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Hot Inflation Lifts 10-Year Yield to 5%; Nvidia Down 6%

Inflation — Prices Rise 0.4%, the 10-Year Yield Hits 5% and Nvidia Slides Another 6%

The S&P 500 falls 0.8% and the Nasdaq 1.3% as Monday’s rally fades; gold drops 3% and homebuilders 2.8%. SoftBank’s $3.7 billion loss on power equipment sends GE Vernova down 7%, and chips turn lower after early gains.

In this edition

TLT IEF SPY UUP QQQ IWM RSP AMZN

The Midday 10 Tue, Nov 10, 2026 ~60 seconds 12:30 ET

A hot inflation report stops the rebound after one day. US consumer prices rose 0.4% in October, more than the 0.3% economists expected, and core prices, which leave out food and energy, rose 0.3% instead of 0.2% (CNBC). The 10-year Treasury yield jumps from 4.86% to 5.00%, the dollar index gains 0.7% and gold falls 3.0%. The S&P 500 loses 0.8% to 7,486.74, the Nasdaq 1.3% and smaller companies 1.2%.

The AI trade gives back more than the market. Nvidia falls another 6.5% to 167.08, and the chip fund SOXX, up 2.0% early, is now down 1.9%; AMD and Broadcom hold small gains. A second worry is new: SoftBank booked a $3.7 billion loss on revised orders for power equipment for US data centers, and the companies that sell that equipment fall, GE Vernova 7.0% and Vertiv 5.1%.

US midday, quotes as of 11:50 ET

  1. Inflation — prices up 0.4% in October, more than expected
  2. Rates — the 10-year yield at 5.00%, a bigger Fed hike is on the table
  3. The indices — S&P 500 down 0.8%, Nasdaq 1.3%
  4. Nvidia — down another 6%, now 19% under election day
  5. Chips — early gains fade, Micron down 4%
  6. Power equipment — GE Vernova down 7% after SoftBank’s loss
  7. Software and AI clouds — Cloudflare up 3%, CoreWeave reports tonight
  8. ETF board — homebuilders and gold fall most, financials and staples rise
  9. Earnings record — three head for paid, Applied Optoelectronics slips to flat
  10. Europe and movers — Infineon raises its outlook, Hims & Hers plunges 19%

The ten lines

  1. 1

    LEVEL Inflation — prices up 0.4% in October, more than expected

    TLTIEFSPY

    Consumer prices rose 0.4% in October from September, after 0.6% the month before; economists had expected 0.3%. Core prices, without food and energy, rose 0.3% against 0.2% expected, the same pace as in September (CNBC, CBS News). There is no annual rate this month: a year ago the government shutdown stopped the price collection, so the base for the comparison is missing (CBS News). It is the last inflation report before the Fed meets on 8–9 December; the November figures come out on 10 December, the day after the decision. The Fed raised rates in September and held them at 3.75–4.00% in October.

  2. 2

    LEVEL Rates — the 10-year yield at 5.00%, a bigger Fed hike is on the table

    TLTIEFUUP

    The 10-year Treasury yield rises from 4.86% to 5.00%, the 5-year from 4.66% to 4.83% and the 30-year from 5.26% to 5.36%. Traders now fully price a quarter-point hike in December (CNBC) and give a half-point hike a chance of 11% to 15%, from about 1% or less before the report (Bloomingbit, CNBC, CBS News). Fed governor Christopher Waller had said he backs a quarter-point hike and that a half point should be considered if core prices rose around 0.3% (Yahoo Finance, Seeking Alpha); they did. The Treasury sells 10-year notes at 13:00 ET. The long-bond fund TLT falls 1.6% to 80.65, the dollar index rises 0.7% to 102.39, and the dollar fund UUP at 29.18 is seven cents under its 52-week high.

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  4. 3

    LEVEL The indices — S&P 500 down 0.8%, Nasdaq 1.3%

    SPYQQQIWMRSPAMZNMSFTGOOGLAAPL

    The S&P 500 falls 0.8% to 7,486.74, the Nasdaq Composite 1.3% to 24,936.13 and the Dow 0.7% to 52,041.16; the Russell 2000 of smaller companies loses 1.2% to 2,806.03. The VIX, Wall Street’s fear gauge, rises from 19.92 to 20.55 after touching 21.61. The Russell 2000 fund IWM at 278.71 is back under its 50-day average of 281.84, one day after closing above it. The equal-weight S&P 500 fund RSP loses 0.5%, less than the index: the weight of the fall is in technology. Amazon gains 0.7%, Microsoft loses 0.3%, Alphabet 0.4% and Apple 0.8%. Of last week’s loss the S&P 500 now has 54% back, after 85% at Monday’s close; it stands 1.1% under its election-day close.

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C · line 11 · members

Today in line 11: what the hot inflation number changes for Monday’s rally, what SoftBank’s loss says about the build-out, and the three things we watch into the close.

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Further reading on Closelooknet

Ten lines on the US midday tape, not advice — an investment diary. Published every trading day at 12:30 ET. See The Morning 10 and the Daily Pulse.