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Why Did Stocks Rise Nov 9? Oil Drop, Tech
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Why Did Stocks Fall Nov 11? Hot CPI Report
StockCram Editorial3 min readHot October CPI pushed the 10-year Treasury yield to 4.99% and hit tech stocks, while cheaper oil on US-Iran peace hopes gave markets some relief.
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StockCram is not a broker-dealer, investment adviser, or financial institution. All content is for educational and informational purposes only and should not be construed as personalized investment advice. Consult a qualified financial professional before making investment decisions. Past performance does not guarantee future results.Executive Summary
- •US stocks fell Tuesday because hotter inflation raised rate-hike bets: the S&P 500 dropped 0.38% to 7,520.93, the Nasdaq lost 0.74% to 25,065.87 and the Dow slipped 0.30% to 52,231.89.
- •October consumer prices rose 0.4% against the 0.3% expected, and the 10-year Treasury yield climbed 10.8 basis points to 4.990%.
- •Traders now fully price a December 8-9 Fed rate hike, with two more by next June.
- •Nvidia fell for a second day while AMD jumped about 13%, and CoreWeave's results lifted Nasdaq-100 futures 1.52% overnight.
- •Brent crude settled at $91.49 on November 10, its lowest close since August, on hopes of a US-Iran deal.
Deep DiveToday's Market Movers
Hot October inflation report lifts Fed rate-hike bets and sends Treasury yields surging
What Happened
The Bureau of Labor Statistics said the October consumer price index rose 0.4% from September, above the 0.3% economists expected. Core prices, which leave out food and energy, rose 0.3% against forecasts of 0.2%. Traders now fully expect a Fed rate hike in December and two more by next June, and the 10-year Treasury yield closed at 4.99%, just under 5%.
Why It Matters
Higher interest rates make borrowing more costly and can weigh on stock prices, especially for tech companies. The Fed held its rate at 3.75%-4% in October. For more on the link between rates and equities, read why stocks can rise even when interest rates are high, or see our core inflation and basis point explainers.
Market Impact
Equities
S&P 500 fell 0.38% to 7,520.93; Nasdaq fell 0.74% to 25,065.87
Rates
2-year yield up 17.6 basis points to 4.738%; 10-year up 10.8 basis points to 4.990%
FX
US dollar rose sharply after the report
Commodities
Gold was roughly flat near $4,030 an ounce
Fed officials signal more rate hikes after inflation data
What Happened
Dallas Fed President Lorie Logan said Tuesday that she sees a need for two more quarter-point rate increases, after calling the October inflation report higher than expected. Earlier in the day, Fed Governor Christopher Waller said a hot report could push him to back a half-point hike in December. The Fed's next policy meeting is December 8-9.
Why It Matters
Fed officials set the cost of borrowing across the economy. A bigger hike than the usual quarter point would be a faster tightening pace. For background on how the central bank has framed its choices this year, see what the Fed's June 2026 hold signaled.
Market Impact
Equities
Rate-sensitive tech lagged; Dow fell 0.30% to 52,231.89
Rates
Futures price a December hike plus two more by June
FX
Dollar supported by higher rate expectations
Commodities
Little direct effect
Nvidia drops again on CEO controversy as AMD surges
What Happened
Nvidia shares fell more than 4% on Tuesday, their second straight drop, as reports about CEO Jensen Huang's relationship with an alleged Chinese spy kept weighing on the stock. Nvidia's board announced an independent investigation on November 8. AMD rose about 13% the same day, and Nvidia's drop in the Nasdaq outweighed that gain.
Why It Matters
Nvidia is one of the largest US companies, so big moves in its shares can swing the major indexes. Learn more in what are stocks, or read the beginner's guide to the AI bubble debate.
Market Impact
Equities
Nvidia fell more than 4% Tuesday; AMD rose about 13%; Nasdaq fell 0.74%
Rates
Higher yields added pressure on tech valuations
FX
No clear effect
Commodities
No clear effect
CoreWeave beats forecasts, lifting tech futures after the bell
What Happened
CoreWeave reported third-quarter revenue of $3.66 billion, up 168% from a year earlier and above the $3.55 billion expected. The AI cloud company raised its 2026 revenue forecast to $13 billion-$13.3 billion and reported a backlog of $132.5 billion. Its shares jumped about 12.6% in overnight trading from Tuesday's $48.73 close.
Why It Matters
The results suggest demand for AI computing is still strong. That helped tech stocks bounce in futures trading, though Wednesday's regular-session reaction is not yet known.
Market Impact
Equities
Nasdaq-100 futures up 1.52% and S&P 500 futures up 0.63% in early trading
Rates
No clear effect
FX
No clear effect
Commodities
No clear effect
Oil slides to the lowest level since August on US-Iran peace hopes
What Happened
Brent crude settled at $91.49 a barrel on Tuesday, its lowest close since August, as hopes grew for a US-Iran diplomatic deal. Both main oil contracts have lost around 20% this month. Brent edged back up to about $92.53 early Wednesday.
Why It Matters
The seven-month US-Iran conflict has pushed up inflation and led central banks to raise rates. Lower oil could ease price pressure, but traders are still unsure whether a lasting deal is close. See why oil falls and stocks rise when war fears ease for the mechanics.
Market Impact
Equities
European shares outperformed Wall Street; India's Nifty 50 rose about 1.4%
Rates
Cheaper oil eased some inflation worries, but yields still rose on the CPI data
FX
Falling oil eased pressure on some energy-importing currencies; the Indian rupee gained 0.11%
Commodities
Brent settled at $91.49 on Tuesday, down 1.17%; WTI was near $86
Historical Perspective
Similar Event
On September 13, 2022, a hotter-than-expected US consumer price report raised bets on larger Fed rate hikes.
What Happened Then
The S&P 500 fell about 4.3% that day and Treasury yields jumped. Markets stayed volatile as the Fed kept raising rates through that year. Today's drop is much smaller, but the cause is similar: inflation that stays high keeps rates high. For another inflation-driven shock, see Black Monday 1987: causes, crash and recovery timeline.
What to Watch Next
- →November 13: Producer Price Index (PPI) for October (prior reading not confirmed; options markets price a 1.21% S&P 500 move into the release)
- →December 8-9: Federal Reserve policy meeting (prior: rate held at 3.75%-4% in October on a 10-2 vote)
- →Later in November: Nvidia quarterly earnings (prior: shares down more than 30% from their October high; exact date not confirmed)
Analysis Confidence
Conviction Level:★★★★★
Key Uncertainties
Sources differ on the size of Nvidia's drop (4.27% to 5.5%). The BLS did not publish a yearly inflation rate for October because of last year's shutdown. Wednesday's US session details and the exact PPI and Nvidia earnings dates were not confirmed. The US-Iran talks could change oil prices quickly.
Sources
- • CNBC (2026-11-10)
- • CNN (2026-11-10)
- • Yahoo Finance (2026-11-10)
- • Euronews (2026-11-10)
- • Saxo Markets (2026-11-11)
- • IC Markets (2026-11-11)
- • Bloomberg (2026-11-11)
- • FinanceFeeds (2026-11-11)
- • Benzinga (2026-11-11)
- • Investing.com (2026-11-11)