US stocks close Nov 10: Hot October CPI lifts rate-hike bets, Nasdaq falls 0.74% and Nvidia drops 5.5%

US stocks closed lower on Tuesday, Nov 10 (ET), after October consumer prices rose 0.4% from September, above the 0.3% economists expected. The report locked in expectations of a December Fed rate hike and briefly pushed the 10-year Treasury yield above 5%. The S&P 500 fell 0.38%, the Nasdaq Composite lost 0.74%, and Nvidia's 5.5% drop weighed on all three major indexes.

Key takeaways

• October CPI rose 0.4% month over month and core CPI rose 0.3%, both above forecasts of 0.3% and 0.2%.
• The 10-year Treasury yield closed at 4.983%, up 11.9 basis points. The 2-year yield jumped nearly 18.9 basis points to 4.736%.
• Markets fully priced in a December hike of at least 25 basis points, and the odds of a 50-basis-point hike rose to 11.8%.
• Nvidia fell 5.5% after a 4.27% drop the day before. The S&P 500 technology sector fell 1.4%, the worst of the 11 sectors.
• Take-Two Interactive rose 8.3% after its quarterly report and upbeat comments on GTA VI preorders.

Index closes

The S&P 500 had gained 2.35% on Monday, so Tuesday gave back part of that rally. Monday's session is covered in the Nov 9 US market close.

October CPI: a third straight monthly gain of 0.4% or more

The Labor Department's October consumer price index, released at 8:30 a.m. ET, rose 0.4% from September. Economists polled by Dow Jones had expected 0.3%. That was slower than September's 0.6%, but AP noted it was the third month in a row with a gain of 0.4% or more.

Core CPI, which excludes food and energy, rose 0.3% against a 0.2% forecast. Energy prices rose 0.7%, down from 5.2% in September; shelter rose 0.3% and food rose 0.5%. No year-over-year rate was published, because October 2025 prices could not be collected during the 2025 government shutdown.

Rates and the Fed: a December hike is now fully priced

Treasury yields climbed after the report. The 10-year yield rose more than 14 basis points intraday to 5.004%, slipped back below 5%, and closed at 4.983%, up 11.9 basis points. The 2-year yield, which tracks policy expectations most closely, rose nearly 18.9 basis points to 4.736%; AP said that was on track for its biggest one-day gain since April 9, 2025.

Fed officials leaned toward tightening. Governor Christopher Waller said he is leaning toward a December increase and that a 50-basis-point move should be considered if inflation runs hotter: "Hiking only 25 basis points would put our credibility at risk." Dallas Fed President Lorie Logan said at least two more quarter-point hikes are needed, and Kansas City Fed President Jeff Schmid called the current policy rate "fairly accommodative."

According to AP, markets moved from an 84% chance of a December hike on Monday to fully pricing one in, and the odds of a half-point move rose to 11.8%. The next FOMC meeting is Dec 8-9.

Sectors: tech led the decline

The S&P 500 technology sector fell 1.4%, the weakest of the 11 sectors. The Philadelphia semiconductor index, by contrast, fell only 0.4%.

Rate-sensitive homebuilders also fell. CNBC reported the iShares U.S. Home Construction ETF (ITB) down more than 3%, with D.R. Horton down about 4% and Floor & Decor about 3%. As investors moved out of riskier assets, Coinbase fell 4% and Robinhood more than 3%, according to Yahoo Finance.

Big movers

Nvidia: down 5.5%, a second straight heavy loss

Nvidia fell 5.5% to about $169, after a 4.27% drop on Monday. AP reported that investors are worried about CEO Jensen Huang's future after the company opened an internal probe into allegations reported about him. CNBC said rising yields and the inflation data also weighed on the stock.

Yahoo Finance reported that Nvidia's relative strength index (RSI) fell to 23, its most oversold reading since June 2019. According to CNBC, the drop pulled down all three major indexes.

On the chart, the stock has slid from the $230-$240 area in early October to about $169, below both the 20-day and 60-day moving averages. Volume topped 400 million shares on both Monday and Tuesday, several times the typical October session.

Take-Two Interactive: up 8.3% after earnings

Take-Two Interactive rose 8.3% to close just above $224.50. The company reported fiscal second-quarter results after Monday's close, so Tuesday was the first regular session to trade on the report.

According to 24/7 Wall St., CEO Strauss Zelnick said "Pre-orders for Grand Theft Auto 6 are tracking far in excess of our initial expectations." The company kept its fiscal 2027 net bookings outlook of $8.0 billion to $8.2 billion. GTA VI launches on Nov 19.

The jump put the stock above both its 20-day and 60-day moving averages, with an intraday high of $229.46. The close was the highest since late August, on some of the heaviest volume in the chart window.

GE Vernova: down 3.9% after SoftBank changed course

GE Vernova fell 3.9% to about $797. Its intraday low of $747.00 was about 9.9% below Monday's close, and the stock recovered much of that loss by the close.

CNBC tied the drop to SoftBank's revised power equipment procurement strategy. According to TIKR, SoftBank booked a $3.7 billion charge on power equipment for its Ohio data center campus and other US sites, and the Ohio project is undergoing "a thorough reassessment" of how it buys equipment, although SoftBank is not planning to scale it back. Bloom Energy, Vertiv, Oklo and NuScale Power fell 3% to 4%.

