US Market Brief: Tuesday morning, 10 November 2026
Market brief
Updated 08:00, New York time
The S&P 500 rose 173.08 points, or 2.3%, to 7,549.94 on Monday, its biggest daily gain since April 8, with all 11 sector indexes higher.
Nvidia fell 4.3% as its board began assembling a committee of independent directors, with outside counsel, to investigate CEO Jensen Huang's relationship.
Futures were mixed Tuesday ahead of October CPI, with Dow futures up 0.5%, S&P 500 futures up 0.2% and Nasdaq-100 contracts below the flatline.
The 10-year Treasury yield ticked up to 4.88% on Monday, and the swap market prices more than an 80% chance of a quarter-point December Fed hike.
Richmond Fed President Thomas Barkin said AI infrastructure spending is adding to near-term inflation by driving robust demand.
US stock futures were little changed on Tuesday morning as investors awaited a key inflation report that could sway the Federal Reserve's interest rate decision next month. Futures on the Dow Jones Industrial Average rose 0.5%, S&P 500 futures advanced 0.2% and Nasdaq-100 contracts fell below the flatline. Economists forecast inflation to rise 0.3% from a month earlier and core inflation to tick down to 0.2%.
The S&P 500 rose 173.08 points, or 2.3%, to 7,549.94 on Monday, its biggest daily percentage gain since April 8, while the Nasdaq composite rose 673.71 points, or 2.7%, to 25,253.14. The Dow Jones Industrial Average rose 1,104.02 points, or 2.2%, to 52,389.75 and the Russell 2000 rose 86.71 points, or 3.1%, to 2,840.81. Each of the 11 major S&P 500 sector indexes rose, with industrials and consumer discretionary up more than 3% each, while Nvidia fell 4.3%.
Nvidia ended the day deep in the red as the rest of Wall Street rallied, according to Schwab Network. AMD shares surged after receiving an upgrade from Oppenheimer, and Constellation Energy powered a strong rally on its earnings.
Treasury yields across the curve fell to their lowest since September last week after a Democratic sweep in the midterms led to a selloff in technology stocks, and the 10-year yield ticked up to 4.88% on Monday as equities stabilized. Economists expect October consumer prices to have risen 0.3% from a month earlier, down from the prior headline print of 0.6% for September. The interest-rate swap market is pricing in more than an 80% chance of a quarter-point increase at the December Fed meeting.
Summary by WaZii, written by AI
Globes - Israel Business News ·
AST SpaceMobile is scheduled to report third-quarter 2026 earnings on Nov. 9, 2026, after market close, with the Zacks Consensus Estimate at $44.4 million in revenue and a loss of 41 cents per share. Over the past 60 days, the consensus estimates in the article's table declined by 5.73% for F1 and 26.04% for F2. ASTS has an Earnings ESP of -15.86% and a Zacks Rank #3.
Richmond Fed President Thomas Barkin said on Nov. 9 that the massive wave of AI infrastructure spending is adding to near-term inflation by driving robust demand. A widely expected December Fed rate hike of 25 basis points would take the target range to 4.0% to 4.25%. Chicago Fed President Austan Goolsbee also spoke on Nov. 9, on the eve of the October CPI release.
The Federal Reserve raised its benchmark interest rate by 25 basis points to a range of 3.75% to 4% in September and held rates steady at its October meeting with a 10-to-2 vote. Chicago Fed President Austan Goolsbee warned on Monday that persistently rising inflation warrants vigilance and that the AI data center construction boom could heat up the US economy. Market traders estimate the probability of a December rate hike at approximately 80%.
Goldman Sachs CEO David Solomon said in an interview on Monday that market demand for financing and investment in large-scale AI infrastructure and related technologies remains very strong, and he expects the trend to continue. He said Goldman Sachs has been "very active" in AI-related capital markets transactions in recent weeks.
Nvidia shares slid as much as 8.8% on Monday after the board began assembling a committee of independent directors, with outside counsel, to investigate CEO Jensen Huang's relationship, which he disclosed in a memo to employees. DraftKings fell after downgrades from JPMorgan and Stifel that followed a disappointing full-year profit outlook tied to heavy investment in its prediction-market product. Ionis Pharmaceuticals cut its full-year sales guidance for Tryngolza, and partner Novartis said it is largely abandoning development of pelacarsen.
KKR reported third-quarter adjusted net income of $1.65 billion, or $1.78 a share, up 29% and above the $1.57 average estimate in a Bloomberg survey, and said it expects to return more than $40 billion to clients this year, exceeding its prior record by more than 50%. American Airlines rose as travel stocks gained on oil extending losses amid optimism over diplomatic efforts to end the war in the Middle East. Alphabet rose after Google said it is introducing two new variations of its tensor processing units.
