Market Summary

U.S. stocks closed lower Tuesday but well off session lows. The Dow fell 157.86 points (-0.30%) to 52,232.10, the S&P 500 lost 29.01 points (-0.38%) to 7,521.00, and the Nasdaq Composite dropped 187.26 points (-0.74%) to 25,086.26. The Nasdaq was down as much as 1.7% at its low, and the S&P 500 was down 1.1% in early-afternoon trading. The Russell 2000 lost 0.6% after being down 1.5%.

The main driver was a hotter-than-expected October CPI report. Total CPI rose 0.4% m/m (consensus 0.3%) and core CPI rose 0.3% (consensus 0.2%). The December FOMC 25-basis-point hike to 4.00-4.25% is now fully priced in, with a 65% probability of at least another 25 bps in January. The 10-year yield closed at 4.98% and the 2-year at 4.74%, both November highs.

The more important story was beneath the surface. The equal-weighted S&P 500 finished flat, so the weakness was concentrated in mega-cap growth. Information Technology fell 1.4% (down as much as 2.8% earlier), led by NVIDIA and Microsoft. Financials and Consumer Discretionary each gained 0.5% in the afternoon rotation. Breadth was negative, with decliners outnumbering advancers on both exchanges.

Market Snapshot

Indices

Dow: 52,232.10, -157.86 (-0.30%)
S&P 500: 7,521.00, -29.01 (-0.38%)
Nasdaq: 25,086.26, -187.26 (-0.74%)
Russell 2000: -0.6%
Equal-weighted S&P 500: flat

Year to date

Russell 2000: +13.8%
S&P MidCap 400: +12.0%
S&P 500: +9.9%
DJIA: +8.7%
Nasdaq Composite: +7.8%

Exchange breadth (Briefing.com)

NYSE: 932 advancers, 1,805 decliners, volume 1.27 bln
Nasdaq: 1,511 advancers, 3,288 decliners, volume 8.18 bln

WaveFinder breadth (2026-11-10)

Primary sentiment: Bearish, with 949 bulls vs. 1,391 bears
4% sentiment: Bearish, with 130 bulls vs. 242 bears
40 SMA sentiment: Neutral
Above 20 SMA: 60.94%
Above 40 SMA: 58.52%
9M bulls 10 vs. bears 8; 9M bull follow-through 26.56%

Sector Performance

The data does not provide closing percentage changes for all 11 sectors, so the ranking below uses Briefing.com’s Industry Watch and available closing and late-session figures. Sectors with no reported performance figure are grouped as unranked.

Strong (Briefing.com Industry Watch): Financials, Consumer Staples, Energy, Consumer Discretionary, Health Care

Financials: +0.5% (15:30 ET)
Consumer Discretionary: +0.5%
Energy: +0.5% (15:30 ET)
Consumer Staples: +0.1% (15:30 ET)
Health Care: +0.1% (15:30 ET)

Weak:

Materials: weak, no percentage provided
Information Technology: -1.4% at the close, the main index-level drag

Not reported: Industrials, Communication Services, Utilities, Real Estate

WaveFinder sector ATR (volatility; ATR change, trend, percentile)

Technology: -1.91%, falling, P42
Consumer Discretionary: 2.30%, rising, P89
Communication Services: 0.90%, rising, P100
Financials: 0.81%, rising, P95
Industrials: -0.30%, falling, P63
Health Care: 2.56%, flat, P63
Energy: -1.35%, falling, P16
Consumer Staples: 3.22%, rising, P95
Materials: 1.28%, falling, P53
Utilities: 3.01%, flat, P68
Real Estate: 1.73%, rising, P95

Communication Services sits at the 100th percentile, and Financials, Consumer Staples, and Real Estate at the 95th, while Energy sits at the 16th.

Key Earnings & Movers

Regular session

NVIDIA (NVDA): 168.80, -9.87 (-5.53%). Fallout continues from reports about CEO Jensen Huang’s affair with an alleged Chinese spy, and independent directors retained outside counsel to investigate. The stock is down 12.7% month-to-date.
Microsoft (MSFT): 533.16, -12.02 (-2.20%). Pressured by Anthropic’s beta launch of Claude Whiteboards and Claude Sheets, which could sharpen competition in workplace software.
CoreWeave (CRWV): closed 48.01, -0.97 (-1.98%) ahead of earnings.
AAON (AAON): surged on a Q3 beat-and-raise (see Spotlight).
The Trade Desk (TTD): pared an early post-earnings surge to trade modestly higher after a Q3 beat and cautious Q4 outlook.

After hours

CoreWeave (CRWV) +1.6%: Q3 revenue beat; raised FY26 revenue guidance above consensus and raised CapEx guidance.
B&G Foods (BGS) +8.8%: beat by $0.07, beat on revenue; FY26 EPS and revenue guided above consensus.
Costco (COST) +1.8%: declared a $30/share special cash dividend and reauthorized a $4 bln buyback.
Sonos (SONO) flat: beat by $0.22, beat on revenue, announced a buyback.
Firefly Aerospace (FLY) -0.5%: beat by $0.05, beat on revenue; FY26 revenue guided in line.
Resideo (REZI) -2.9%: beat by $0.18; Q4 and FY26 EPS guided above consensus, but FY26 revenue guided below.
Grocery Outlet (GO) -7.7%: EPS in line, revenue beat; FY26 guidance in line.
Rigetti Computing (RGTI) -7.8%: missed on EPS by $0.01 and on revenue.
Amprius Technologies (AMPX) -8.4%: missed by $0.01, beat on revenue.
BrightView (BV) -18.6%: missed by $0.08 and on revenue; FY27 revenue guided below consensus.
OpenAI: Q3 revenue reached $10 bln, according to The Information.

