Market Summary - November 10, 2026

Market Overview

The opening of trading on Wall Street has seen a notable decline in market sentiment, particularly affecting technology stocks. The Nasdaq 100 futures have dropped approximately 1%, while both the S&P 500 and Dow Jones indices are down around 0.7%. Concurrently, crude oil prices have continued to fall, with Brent crude dipping below $90 per barrel for the first time since August, and WTI crude losing over 2% to trade around $85. This decline follows comments from Donald Trump indicating that further military action against Iran may not be necessary.

Economic Data

The primary catalyst for the equity selloff was the release of the October Consumer Price Index (CPI) inflation data at 14:30. The core CPI increased by 0.3% month-over-month, surpassing the expected 0.2%, while the headline CPI rose to 0.4% month-over-month against a consensus of 0.3%. These figures have strengthened the US dollar and led to a spike in bond yields. The significance of this report is heightened by recent comments from Fed Governor Christopher Waller, who has supported a potential rate hike in December and indicated that a core inflation rate of 0.3% or higher may necessitate more aggressive monetary tightening, including a possible 50 basis point increase.

Company News

• Anthropic: The AI company has filed for an IPO scheduled for November 18, aiming for a valuation of $1.4 trillion and plans to raise up to $90.4 billion, backed by major tech firms including Google, Microsoft, and Nvidia. Despite a revenue surge 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.
• Take-Two Interactive (TTWO.US): Anticipation surrounding the upcoming release of Grand Theft Auto VI has led to a significant increase in the company's stock, which is up approximately 7.5%, despite conservative guidance and reports of weaker sales for NBA 2K.
• Aaon (AAON.US): Shares of the HVAC systems manufacturer rose over 20% following a positive quarterly report, with the company projecting a gross margin of around 26% for 2026.
• Nvidia (NVDA.US): The company faces uncertainty amid reports of an FBI investigation involving CEO Jensen Huang and previous legal interventions regarding a government probe into chip smuggling, resulting in a stock decline of over 3.5%.
• CoreWeave (CRWV.US): Market focus is on the upcoming earnings release, with sentiment around the AI infrastructure provider tense as bond yields have exceeded 15%, pushing its debt into distressed territory.

Technical Analysis

The Nasdaq 100 index (US100) has shown resilience after defending lows below 27,000 points, currently rebounding and testing key resistance at the 200 EMA (28,342 points). The RSI indicator has risen from oversold levels to 40.3 points, indicating reduced selling pressure. A sustained break above the 200 EMA could lead to a resistance zone between the 100 EMA and 50 EMA (29,273-29,365 points), while a rejection at this level may prompt a retest of recent lows.

Upcoming Events

Key events to watch for the remainder of the session include:

• 16:50 - Speech by Lorie Logan (Fed)
• 18:00 - WASDE Report (monthly USDA supply and demand estimates for agricultural commodities)
• 19:30 - Jeffrey Schmid (Fed) participates in a Fireside Chat
• 21:30 - Speech by Michelle Bowman (Fed) on the economic outlook
• 00:30 - Speech by Anna Paulson (Fed) on the economic outlook