Nasdaq Drops 0.74% as Hot CPI Data Stalls Two-Day Rally; Nvidia Falls 3.32%

Mumbai, 10 November 2026: The Nasdaq Composite (^IXIC) fell 187.27 points, or 0.74%, to 25,065.87 shortly after the opening bell on Tuesday, as a hotter-than-expected October inflation report dampened the momentum from Monday’s sharp rebound. The Dow Jones Industrial Average (^DJI) declined 158.57 points, or 0.30%, to 52,231.18, while the S&P 500 (^GSPC) shed 40.00 points, or 0.53%, to 7,509.94.

The small-cap Russell 2000 (^RUT) bucked the trend, surging 86.71 points, or 3.15%, to 2,840.81, though trading volume data for the index remained incomplete at the time of reporting. The session opened under pressure as traders weighed a 0.4% month-over-month rise in the Consumer Price Index (CPI) against expectations of a 0.3% gain, refocusing attention on the Federal Reserve’s rate trajectory.

October CPI Rises 0.4% as Fed’s Waller Flags 50 Basis Point Hike Option

The Bureau of Labour Statistics reported that the headline CPI rose 0.4% in October, exceeding the 0.3% consensus forecast but cooling from September’s 0.6% advance. Core CPI, which excludes volatile food and energy costs, increased 0.3%, overshooting expectations of a 0.2% increase and matching the prior month’s pace. Energy costs rose 0.7%, a significant deceleration from the 5.2% surge recorded in September, while housing costs contributed 0.3% to the index and food prices added 0.5%.

The report did not include annual inflation figures because the Bureau of Labour Statistics was unable to publish full October 2025 data due to the government shutdown last year. The data release followed comments from Federal Reserve Governor Christopher Waller, who stated in a London speech that he is “leaning toward supporting an increase in our policy rate of 25 basis points at the FOMC’s December meeting.” Waller added that if inflation readings exceed expectations, “a 50 basis point hike in the policy rate should be considered at the December meeting,” warning that “hiking only 25 basis points would put our credibility at risk.”

Following the CPI release, the 10-year Treasury yield jumped more than 8 basis points to 4.95%, while the 5-year yield rose 10 basis points to 4.75%. The 30-year yield increased 3 basis points to 5.29%. Traders now price an 84% chance of a 25 basis point hike in December, with bets on a 50 basis point increase jumping from 0% on Monday to 15% on Tuesday.

Nvidia Slips 3.32% as Board Investigation Weighs on Semiconductor Sector

Nvidia (NVDA) extended its decline, falling 3.32% in early trading following a 4% drop on Monday, as investors continued to assess the fallout from CEO Jensen Huang’s admission over the weekend regarding an affair with a woman alleged to be a Chinese spy. The company’s board has initiated an investigation into the matter. The broader semiconductor complex came under pressure, with Micron Technology (MU) dropping 3.15%, Marvell Technology (MRVL) falling 3.06%, and Intel (INTC) shedding 2.27%. Advanced Micro Devices (AMD) declined 0.87%, while Qualcomm (QCOM) lost 2.44%. The iShares Semiconductor ETF (SOXX) was down 2% after rising more than 7% on Monday. Among other Magnificent Seven stocks, Microsoft (MSFT) slipped 0.59%, Meta Platforms (META) fell 0.53%, and Tesla (TSLA) dropped 1.69%. Apple (AAPL) bucked the trend, gaining 0.67%, while Amazon (AMZN) added 0.03%.

Alphabet (GOOGL) was nearly flat, down 0.05%. The tech-heavy Nasdaq 100 heatmap showed widespread weakness, with Arm Holdings (ARM) falling 3.06%, Palantir Technologies (PLTR) losing 1.27%, and CrowdStrike Holdings (CRWD) declining 1.99%. In the Dow industrials, Caterpillar (CAT) dropped 3.72%, Chevron (CVX) fell 2.17%, and Cisco Systems (CSCO) lost 1.52%. Financial stocks provided some support, with JPMorgan Chase (JPM) gaining 0.56%, Visa (V) adding 0.39%, and Goldman Sachs (GS) rising 0.43%.

