% or more (TheStreet; StockTitan). It did. The 2-year Treasury yield jumped 17 basis points to 4.73%, and the 10-year rose to 4.98% (U.S. Treasury).
Nvidia fell about 5.5% for a second straight drop, and technology was the weakest sector. SPY and QQQ made their highs by about 10 AM ET, bottomed at 12:45 PM and won back part of the drop into the close (Nasdaq.com). After the bell, CoreWeave raised its 2026 revenue guide and traded about 7.5% higher at about 8 PM ET.
The Closing Bell
Index levels are from TheStreet, CappNotes and Nasdaq.com; ETF closes are official 4:00 PM ET prints from Nasdaq.com, checked against Finviz. On Monday the S&P 500 had gained 2.35% and the Nasdaq 2.74% (Stocktwits).
| Index | Close | Change | ETF |
|---|---|---|---|
| S&P 500 | 7,520.93 | −0.38% (−29 points) | SPY $750.02 (−0.35%) |
| Nasdaq Composite | 25,065.88 | −0.74% | QQQ $674.76 (−0.68%) |
| Nasdaq 100 | 27,740.80 | −0.60% | |
| Dow Jones | 52,231.89 | −0.30% (−158 points) | DIA $521.76 (−0.30%) |
| Russell 2000 | 2,821.38 | −0.68% | IWM $280.56 (−0.69%) |
Hot CPI Report: What Drove the Day
Inflation. October CPI rose 0.4% after 0.6% in September; core CPI rose 0.3% for a third straight month. Shelter made up more than 30% of the monthly increase (BLS). Consensus was 0.3% headline and 0.2% core (TheStreet, citing Dow Jones; CappNotes). Dallas Fed President Lorie Logan said two more hikes will be needed (StockTitan, citing CNBC).
Nvidia. The stock closed at $168.80, about 5.5% lower, after its board hired an outside firm to investigate allegations about CEO Jensen Huang (TheStreet; StockTitan; CappNotes). StockTitan, citing CNBC, said it dragged down all three major indexes. Microsoft fell 2.20% after Anthropic launched workplace tools, while Broadcom rose 3.91% after joining Anthropic’s $26 billion private placement (CappNotes). Taiwan Semiconductor gained 2.05%.
Tech led the losses. Technology was the only sector down more than 1%, while five of eleven sectors rose. About 61% of U.S. issues still fell (TheStreet), and the VIX slipped 2.31% to 19.46 (CappNotes), so this was selling without panic. Our guide to bull vs bear markets explains how to read breadth like this.
Earnings Movers: Take-Two, AAON Up; Hims & Hers Down
AAON jumped 19.31% on record third-quarter net sales of $707.4 million and a raised outlook. Take-Two rose 8.31% after a fiscal second-quarter beat and a confirmed November 19 launch for GTA VI. Rocket Lab gained 6.54% on record quarterly revenue of $268 million, reversing an early drop (CappNotes; Stocktwits). Charter rose 10.61% on a $1.5 billion tender offer for long-dated notes below face value (CappNotes).
On the other side, Hims & Hers fell about 16.6% on a third-quarter loss and weak fourth-quarter revenue guidance, Novanta lost 15.26% and Qualys 13.51% on their outlooks, and On Holding slipped about 7.5% on a direct-to-consumer sales miss, and Skydance fell about 7.6% on $6 billion in planned cost cuts and slightly light revenue (CappNotes). Among smaller names, ZipRecruiter rose about 53% after third-quarter results above its forecast range, and Digital Turbine fell 35.84% after keeping its EBITDA forecast (StockTitan). These release numbers come from one news source; the prices are from Nasdaq.com and Finviz.
Sectors: Financials Lead, Technology Lags
Financials led with +0.50%, followed by Energy (+0.46%), Communication Services (+0.35%), Health Care (+0.31%) and Consumer Staples (+0.17%). Consumer Discretionary was flat. Industrials (−0.08%), Real Estate (−0.11%), Utilities (−0.15%) and Materials (−0.17%) slipped, and Technology was the weakest at −1.14%. Semiconductors (SMH) fell 0.78%. Money rotated out of tech toward banks, energy and health care.