GE Vernova had risen 7.13% on Monday and gave back much of that gain on Tuesday. The chart shows a gap down at the open followed by a recovery to close near the day's high. The stock is down from around $1,000 in early October and sits below both the 20-day and 60-day moving averages.

Lennar: down 5.4% on rate-hike bets

Homebuilder Lennar fell 5.4% to about $86.70. CNBC said homebuilders fell as the hot October inflation report raised expectations of a December rate hike. Higher rates raise mortgage costs, which is why the group tends to react to rate expectations.

The close was almost at the day's low of $86.61, so selling continued into the final minutes. On the chart, the stock climbed from about $74 in early October to the $92 area in early November before falling back to the $86 range.

Microsoft: down 2.20% after Anthropic's workplace tools

Microsoft fell 2.20% to $533.20. The stock dropped about 3% in a sudden move after Anthropic announced Claude workplace tools that could compete with Office, then pared part of the loss.

Stock moves

Stock	Change	Context
NNvidiaNVDA	-5.5%	Internal probe into reported allegations about the CEO, higher yields
TTake-Two InteractiveTTWO	+8.3%	Fiscal Q2 report, strong GTA VI preorder comments
GGE VernovaGEV	-3.9%	SoftBank's revised power equipment procurement
LLennarLEN	-5.4%	Higher odds of a December rate hike
MMicrosoftMSFT	-2.20%	Anthropic's new workplace tools

Rates, dollar, commodities and crypto

The VIX fell 0.46 points to 19.46 even as stocks declined. AP said oil eased to two-month lows as US officials downplayed any imminent military action against Iran. The AAA national average for regular gasoline fell to $3.978 a gallon, the first time below $4 since July. Yahoo Finance said the dollar rose, while gold fell 1.80% and Bitcoin 2.16%.

Other news

CoreWeave fell 0.5% in regular trading, then rose after hours when it reported third-quarter revenue of $3.66 billion against the $3.55 billion expected and raised its full-year outlook. Rigetti Computing fell more than 6% after hours on a wider-than-expected loss and revenue well below estimates.

AP said Anthropic's expected IPO later this month could raise up to $64.4 billion at a valuation of up to $1.4 trillion, and noted the view that it may pull investor money from other AI stocks.

In Asia, South Korea's KOSPI rose 4.39% on the same day on a chip rebound; see the Nov 10 KOSPI close. Last week's slide into a Nasdaq correction is in the Nov 5 US market close.

What to watch next

• Fri, Nov 13, 8:30 a.m. ET: October producer price index (PPI) from the Bureau of Labor Statistics
• Tue, Nov 17, 5 p.m. ET: Nvidia fiscal 2027 third-quarter results conference call
• Thu, Nov 19: Take-Two's GTA VI launch
• Nov 19 or 20: Anthropic expected to begin trading, per Yahoo Finance, with a range of $70 to $78 per share
• Dec 8-9: FOMC meeting

FAQ

Why did US stocks fall on Nov 10?

October CPI rose 0.4% from September against a 0.3% forecast, and core CPI rose 0.3% against 0.2%. That cemented expectations of a December rate hike and pushed Treasury yields higher, which hit tech stocks hardest. The S&P 500 fell 0.38%, the Nasdaq 0.74% and the Dow 0.30%.

Why was there no year-over-year CPI figure for October?

October 2025 prices could not be collected during the 2025 government shutdown, so the October 2026 report gave only month-over-month changes: 0.4% for headline CPI and 0.3% for core.

How much has Nvidia fallen in two days?

Nvidia fell 4.27% on Nov 9 and 5.5% on Nov 10, two heavy losses in a row. AP said investors are worried about CEO Jensen Huang's future after the company opened an internal probe. Nvidia's next earnings call is on Nov 17.

What are the odds of a December Fed hike?

According to AP, markets fully priced in a December hike of at least 25 basis points as of Nov 10, up from 84% on Nov 9. The odds of a 50-basis-point hike were 11.8%.

Which large stock rose on Nov 10?

Take-Two Interactive, an S&P 500 member, rose 8.3% to just above $224.50 after its fiscal second-quarter report and management's comment that GTA VI preorders are running far above its initial expectations.

Sources

• CNBC: S&P 500 falls, dragged down by Nvidia sell-off and rate-hike fears after hot inflation data
• AP via Honolulu Star-Advertiser: Wall Street falls as hot inflation fuels Fed rate hike fears
• Yahoo Finance: Stock market today, Tuesday Nov 10
• CNBC: Stocks moving the most, Nov 10
• StockTitan: The stock market today, November 10, 2026
• 24/7 Wall St.: Take-Two jumps 8% as GTA VI preorders run far in excess of expectations
• TIKR: GE Vernova falls as SoftBank's Ohio data center undergoes a thorough reassessment
• StockAnalysis: NVIDIA (NVDA) price history
• StockAnalysis: Take-Two Interactive (TTWO) price history
• StockAnalysis: GE Vernova (GEV) price history
• StockAnalysis: Lennar (LEN) price history
• StockAnalysis: Microsoft (MSFT) price history
• Wikipedia: List of S&P 500 companies
• NVIDIA: NVIDIA sets conference call for third-quarter financial results
• BLS: Producer Price Index release schedule
• Federal Reserve: FOMC meeting calendars