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Sanmina Surges 6.12% on Strong Outlook; Take-Two Interactive Jumps 9.89%

Sanmina Corporation (SANM) was among the top gainers, rising 6.12% to $158.80 after the electronic manufacturing services provider issued an outlook that exceeded Street expectations. Take-Two Interactive Software (TTWO) surged 9.89% to $227.92, while AAON, Inc. (AAON) jumped 12.31% to $70.61. Csquare, Inc. (CSQR) led the gainers with a 13.96% rise to $17.42. Silvercorp Metals (SVM) added 9.33% to $9.73, and Ducommun Incorporated (DCO) climbed 7.23% to $145.03.

On the losing side, Novanta Inc. (NOVT) plunged 12.00% to $128.46, EquipmentShare.com Inc. (EQPT) fell 14.31% to $13.89, and Hims & Hers Health (HIMS) dropped 11.87% to $20.21. Qualys, Inc. (QLYS) declined 10.58% to $181.04, and GFL Environmental Inc. (GFL) lost 10.20% to $41.20. Skydance Corporation (SKYD) fell 9.72% to $7.84, and Legend Biotech Corporation (LEGN) shed 9.24% to $22.05. GE Vernova Inc. (GEV) dropped 6.88% to $772.01, while Casella Waste Systems (CWST) declined 6.64% to $92.45. On Holding AG (ONON) fell 6.55% to $34.98, and Tenable Holdings (TENB) lost 5.20% to $41.40.

Russell 2000 Surges 3.15% as Small Caps Outperform; Oil Falls 2.92%

The Russell 2000 Index defied the broader market decline, climbing 3.15% to 2,840.81, extending Monday’s 3.15% gain. The index’s 52-week range spans from 2,303.46 to 3,069.71. Among small-cap constituents, HIMS dropped 11.31%, while Novanta (NOVT) plunged 15.76%.

Healthcare stocks in the index showed mixed performance, with RadNet (RDNT) gaining 1.58% and Acadia Pharmaceuticals (ACAD) rising 6.71%. In commodities, West Texas Intermediate (WTI) crude futures fell 2.92% to $89.87 per barrel, extending last week’s 16.4% decline, following President Donald Trump’s remarks that fresh U.S. strikes on Iran were “highly unlikely.” Brent crude also declined, down 2.70%. Gold futures dropped 1.1% to $4,070 an ounce, while Bitcoin traded at $73,871, down 1.84% over the past 24 hours and at its lowest level in nearly three months. The U.S. Dollar Index spot was 0.01% lower at 101.64.

Anthropic Sets IPO Price Range of $70-$78, Targeting $1.4 Trillion Valuation

Anthropic, the artificial intelligence lab behind the Claude chatbot, unveiled terms for its highly anticipated initial public offering, planning to offer 825 million shares at a price range of $70 to $78 per share. At the high end of the range, the company would raise up to $64.35 billion in proceeds and achieve a fully diluted valuation of up to $1.405 trillion, up from the $965 billion valuation announced during its May funding round.

The company has secured $26 billion in planned investments from seven technology companies, including Google, Nvidia, and Microsoft, through a private placement tied to the IPO. Goldman Sachs and Morgan Stanley are leading the offering. The updated filing follows an unusual reversal on Monday when Anthropic circulated and then retracted earlier IPO details indicating it would sell roughly 867 million shares at $70 to $80 each. The offering comes amid growing concerns about AI valuations and the enormous spending required to develop the technology. Anthropic is expected to debut on the Nasdaq under the ticker symbol “ANT” in mid-November.

European Chip Stocks Rise as Infineon Gains 4.8% on Record Quarter

European semiconductor firms traded higher in early dealings, led by Infineon Technologies, which gained 4.8% after posting a record fourth quarter and forecasting revenue growth of more than 20% in 2027. The German manufacturer expects revenue from power supplies for data centres to reach close to 4 billion euros ($4.5 billion) next year.

Analysts noted that Infineon’s data centre power forecast “provides a positive signal on underlying AI and data centre demand despite recent concerns around deployment timelines.” ASM International gained 2.4%, while BE Semiconductor rose 2.9%. The pan-European Stoxx 600 rose 0.9%, with France’s CAC 40 leading gains at 1.2%. In Asia, markets closed higher, with Japan’s Nikkei 225, Taiwan’s TWSE, China’s CSI 300, Shanghai Composite, India’s Nifty 50, Australia’s ASX 200, Hong Kong’s Hang Seng, and South Korea’s Kospi all finishing in positive territory.