Rates, Commodities and Crypto
| Asset | Level | One line |
|---|---|---|
| 2-year Treasury yield | 4.73% | Up 17 basis points (U.S. Treasury) |
| 10-year Treasury yield | 4.98% | Up 10 basis points; briefly above 5% during the day (U.S. Treasury; CappNotes) |
| WTI crude | about $86.04 (about −0.9%) | CappNotes, at the close |
| Gold | about $4,030 (about −2%) | CappNotes, at the close |
| Bitcoin | about $73,800 (about −1.3%) | CappNotes, at the close |
| VIX | 19.46 (−2.31%) | CappNotes |
Economic Data Today
| Time (ET) | Release | Consensus | Prior | Actual |
|---|---|---|---|---|
| 8:30 AM | CPI (Oct), m/m | +0.3% | +0.6% | +0.4% |
| 8:30 AM | Core CPI (Oct), m/m | +0.2% | +0.3% | +0.3% |
| 1:00 PM | 10-year note auction ($42B) | — | — | Soft; dealers took 10% (CappNotes) |
BLS did not publish year-over-year figures for most of the index this month because it could not collect October 2025 data during last year’s funding lapse. After the close, markets priced about 86%–88% odds of a 25 basis point December hike and about 11% for a larger move (CME FedWatch, Kalshi and Polymarket, via CappNotes’ evening close recap, read about 8:25 PM ET).
After the Bell: CoreWeave
CoreWeave reported third-quarter revenue of $3.66 billion, up from $1.37 billion a year earlier, adjusted EBITDA of $2.26 billion and a net loss of $709 million, or $1.27 a share. Revenue backlog was about $132.5 billion. It raised its 2026 revenue guide to $13.0–$13.3 billion and its capex range to $37–$39 billion (company release). The stock closed at $48.73 and traded about 7.5% higher at about 8 PM ET (Nasdaq.com; Finviz).
Also after hours, Costco traded about 1.8% higher after declaring a $30 special dividend (StockTitan; Nasdaq.com). QQQ was about 0.65% higher and SPY about 0.35% higher at about 8 PM ET (Nasdaq.com).
What to Watch Next
There was no premarket brief this morning, so there is no setup review today. For Wednesday, the Zones to watch for a reaction are SPY 752–753 (today’s 10:07 AM high and Monday’s close) and 745–746.5 (today’s 12:45 PM low), and QQQ 679.5–681 and 667–669. After hours both traded near their upper Zones, so the first question is whether that level holds after the open. Our guide to using premarket data to prepare for the day shows how we build these levels, and our Friday close recap covers last week’s chip swings.
Calendar: Wednesday is Veterans Day; stocks trade, but the bond market is closed. Jobless claims and existing home sales come Thursday, with Cisco and Applied Materials after the close, and October PPI on Friday at 8:30 AM ET (CappNotes). Risks: a Fed leaning toward a hike, the 10-year near 5%, and headline risk in Nvidia. No alignment, no trade.
FAQ
A hotter-than-expected October CPI report ended Monday’s rally. Consumer prices rose 0.4% on the month against 0.3% expected, and core prices rose 0.3% against 0.2% (BLS). The 2-year Treasury yield jumped to 4.73%, tech was the weakest sector, and Nvidia fell about 5.5%. The S&P 500 lost 0.38% and the Nasdaq 0.74%.
The Bureau of Labor Statistics could not collect survey data for October 2025 because of the lapse in government funding, so it cannot publish 12-month percent changes for October 2026 for most CPI series. The monthly changes are still published: headline CPI rose 0.4% and core CPI 0.3% in October.
Before the report, Fed Governor Christopher Waller said he would support a December rate hike and that a 50 basis point hike should be considered if core CPI rose 0.3% or more (TheStreet). Core came in at 0.3%. After the close, markets priced about 86% to 88% odds of a 25 basis point hike in December, per CappNotes.
CoreWeave reported third-quarter revenue of $3.66 billion, up from $1.37 billion a year earlier, a net loss of $709 million and a revenue backlog of about $132.5 billion. It raised its 2026 revenue guidance to $13.0 billion to $13.3 billion. The stock traded about 7.5% higher after hours at about 8 PM ET.
Sources: Nasdaq.com official closes and 1-minute prices; Finviz quotes; U.S. Bureau of Labor Statistics (CPI, October 2026); U.S. Treasury daily yield curve; CoreWeave Q3 2026 release (SEC 8-K Ex. 99.1); TheStreet; StockTitan; CappNotes; Stocktwits via Yahoo Finance. After-hours and commodity levels are approximate and carry their time. Featured image: Federal Reserve photo of the Eccles Building (public domain), graded.
Education only. Not financial advice.
