Nasdaq drops 1% as October inflation exceeds expectations (10 Nov)

Consumer Price Index rises 0.4% in October

Core CPI, which excludes volatile food and energy costs, rose 0.3% in October, topping the 0.2% gain that had been expected.

Annual inflation comparisons are unavailable for October because a government shutdown last year prevented the collection of price data. In September, annual inflation readings were 3.7% for headline inflation and 2.6% for core prices.

Wells Fargo projected headline inflation would rise 0.28% in October, with core inflation increasing by 0.21%.

The October jobs report showed nonfarm payrolls rose by 165,000, significantly higher than the forecast of 65,000.

Federal Reserve signals potential December rate hike

Federal Reserve Governor Christopher Waller supported a December interest rate hike before the release of the latest inflation report. Waller said he favors raising interest rates even if inflation cooled during the previous month.

He noted that a hotter-than-expected inflation reading could justify a 50 basis point interest rate increase. Traders are pricing in 25 basis points of tightening for Dec.

Wells Fargo maintains its expectation for a Federal Reserve interest rate hike in December. The firm stated that the projected core inflation figures would not be enough to change this outlook.

Rising bond yields pressure equity markets

Rising yields in the bond market created pressure on stocks following the inflation report. This development threatened to halt a two-day rise in technology stocks and could bring back the selling pressure that unsettled markets the week before.

Markets closed higher on Nov.

Nvidia shares decline amid CEO scandal

Nvidia Corp. shares fell 0.9% as the company dealt with a scandal involving CEO Jensen Huang.

She added that the issue does not necessarily threaten the long-term sales outlook for Nvidia.

Oil, gold, and cryptocurrency prices retreat

Oil prices fell 2% over the 24-hour period ending Tuesday, November 10, 2026. WTI crude traded at approximately $84, the lowest level since late August.

Gold prices fell just over 1% to trade below $4,100 an ounce. Bitcoin fell 1.4% since midnight UTC on Tuesday to trade at approximately $74,200. The CoinDesk 20 Index lost 1.2% since midnight Tuesday. The Dollar Index remained firm at a level below 102.

Anthropic withdraws IPO pricing details

Anthropic withdrew IPO pricing details that had been circulated to bankers.

Upcoming market events and holiday closure

The US consumer price index for October is scheduled for release on Tuesday, November 10, 2026. US markets will be closed on Wednesday, November 11, 2026, for the Veterans Day holiday.

Adobe begins its 3-day MAX event on Tuesday, November 10, 2026. Taiwan Semiconductor Manufacturing Co is scheduled to publish its monthly revenue figures.

Wells Fargo forecasts a 5% decline in existing home sales for October. The producer price index is scheduled for release on Friday, November 13, 2026.