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Nvidia’s Board Investigation and CEO Admission Rock AI Leader

Nvidia, headquartered in Santa Clara, California, designs graphics processing units (GPUs) and system-on-chip units for gaming, professional visualisation, and data centre markets. The company’s stock has come under pressure following CEO Jensen Huang’s admission to staff in an email on Sunday that he had been “unfaithful” to his wife and had “fallen short” of his responsibilities as CEO.

The board’s investigation into the matter, first reported over the weekend, has raised governance concerns at a time when the company sits at the centre of the artificial intelligence boom. Nvidia shares closed 4% lower on Monday before extending losses on Tuesday. The stock’s 52-week range spans from $20,690.25 to $27,722.75 on the Nasdaq Composite level, reflecting the broader index’s volatility. Despite the decline, Nvidia remains a key holding across major exchange-traded funds, including the Invesco QQQ Trust (QQQ), which was down 1.1% in premarket trading, and the SPDR S&P 500 ETF Trust (SPY), which fell 0.6%.

Market Breadth Weakens as Financials and Energy Diverge

Market breadth showed signs of deterioration, with decliners outpacing advancers across the major indices. The S&P 500 heatmap revealed widespread weakness in technology and industrials, with GE Vernova (GEV) dropping 5.43%, Caterpillar (CAT) falling 3.71%, and Dell Technologies (DELL) shedding 3.56%. Palantir (PLTR) lost 1.24%, while CrowdStrike (CRWD) declined 3.18%.

Financial stocks outperformed, with JPMorgan Chase (JPM) gaining 0.43%, Bank of America (BAC) rising 0.46%, Morgan Stanley (MS) adding 0.59%, and Wells Fargo (WFC) climbing 0.57%. In the consumer discretionary sector, Amazon (AMZN) gained 1.28%, Marriott International (MAR) rose 1.05%, and Booking Holdings (BKNG) added 0.52%. Energy stocks lagged, with Exxon Mobil (XOM) falling 2.68%, Chevron (CVX) dropping 2.15%, and ConocoPhillips (COP) declining 2.15%. The communication services sector was mixed, with Alphabet (GOOGL) up 0.06%, Meta (META) down 0.31%, and Netflix (NFLX) falling 1.06%.

Treasury Yields Climb as Rate Hike Expectations Intensify

The bond market reacted sharply to the inflation data, with shorter-term Treasury yields jumping as traders rushed to price in higher Federal Reserve rates. The 5-year Treasury yield rose 10 basis points to 4.75%, the 10-year yield climbed 7 basis points to 4.93%, and the 30-year yield increased 3 basis points to 5.29%. The CME FedWatch Tool showed an 84% probability of a 25 basis point hike at the December meeting, with the odds of a 50 basis point increase rising to 15%.

The yield on the 10-year Treasury note, which affects interest rates on mortgages and other consumer loans, surged following the CPI release. Fed Governor Waller’s comments reinforced expectations, as he noted that “inflation is too high” and that even if the monthly rate of inflation improves in October, he is leaning toward supporting a rate increase. The Federal Open Market Committee (FOMC) is scheduled to meet in early December.

CoreWeave and Quantum Computing Stocks Report After the Bell

While most of the third-quarter earnings season has passed, several notable companies are scheduled to report results after Tuesday’s closing bell. CoreWeave (CRWV), an Nvidia-backed neocloud provider, is expected to post a loss of $1.53 per share on revenue of $3.54 billion. CoreWeave shares were down 2.76% in premarket trading. Quantum computing stocks D-Wave Quantum (QBTS) and Rigetti Computing (RGTI) also report results.

Among early earnings movers, Sanmina (SANM) soared 14% after its outlook exceeded expectations, while Qualys (QLYS) tumbled nearly 5% following its quarterly results. Hims & Hers Health (HIMS) fell more than 1%, and On Holding (ONON) dropped nearly 5%. Rocket Lab (RKLB) plunged more than 8% after reporting a loss of $0.12 per share on revenue of $255.71 million. Take-Two Interactive (TTWO) gained 3.42% after beating consensus estimates with earnings of 99 cents per share. TransDigm Group (TDG) edged lower, while Zeta Global (ZETA) declined nearly 3%.

