S&P 500 falls, dragged down by Nvidia sell-off and rate-hike fears after hot inflation data: Live updates
The S&P 500 fell 0.38% to 7,520.93, the Nasdaq Composite 0.74% to 25,065.87 and the Dow 157.86 points, or 0.30%, to 52,231.89 after October consumer prices rose 0.4%, above the 0.3% economists polled by Dow Jones expected, with core CPI up 0.3% against a 0.2% forecast. No annual figures were published because of the 2025 government shutdown. Nvidia fell more than 5%, pressured by rising bond yields, hotter inflation and the board's independent investigation. CNBC
10-year Treasury yield races back to 5% as inflation data, Waller comments drive rate hike expectations
The 10-year yield traded above 5% before pulling back to 4.992%, and the 2-year rose more than 18 basis points to 4.736%. Speaking in London, Governor Christopher Waller said he would support “more robust action” if inflation readings came in higher than expected: “In that case, I believe a 50 basis point hike in the policy rate should be considered at the December meeting.” Markets have largely priced in a quarter-point December hike, according to CME FedWatch, and BMO Capital economists called the $42 billion 10-year auction “a bit soft.” CNBC
Brent crude briefly dips below $90 for first time since August on Iran hopes
Brent settled down 1.17% at $91.49 a barrel after touching a session low of $89.16, and WTI fell 0.93% to settle at $86.04. President Trump said the war with Iran could end “fairly soon” and that “Iran militarily is effectively over.” ING strategists said “the market has continued to unwind some of the geopolitical risk premium built into prices in recent weeks,” while FGE's Fereidun Fesharaki said he sees no prospect of a U.S.-Iran peace deal. CNBC
Take-Two stock rises on 'unprecedented' preorders for 'Grand Theft Auto VI'
Take-Two rose more than 8% despite a weak second quarter, with revenue of $1.5 billion below the $1.65 billion analyst estimate and net bookings down 18%. Chief executive Strauss Zelnick said preorders for Grand Theft Auto VI, which launches November 19, are “tracking far in excess of our initial expectations,” and the company raised its full-year revenue outlook to $7.98 billion to $8.18 billion. Yahoo Finance
| Asset | Close | Chg | % |
|---|---|---|---|
| S&P 500^GSPC | 7,520.93 | -29.01 | -0.38% |
| Nasdaq Composite^IXIC | 25,065.87 | -187.27 | -0.74% |
| Dow Jones^DJI | 52,231.89 | -157.86 | -0.30% |
| CBOE Volatility Index^VIX | 19.46 | -0.46 | -2.31% |
| U.S. Dollar IndexDXY · 4:00 PM ET | 102.26 | +0.58 | +0.57% |
| Brent CrudeICE Jan '27 · 2:30 PM ET settle | $91.49 | -$1.08 | -1.17% |
| WTI CrudeNYMEX Dec '26 · 2:30 PM ET settle | $86.04 | -$0.81 | -0.93% |
| GoldCOMEX Dec '26 · 1:30 PM ET | $4,030.70 | -$84.30 | -2.05% |
| Tenor | Close | Chg | % |
|---|---|---|---|
| 1-MonthT-bill | 4.05% | +1bp | +0.25% |
| 3-MonthT-bill | 4.30% | +6bp | +1.42% |
| 6-MonthT-bill | 4.38% | +12bp | +2.82% |
| 1-YearT-note | 4.56% | +18bp | +4.11% |
| 2-YearT-note | 4.73% | +17bp | +3.73% |
| 5-YearT-note | 4.81% | +14bp | +3.00% |
| 10-YearT-note | 4.98% | +10bp | +2.05% |
| 30-YearT-bond | 5.35% | +9bp | +1.71% |
Equities gave back part of Monday's advance after a firmer-than-expected October CPI print: the S&P 500 fell 29.01 points, or 0.38%, to 7,520.93, the Nasdaq Composite 187.27 points, or 0.74%, to 25,065.87, and the Dow 157.86 points, or 0.30%, to 52,231.89. The VIX nonetheless eased 0.46 to 19.46 (-2.31%). Breadth was split six to five: Financials (+0.52%), Energy (+0.44%) and Communication Services (+0.37%) led, while Technology (-1.15%) was the clear laggard, followed by Materials (-0.17%) and Utilities (-0.14%). Charter Communications (+10.61%) and Take-Two Interactive (+8.31%) topped the gainers, the latter on Grand Theft Auto VI preorder commentary, ahead of CVS Health (+4.41%), Akamai Technologies (+4.26%) and EQT (+4.19%). Skydance (-7.59%) led decliners, followed by Moderna (-6.75%), First Solar (-5.55%), Nvidia (-5.47%), which extended Monday's decline, and Lennar (-5.37%).
The front end repriced sharply toward tighter policy: the 1-year rose 18bp to 4.56%, the 2-year 17bp to 4.73% and the 5-year 14bp to 4.81%, while the 10-year added 10bp to 4.98% and the 30-year 9bp to 5.35%, flattening 2s10s to 25bp from 32bp. The $42bn 10-year note auction cleared at a high yield of 5.020% with a 2.46 bid-to-cover ratio. The dollar firmed, with DXY up 0.58 to 102.26 (+0.57%), and gold fell 2.05% to $4,030.70 (1:30 PM ET print). Crude extended its retreat on Iran de-escalation hopes: January Brent settled $1.08 lower at $91.49 (-1.17%) after briefly trading below $90, and December WTI $0.81 lower at $86.04 (-0.93%), narrowing the Brent-WTI spread to $5.45 from $5.72. Energy equities again closed higher against the decline in the underlying commodity.
Wednesday is the Veterans Day holiday, with the Fed's weekly releases moved to Thursday, which brings initial jobless claims at 8:30 AM, Governor Barr and October business formation statistics at 10:00 AM, and the $25bn 30-year bond auction at 1:00 PM. Friday carries October PPI at 8:30 AM, Bowman on supervision and regulation at 10:50 AM and Vice Chair Jefferson on productivity at 7:00 PM, and Monday opens with the November Empire State Manufacturing Survey at 8:30 AM. With core CPI above consensus and Governor Waller raising the prospect of a 50bp December move should inflation surprise higher, Friday's PPI is the next test of how far the front end reprices, while Thursday's 30-year auction tests demand for duration after a 10-year sale that cleared above 5%.