Nvidia shares fell in premarket trading after the company's board launched an investigation into Chief Executive Officer Jensen Huang, following his admission of an affair with a woman identified in reports as a suspected Chinese spy. KKR shares moved higher ahead of quarterly earnings, with Bloomberg Intelligence expecting a 13% rise in assets under management, its slowest increase since 2023. Berkshire Hathaway's third-quarter operating earnings fell, hurt by weaker insurance underwriting, while the conglomerate spent about $9.6 billion buying back its own shares.
Barrick Mining shares rose in premarket trading after the miner reported third-quarter earnings that beat the average analyst estimate as strength in gold offset copper weakness, and said its Nevada Gold Mines initial public offering remains on track for late 2026 or early 2027. Alphabet edged higher after news that Google is rolling out two new variations of its tensor processing units. KKR rallied after a third-quarter profit that beat analysts' estimates, helped by its long-term private equity holdings amid a slump at its Global Atlantic insurance arm.
Morgan Stanley analysts led by Stephen Byrd told clients they expect AI-related capital expenditures to stay at pre-election levels, though some data center spending may shift to 2029 from 2028, and said they view the recent market weakness as unwarranted. They pointed to multiple opportunities among AI enablers, infrastructure and adopters. The Nasdaq composite dropped more than 5% last Thursday after a market rout in AI stocks.
Nearly two-to-one earnings-per-share increases versus decreases so far in the third quarter, with 63% of reporting companies topping their prior EPS figure, above the 54% historical baseline. Apple reported $114.48 billion in revenue and earnings per share of $2.10, but its shares slid roughly 3% as forward gross margin projections of 45% to 46% reflected rising memory chip costs. The Nasdaq came under pressure Thursday as AI stocks fell on concerns the data center buildout could slow under new leadership.
Opinion: Biden’s overly cautious approach to Ukraine could tarnish his legacy ·
Morgan Stanley, UBS, HSBC and Jefferies called last week's AI rout overdone, arguing that extreme regulation of data center development under a Democratic-controlled Congress is unlikely to play out. Morgan Stanley said the impact would be a push-out of some projects from 2028 to 2029 rather than a derailing of the capex story, and said it recommended "buying the drop" while remaining positive on AI hyperscalers including Amazon.com. HSBC said it is using the correction to increase equity exposure again, and pointed to Anthropic's IPO and Nvidia's quarterly earnings on November 17 as bigger catalysts.
S&P 500 futures rose 0.82% in pre-market trading as Wall Street attempted to rebound from last week's AI-driven selloff, while semiconductor stocks remained under pressure. Nvidia shares slipped after an investigation into its CEO. CoreWeave reports on Tuesday, while Applied Materials and Cisco Systems are scheduled for Thursday, and the October consumer price index report is the week's major economic event.
Trade Desk shares jumped as much as 19% after the company reported adjusted earnings of 33 cents a share and revenue of $736 million for the third quarter, above the 25 cents and $650 million analysts polled by LSEG expected. Take-Two Interactive rose 4% after adjusted earnings of $1 a share and revenue of $1.60 billion, versus analyst estimates of 94 cents and $1.58 billion. Skydance skidded on a newly announced plan to cut $6 billion in costs, while Sanmina jumped on a rosy outlook.
CNH Industrial reported quarterly earnings of 16 cents per share, beating the analyst consensus estimate of 10 cents, and quarterly sales of $4.354 billion versus an estimate of $4.160 billion. The company also raised its FY2026 adjusted EPS guidance above estimates, and its shares jumped 13.5% to $13.19 on Monday as the Dow Jones index gained around 900 points. Greenfire Resources rose 38% to $7.74 after a year-over-year increase in third-quarter sales.
The yield on the US 10-year Treasury note edged lower to 4.84% on Monday as investors positioned ahead of key economic releases, with declining oil prices helping ease concerns over inflation. Markets are watching this week's CPI and PPI releases, with expectations pointing to an acceleration in both annual headline consumer and producer inflation. Market-implied odds of another 25 basis point Fed rate hike next month stand at around 80%.
Richmond Fed President Tom Barkin said robust demand and stubbornly high inflation mean interest rates will need to go higher, while cautioning that any hikes should come at a careful pace. He described corporate profits as remarkable and noted consumers continue to spend in an economy with unemployment at or below 4.5%. Fed officials held rates steady last month after a September quarter-point hike to a target range of 3.75% to 4%, and traders see about an 80% chance of a December hike.
