Written by: Chao Xiang Research
U.S. stocks closed lower on Tuesday. The October CPI rose 0.4% month-on-month, higher than expected, leading to an increase in interest rate pricing; Nvidia fell for the second consecutive day.
The Nasdaq fell 0.74%, leading the three major indices down. After hours, CoreWeave raised its full-year guidance, and its stock price rose temporarily.
Three major indices closed lower, Nasdaq dropped 0.74%
The following are the trading results for Tuesday, November 10, Eastern Time. It was a normal trading day.
The Dow Jones Industrial Average fell by 157.86 points, a decrease of 0.30%, to close at 52,231.89 points.
The S&P 500 fell 0.38%, closing at 7,520.93 points; the Nasdaq fell 0.74%, closing at 25,065.87 points.
Both the S&P 500 and Nasdaq ended two consecutive days of gains. The Dow fell for the third time in four days.
| Index | Closing Point | Change |
|---|---|---|
| Dow Jones | 52,231.89 | -0.30% |
| S&P 500 | 7,520.93 | -0.38% |
| Nasdaq | 25,065.87 | -0.74% |
UnitedHealth was a major positive contributor to the Dow, while Caterpillar was a major drag, falling 2.39%. Microsoft fell 2.38%.
October CPI exceeds expectations, interest rate hike expectations rise
The U.S. Bureau of Labor Statistics announced that the October CPI rose 0.4% month-on-month, above the Dow Jones survey expectation of 0.3%; the core CPI rose 0.3%, exceeding the expected 0.2%.
The overall monthly increase in September was 0.6%, with the core rising 0.3%. The energy index rose 0.7%, food rose 0.5%, and housing rose 0.3%, contributing more than thirty percent to the overall increase.
The Bureau of Labor Statistics did not release year-on-year readings. The reason is that there was a government shutdown in October 2025, making the data collection incomplete and lacking a comparable base.
CME FedWatch shows that the market has fully priced in a 25 basis point rate hike by the Federal Reserve at the December 8-9 meeting; the probability of a 50 basis point hike is about 13.6%.
Federal Reserve Governor Waller stated before the data release that if the core CPI reading is around 0.3%, he may support a 50 basis point rate increase in December. Dallas Fed President Logan stated after the data release that two more rate hikes of 25 basis points each are still needed.
The 10-year U.S. Treasury yield rose by more than 9 basis points, closing at 4.986%.
Nvidia falls again by about 5.5%, some chip stocks rise
Nvidia fell about 5.5%, marking the second consecutive trading day of decline. The market continues to digest the board's independent investigation into Jensen Huang.
CNBC reported that the two-day drop has reduced the company's market value to about $4.07 trillion, the lowest since late March.
In contrast to Nvidia's performance, AMD rose 7.25%, Broadcom rose 7.86%, and Lam Research rose 8.48%.
CoreWeave raises guidance, Take-Two surges during trading
CoreWeave announced third-quarter revenue of $3.66 billion, exceeding expectations of $3.55 billion; adjusted earnings per share were a loss of $0.95, lower than the expected $1.16.
The company raised its revenue guidance for 2026 to $13 billion to $13.3 billion, and raised its adjusted operating profit guidance to $1.275 billion to $1.375 billion. Revenue backlog is approximately $13.25 billion.
The stock price rose by about 8% after hours.
Take-Two rose by 8.31%. The company mentioned strong pre-orders for GTA VI. Skydance fell by about 7.6%.
Oil prices continue to fall, attention today
WTI crude oil fell 0.93%, settling at $86.04 per barrel; Brent crude oil fell 1.17%, settling at $91.49 per barrel, dipping as low as $89.16 during the day.
Trump stated that the conflict with Iran could "end quite quickly," causing oil prices to decline.
As of Tuesday night, S&P 500 futures rose 0.2%, Nasdaq 100 futures rose 0.4%, and Dow futures rose by about 88 points.
Attention today
The following are all in Beijing time.
U.S. session: Veterans Day. The bond market is closed, but the New York Stock Exchange operates normally.
Thursday 21:30: Initial jobless claims. At 23:00, October existing home sales will also be released.
Thursday after the market: Cisco and Applied Materials will release earnings reports.
Friday 21:30: U.S. October PPI.
November 17: Nvidia will release third-quarter earnings report.
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