Stocks Fall at Midday as Hotter-Than-Expected October CPI Cements Fed Hike Bets; Nvidia Extends Slide

U.S. stocks fell at midday on Tuesday, Nov. 10, 2026, giving back part of Monday's sharp rally after a hotter-than-expected October inflation report reinforced expectations that the Federal Reserve will raise interest rates at its December meeting.

Shortly before noon ET, the S&P 500 was down about 0.9% at 7,483.74, the Dow Jones Industrial Average was off about 0.7%, or 367 points, at 52,023.03, and the Nasdaq Composite had fallen about 1.3% to 24,923.88, according to market data on Yahoo Finance. The small-cap Russell 2000 was down about 1.3%, and the Cboe Volatility Index rose about 4% to near 20.8.

The decline followed a strong Monday session in which each of the three major indexes closed more than 2% higher, led by chip stocks, Investopedia reported.

Inflation tops forecasts

The Bureau of Labor Statistics said the consumer price index rose a seasonally adjusted 0.4% in October, above the 0.3% gain economists surveyed by Dow Jones had expected and down from 0.6% in September, CNBC reported. Core CPI, which excludes food and energy, rose 0.3%, also above a 0.2% forecast. The bureau did not publish a 12-month rate because last year's government shutdown prevented it from collecting October 2025 data.

Energy prices rose 0.7%, with gasoline up 1% and electricity up 0.9%, while food costs climbed 0.5% and shelter rose 0.3%. Transportation services jumped 0.8%, according to CNBC.

Earlier on Tuesday, Fed Governor Christopher Waller said in a speech in London that he was leaning toward supporting a quarter-point increase in December and that a half-point move should be considered if inflation came in hot. After the data, Dallas Fed President Lorie Logan said she sees a need for two additional quarter-point increases, CNBC reported. The Fed next meets Dec. 8-9.

A Reuters report said traders were pricing in an almost 99% chance of a December hike based on the CME FedWatch tool, and CNBC put the odds of a half-point increase at 13.6%, up from around zero before the report.

Yields climb

The 10-year Treasury yield rose to about 5.00% following the data, up from 4.90% at Monday's close, according to Investopedia, and was near 5.01% around midday. Yahoo Finance reported that the 5-year yield jumped about 10 basis points shortly after the release. Reuters said nine of the 11 major S&P 500 sectors were lower early in the session, with rate-sensitive utilities and real estate among the laggards.

Nvidia extends slide; Anthropic sets IPO range

Nvidia shares were down about 6.5% at midday, according to Yahoo Finance data, extending a drop of more than 4% on Monday. The company's board is investigating CEO Jensen Huang over his relationship with a woman alleged to be a Chinese spy, and The Information reported Tuesday that at least $7.5 billion of Nvidia hardware had been shipped to Chinese companies through a network linked to her, Reuters and Yahoo Finance reported. CNBC said the stock is down 25% over the past month.

Other chipmakers were mixed. Investopedia reported Advanced Micro Devices and Broadcom were up about 4% and 3%, respectively, while Micron and Intel each fell roughly 2%.

Anthropic said in an updated filing that it plans to sell 825 million shares at $70 to $78 each in its initial public offering, which could raise up to about $64.4 billion, Yahoo Finance reported. Reuters said the deal could value the AI developer at up to $1.4 trillion on a fully diluted basis.

Other movers

Earnings and company news drove several large moves, according to CNBC's market movers coverage:

Sanmina surged about 19% after issuing full-year guidance of $15.50 to $17.50 in earnings per share and $17.5 billion to $19.5 billion in revenue, above FactSet consensus estimates. Take-Two Interactive rose after fiscal second-quarter adjusted earnings of $1 per share on revenue of $1.60 billion topped LSEG estimates. Aaon gained after reporting record third-quarter net sales of $707.4 million, up 84.1%, and raising its full-year outlook.

GE Vernova fell close to 7% after SoftBank revised its power-equipment procurement strategy. Skydance declined after saying it plans to cut $6 billion in costs over three years; Reuters reported the company also warned that the underperformance of Warner Bros.' film slate would hit fourth-quarter profit by up to $200 million. Rocket Lab slid after reporting an adjusted EBITDA loss of $18 million and pushing the first Neutron flight into 2027, and Qualys fell nearly 7% despite topping third-quarter estimates.

Oil and other markets

Oil continued to slide, with Brent crude futures slipping below $90 a barrel for the first time since August, Reuters reported. Gold futures were down about 2% near $4,028 an ounce and bitcoin was down about 3% near $72,700, according to Yahoo Finance data.

CoreWeave, D-Wave Quantum and Rigetti Computing are scheduled to report results after the closing bell on Tuesday.