Daily News
S&P 500 Falls as Nvidia Slides and Hot Inflation Data Fuels Rate-Hike Fears; Kospi and Nikkei Edge Higher; Gold Holds Below $4,050 After 3% Tumble; Crude Steadies Above $86
11 November 2026
Today in Brief
Asia-Pacific markets were mixed on Wednesday, with Japan’s Nikkei 225 up 0.85%, South Korea’s Kospi rising 1.22% and Australia’s S&P/ASX 200 adding 0.23%, while Hong Kong’s Hang Seng fell 0.66% and China’s CSI 300 slipped 0.39%. U.S. stocks fell Tuesday — the S&P 500 lost 0.38% to 7,520.93, the Dow declined 157.86 points to 52,231.89, and the Nasdaq fell 0.74% to 25,065.87 — as Nvidia dropped more than 5% and October CPI rose 0.4%, above the expected 0.3%, while a key Fed official hinted at a possible half-point hike next month. Gold held below $4,050 an ounce after tumbling nearly 3% on hawkish Fed comments and hotter-than-expected inflation data, while crude stabilized above $86 per barrel, staying close to eleven-week lows on signs of easing U.S.-Iran tensions.
In other news: Treasury Secretary Scott Bessent was reportedly moved to a military base over Iranian threats on his life; the White House vowed to press ahead with tariffs despite midterm backlash over rising prices; U.S. CPI rose 0.4%, exceeding forecasts but slowing from 0.6% the previous month; the House effectively torpedoed the effort to impeach Defence Secretary Pete Hegseth with a 211-204 procedural vote; CoreWeave beat on revenue and lifted its 2026 guidance, easing AI slowdown concerns; Alibaba announced plans to list its chip unit T-Head in Hong Kong; Anthropic set its IPO price range at $70 to $78 per share, with trading expected to begin Nov. 19; and Republican Senator Kevin Cramer called on Nvidia CEO Jensen Huang to resign.
In Asia, Japan’s Nikkei 225 traded 0.85% higher on Wednesday
In Asia, Japan’s Nikkei 225 traded 0.85% higher on Wednesday. South Korea’s Kospi was up 1.22%, while Australia’s S&P/ASX 200 added 0.23%. Hong Kong’s Hang Seng Index is down 0.66%, while the CSI 300 is down 0.39%. The Dow pulled back more than 150 points in regular trading, while the S&P 500 and Nasdaq Composite shed 0.4% and 0.7%, respectively. At the center of the decline was Nvidia. The chipmaker pulled back 5.5%, as CEO Jensen Huang’s affair with an alleged Chinese spy weighed on the stock for the second consecutive session.
S&P 500 falls, dragged down by Nvidia sell-off and rate-hike fears after hot inflation data
Stocks fell on Tuesday after October inflation data came in hotter than expected and a key Federal Reserve official hinted at the possibility of a half-point rise in rates next month. The S&P 500 lost 0.38% to end at 7,520.93, while the Dow Jones Industrial Average declined 157.86 points, or 0.30%, to 52,231.89. The Nasdaq Composite fell 0.74% and closed at 25,065.87. Nvidia dragged down the three major averages, falling more than 5%. The stock sat out Monday’s tech-fuelled rally following CEO Jensen Huang’s admission over the weekend to an affair with an alleged Chinese spy. The consumer price index rose 0.4% in October, above the gain of 0.3% that economists polled by Dow Jones expected.
Gold held below $4,050 an ounce on Wednesday after tumbling nearly 3% in the previous session
Gold held below $4,050 an ounce on Wednesday after tumbling nearly 3% in the previous session, as hawkish comments from Federal Reserve officials and stronger-than-expected US inflation data strengthened expectations of a rate hike in December. US headline inflation slowed to 0.4% MoM in October from 0.6% in September, but came in above market forecasts of 0.3%. Meanwhile, core inflation remained unchanged at 0.3% for the third consecutive month, exceeding expectations of 0.2% and signalling persistent underlying price pressures. Fed Governor Christopher Waller expressed support for further monetary tightening in December, adding that he would favour a half-percentage-point increase if inflation continues to accelerate.