The pullback accelerated after Fed Governor Christopher Waller said he is leaning toward a 25 basis point hike in December and would consider a 50 basis point increase if inflation readings exceed forecasts. Higher interest rates raise the opportunity cost of holding non-yielding bullion, pressuring precious metals across the board.

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Gold Slips 1.1% to $4,070 as Hot CPI Fuels Fed Rate-Hike Bets; Silver, Platinum Retreat

Gold prices retreated on Tuesday, with U.S. gold futures for December delivery falling 1.1% to $4,070 an ounce, as a hotter-than-expected October inflation report reinforced expectations that the Federal Reserve will raise interest rates next month. Spot gold was down 1.5% to $4,078.53 per ounce by 1025 GMT, reversing Monday’s gains that had pushed the metal above $4,100.

Spot silver slipped 1.9% to $52.42 per ounce, extending losses after the CPI data showed core inflation, excluding food and energy, rising 0.3% month-on-month, above the 0.2% consensus and unchanged from the previous two months. The metal had climbed nearly 3% on Monday as falling oil prices eased inflation concerns, but Tuesday’s data reversed that momentum.

Platinum fell 1.1% to $1,560.08, while palladium dropped 0.51% to $1,036.24. Markets are now pricing approximately 28 basis points of tightening for December, fully reflecting a quarter-point increase while leaving room for a larger move. Among gold miners, Newmont (NEM) and Barrick Mining (ABX) each declined 2.1%, while South African producers Gold Fields (GFI), AngloGold Ashanti (AU), Harmony Gold (HMY), and Sibanye Stillwater (SBSW) fell between 2% and 3.3%.

Rare Earth Stocks Slide as Dollar Hits 102.03; USA Rare Earth Falls 5.88%, Perpetua Resources Drops 5.43%

Metals equities outside gold and silver came under pressure on Tuesday after a hotter-than-expected October inflation report lifted the U.S. dollar and reinforced expectations of a December Federal Reserve rate hike. The U.S. Dollar Index climbed 0.36% to 102.03, while October consumer prices rose 0.4% month-on-month against a 0.3% consensus, and core CPI increased 0.3% versus a 0.2% forecast. Fed Governor Christopher Waller said he is leaning toward a 25 basis point hike in December and would consider 50 basis points if inflation readings exceed forecasts.

USA Rare Earth, Inc. (USAR) fell 5.88% to $8.24, extending its 52-week decline to 50.70% within a range of $6.84 to $32.80. Perpetua Resources Corp. (PPTA), which holds gold-antimony assets, dropped 5.43% to $20.01, down 7.72% over 52 weeks within a $15.66 to $37.37 range. The moves followed a 0.7% rise in October energy costs, down from September’s 5.2% surge, while housing contributed 0.3% and food added 0.5% to the index. The 10-year Treasury yield jumped more than 8 basis points to 4.95%, and the 5-year yield rose 10 basis points to 4.75%. Traders now price an 84% chance of a 25 basis point December hike, with 15% odds of a 50 basis point move.

Dollar Index Surges to 102.03 After Hot CPI; Yen Holds Near 158, Euro Flat at 1.1223

The U.S. Dollar Index climbed 0.36% to 102.03 on Tuesday, extending gains after October consumer prices rose 0.4% month-on-month, exceeding the 0.3% forecast and reinforcing expectations of a December Federal Reserve rate hike. The index had traded flat at 101.65 earlier in the session, after falling 0.6% on Monday when risk-sensitive assets recovered on hopes of a diplomatic resolution to the Iran conflict. The dollar’s rebound accelerated as traders priced an 84% probability of a 25 basis point increase, with the odds of a 50 basis point move jumping from 0% to 15% following the inflation release

The opening session underscored how a single inflation print can reset market expectations. October CPI at 0.4% against a 0.3% consensus, combined with Fed Governor Waller’s openness to a 50 basis point hike, pushed Treasury yields higher and pressured rate-sensitive technology stocks. Nvidia’s governance issues added company-specific weight to the semiconductor selloff. The Russell 2000’s 3.15% gain showed selective risk appetite, while gold and the dollar moved in opposite directions as rate expectations firmed. Anthropic’s IPO pricing and after-bell earnings from CoreWeave remain near-term focal points for sentiment across AI-linked assets.