Market Summary - November 10, 2026
Macroeconomic Overview
The release of higher-than-expected US inflation data, with core CPI rising by 0.3% month-over-month and headline CPI increasing by 0.4%, triggered a hawkish response from Federal Reserve officials. Christopher Waller indicated the possibility of a 50 basis points rate hike in December, while Lorie Logan supported further rate increases, leading the market to anticipate continued tightening through mid-2027. This environment resulted in a sell-off in the debt market, pushing 2-year US Treasury yields up by 20 basis points to 4.76%.
Equity Markets
Wall Street faced significant selling pressure following the CPI data release. The expectation of prolonged higher interest rates and rising debt yields weighed heavily on equity valuations. The major indices closed as follows:
- S&P 500: -0.99%
- Nasdaq 100: -1.50%
- Dow Jones: -0.70%
In company news, Anthropic, the AI company behind the Claude model, filed for an IPO scheduled for November 18, aiming for a valuation of $1.4 trillion and seeking to raise up to $90.4 billion. Despite a revenue increase to nearly $17 billion in Q3, the company reported an operating loss of $567 million due to high infrastructure costs and pricing pressures in the AI sector.
Nvidia's stock faced uncertainty amid reports of an FBI investigation into CEO Jensen Huang, causing shares to drop over 6%. Conversely, TSMC reported a 60% increase in monthly sales, highlighting its crucial role in AI infrastructure expansion.
Take-Two Interactive's shares rose nearly 7% in anticipation of the upcoming GTA VI trailer and positive financial results.
Commodities
Gold prices fell sharply, nearing the $4,000 per ounce mark, pressured by a rising dollar and increasing Treasury yields. Speculation about hawkish Fed policies led to a 3.00% decline in gold prices. Crude oil prices also dropped to their lowest levels since late August, influenced by diplomatic de-escalation signals regarding Iran and progress in UAE peace negotiations.
Natural gas futures, however, gained value due to forecasts of a cold snap, raising concerns about a weather-driven short squeeze, with NATGAS rising by 3.16%.
Forex Markets
The US dollar experienced its strongest appreciation since September, buoyed by the inflation data and hawkish Fed signals. Key movements included:
- EUR/USD fell to 1.1150 (-0.6%)
- GBP/USD slid to 1.3335 (-0.8%)
- USD/JPY approached 158.81 (-0.6%)
- USD/CHF rose by 0.82%
Cryptocurrencies
Bitcoin prices dropped to around $73,000 as capital fled risk assets following the inflation data. The cryptocurrency market showed little reaction to falling oil prices, with Bitcoin losing about 2.5%. Ethereum experienced a more significant decline, shedding around 5% over 24 hours.
Geopolitical Developments
Trilateral peace talks regarding the Ukraine conflict commenced in the UAE, with delegations from Washington, Kyiv, and Moscow. President Zelensky described the discussions as constructive, although Russian representatives tempered expectations for quick resolutions.