Stock Spotlight

AAON (AAON) surged after another beat-and-raise report. The HVAC maker, with significant data center cooling exposure, had been caught in the recent AI infrastructure selloff, which accelerated after the midterm elections. The stock remains well below its $150.18 52-week high but has begun to recover. Q3 EPS more than doubled year over year to $0.83, and revenue jumped 84% to $707 mln. FY26 revenue growth guidance was raised to 72-75% from 55-60%.

The data center unit BASX was the engine. BASX-branded sales rose 218% to $397 mln, including $166 mln in liquid cooling (+256%), and BASX orders jumped 116% sequentially. AAON-branded sales grew 20% to $310 mln despite soft commercial HVAC. Backlog was $1.85 bln, up 40% year over year but down 6% sequentially as faster production converted orders to revenue. Gross margin fell 110 bps year over year to 26.7% but improved 60 bps sequentially, and FY26 gross margin is now expected near 26%. Management said less than one-third of BASX backlog is in states facing development-related pressure, more than 80% is with financially strong customers, and projects are permitted rather than speculative. Briefing.com viewed this as reassurance on backlog strength.

Bond Market & Treasuries

Treasuries sold off heavily, with yields closing at November highs.

2-year: +18 bps to 4.74%
3-year: +17 bps to 4.77%
5-year: +15 bps to 4.81%
10-year: +12 bps to 4.98% (it traded above 5.00% intraday; the 50-day moving average is at 5.041%)
30-year: +9 bps to 5.35%

Drivers

Fed Governor Waller voiced support for a 25 bp December hike and left the door open to a larger move if inflation stays hot.
The hot CPI report added to selling.
Boston Fed President Logan, a 2026 FOMC voter, called for two 25 bp hikes followed by a pause.
The $42 bln 10-year auction was weak: high yield 5.020% (vs. 4.425% prior 12-auction average), bid-to-cover 2.46 (2.53), indirect bid 61.2% (71.4%), direct bid 29.0% (19.7%). It followed Monday’s weak 3-year sale.
The U.S. Dollar Index rose 0.6% to 102.22. USD/JPY rose 0.6% to 158.81, EUR/USD fell 0.5% to 1.1162, GBP/USD fell 0.7% to 1.3344, and USD/CNH rose 0.1% to 6.6773.

Commodities

WTI crude: -0.9% (-0.79) to $86.11/bbl. It fell as low as $83.88 on hopes for an Iran diplomatic resolution, then recovered after Iran’s top security official said there were no current talks with the U.S. WTI was down 19.3% month-to-date in morning trading.
Gold: -2.1% (-84.20) to $4,030.80/oz
Silver: -1.52 to $51.22
Copper: -1.9% (-0.12) to $6.23/lb
Natural gas: +0.07 to $3.29

Overseas Markets

Europe: DAX +0.3%, FTSE -0.3%, CAC +0.6%

Asia: Nikkei +2.9%, Hang Seng +0.4%, Shanghai +0.1%

Key drivers and data

Bank of Japan October meeting summary showed diverging views, adding uncertainty over a December hike.
Japan September household spending: -2.8% m/m (expected +0.3%) and -6.8% y/y (expected -3.1%). September current account: JPY2.372 trln (expected JPY3.354 trln). October Economy Watchers Current Index: 46.1 (expected 47.1).
China October trade balance: USD105.28 bln (expected USD126.50 bln). Exports rose 35.2% y/y (expected 33.5%) and imports rose 41.6% (expected 32.0%).
RBNZ Chief Economist Conway said domestic inflation remains too high.
Bank of France expects moderate Q4 growth, avoiding a recession. France Q3 unemployment: 8.2% (expected 8.4%).
Australia October NAB Business Confidence: -15 (prior -14).

Economic Data

October CPI: +0.4% m/m vs. 0.3% consensus (prior 0.6%). The BLS provided no year-over-year reading due to missing data from last October’s government shutdown. This was the session’s key market mover, sending yields higher and pressuring equities early.
October core CPI: +0.3% m/m vs. 0.2% consensus (prior 0.3%).
October NFIB Small Business Optimism: 97.8 vs. 98.0 Briefing.com consensus (prior 97.9), a minor miss.
Context: September CPI was 3.7% y/y. September PCE was 3.6% overall and 3.1% excluding food and energy, against the Fed’s 2.0% target.
Policy probabilities: a December 25 bp hike is fully priced. The morning pricing showed a 13.6% chance of a 50 bp hike, and 65% odds of another 25 bp in January.

Looking Ahead

Wednesday, Nov 11: The Treasury market is closed for Veterans Day, while the NYSE is open for a regular session. The 7:00 AM ET MBA Mortgage Applications Index is the only listed release (prior -1.2%).
Thursday, Nov 12: The Treasury holds a $25 bln 30-year bond auction, following this week’s weak 3-year and 10-year sales.
Themes to watch: Reaction to after-hours earnings, especially CoreWeave’s raised FY26 revenue and CapEx guidance and its read-through on AI buildout financing. The NVIDIA investigation and mega-cap tech weakness remain in focus, as does the 10-year yield around the 5.00% level and its 5.041% 50-day moving average. Anthropic’s IPO, which is expected before Thanksgiving at $70-$78 per share, with 825 million shares offered and a targeted $1.33 trillion valuation, is also on the radar. Further Fed commentary on the pace of hikes and any Iran-related oil headlines round out the list.