Suicasmo / Wikimedia Commons / CC BY-SA 4.0
NEW YORK – Stocks fell Tuesday, giving back part of Monday’s 1,104-point rally, as the October inflation report and fresh talk of a December rate hike pushed the 10-year Treasury yield to about 5%.
The Dow Jones Industrial Average fell 157.86 points, or 0.3%, to close at 52,231.89. The S&P 500 lost 29.01 points, or 0.38%, to 7,520.93, and the Nasdaq Composite dropped 187.26 points, or 0.74%, to 25,065.87. The Russell 2000 index of smaller companies fell 15.61 points, or 0.55%, to 2,825.21.
Tuesday’s close, Nov. 10
Source: exchange closing data. WTI crude and gold are settlement prices.
Inflation and the Fed
Consumer prices rose 0.4% in October from September, slowing from September’s 0.6% increase, the BLS said. Core prices, which leave out food and energy, rose 0.3% for a third straight month. The report carried no 12-month inflation rate for most series, because last year’s funding lapse kept the bureau from publishing the October 2025 indexes those comparisons need.
Before the release, Federal Reserve Governor Christopher Waller told a London conference he would support at least a quarter-point rate increase in December, and that a half-point move should be considered if core inflation ran around 0.3% or higher. October’s 0.3% core reading met the condition he set out in his speech, as JBizNews noted earlier. His remarks describe his own policy preference, not a decision by the full Federal Open Market Committee.
Dallas Fed President Lorie Logan said October’s reading came in higher than expected and raised concern that personal consumption expenditures inflation could also rise when those data arrive. She reiterated support for at least two more quarter-point increases, in Tuesday remarks.
The bond market moved the same way. The 10-year Treasury yield traded above 5% at midday, reaching 5.019% shortly after 12:20pm Eastern, and stood at about 4.99% after the stock market close, up from 4.862% Monday, as JBizNews tracked live. Bond prices fall as yields rise, and the 10-year helps set the cost of mortgages and business loans.
Sectors
Six of the 11 large funds that track the S&P 500’s sectors rose. Financials led with a 0.5% gain, and energy added 0.4%. Technology fell 1.1%, the day’s biggest sector drop, giving back a slice of Monday’s surge.
Who moved the most
Source: NYSE and Nasdaq closing data.
Nvidia fell 5.5% to $168.80, the steepest drop among large companies, extending Monday’s 4.3% slide after the chipmaker’s board opened an independent investigation into reports that chief executive Jensen Huang had been the target of a foreign intelligence effort.
Broadcom, which supplies Google’s custom AI chips, rose 3.9%, the biggest gain among large movers. Amazon added 1.5% after its Ring unit unveiled a $250 flying home camera and a $1,000 business patrol robot. Texas Instruments, AMD and Qualcomm each rose more than 1% as chip stocks outside Nvidia were mixed.
Microsoft fell 2.2%. Coinbase and Strategy fell 2.9% and 3.6% as bitcoin slid. GE Vernova dropped 3.9%, and JFrog fell 4.3%, giving back part of Monday’s 7.1% jump.
Oil, gold, the dollar and bitcoin
U.S. crude settled at $86.04 a barrel, down 0.9%, and Brent settled at $91.49, down 1.2%. Gold settled at $4,030.20 an ounce, down 2.0%, as the dollar index rose 0.6% to about 102.3. Bitcoin traded near $73,900, down 1.4% on the day.
What it means for you: a 10-year yield at 5% pushes up the cost of mortgages, car loans and business credit, which is why one inflation report moved every major index at once. The same move pays savers, as savings and money-market rates follow the Fed higher.
JBizNews Desk | Wall Street
© JBizNews.com. All rights reserved. Unauthorized reproduction or redistribution is strictly prohibited.