Crude oil stabilized above $86 per barrel on Wednesday, but stayed close to eleven-week lows
Crude oil stabilized above $86 per barrel on Wednesday, but stayed close to eleven-week lows on signs of easing tensions between the US and Iran. President Donald Trump suggested that additional military strikes against Iran may no longer be necessary, fuelling optimism for a possible diplomatic settlement. Meanwhile, Congressional Democrats are considering leveraging the upcoming government funding deadline to push the Trump administration toward ending the conflict. At the same time, Middle Eastern oil shipments have nearly returned to prewar levels despite ongoing attacks on vessels in the Strait of Hormuz. However, uncertainty persists as Iran demands relief from US sanctions and the naval blockade before agreeing to peace talks.
Bessent reportedly moved to military base over Iranian threats on his life
U.S. Treasury Secretary Scott Bessent was reportedly moved from his Washington, D.C., home to a military base due to Iranian threats on his life. The New York Times, citing officials familiar with the matter, said that U.S. officials had concluded Iranian plotting against current and former American officials had reached a more advanced stage. Separately, Reuters reported that the severity of the threats against Bessent was not immediately clear. Bessent has led “Operation Economic Outcast,” a Treasury campaign launched in August to isolate Iran economically through sanctions and other financial measures, in addition to the U.S. military actions.
White House vows to press ahead with tariffs despite midterm backlash over rising prices
One week after voters punished Republicans over rising prices in the midterm elections, President Donald Trump’s White House signalled it would stay the course on tariffs, even as his former top economic advisor warned that Americans are footing the bill. Jim Goyer, Trump’s director of White House Office of Public Liaison, defended tariffs as a tool to rebuild U.S. manufacturing, secure supply chains and protect national security during an address Tuesday at the B20 summit, a gathering of global business leaders in Washington hosted by the U.S. Chamber of Commerce. “And we are just getting started,” Goyer said. “Our ambition is to continue this pace for the remainder of the president’s term in office.” But Gary Cohn, who served as Trump’s chief economic advisor during his first administration, offered a sharply different assessment during an onstage interview later Tuesday.
U.S. CPI Rises Moderately, Exceeding Forecasts but Below Previous Levels
The latest Consumer Price Index (CPI) figures have been released, providing key insights into the inflationary trends affecting the U.S. economy. The CPI, a critical indicator of inflation and consumer purchasing power, registered an actual increase of 0.4% in the latest report. This figure surpassed the forecasted rise of 0.3%, indicating a slightly stronger than anticipated inflationary pressure in the economy. Despite exceeding expectations, the current 0.4% increase marks a deceleration compared to the previous month’s CPI growth of 0.6%. This slowdown suggests a potential easing in the rapid price increases that have characterized recent months, providing a nuanced perspective on the current economic climate. The CPI is a vital metric, reflecting the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. It serves as a primary gauge for inflation, influencing economic policy and financial markets.
Hegseth impeachment effort torpedoed in House
The House of Representatives effectively torpedoed an effort to impeach Defence Secretary Pete Hegseth with a procedural vote on Tuesday evening. The House, by a 211-204 margin, approved a measure that will refer the impeachment resolution to a committee. That will leave little, if any, time for the committee and full House to act on it before Democrats take over the chamber and the Senate with a new majority in early January. House Republican leadership had sought to kill the effort at impeachment, which was initiated Monday by Rep. Thomas Massie, R-Ky. The vote came a week after the midterm elections, where Democrats trounced Republicans in the first congressional election since the Iran war broke out in February.
CoreWeave beats on revenue and lifts guidance, easing AI slowdown concerns
CoreWeave reported better-than-expected quarterly revenue and lifted its 2026 guidance on Tuesday, showing that demand for artificial intelligence infrastructure remains strong despite concerns of a market slowdown. The stock advanced in extended trading. The earnings announcement lands at a particularly volatile moment for CoreWeave and its neocloud peers, as the market sours on the AI trade and as Nvidia CEO Jensen Huang, the central figure in the global buildout, faces a scandal tied to an affair with an alleged Chinese spy. CoreWeave’s revenue soared 168% from about $1.36 billion a year earlier, according to a statement. The company recorded a net loss of $709 million, or $1.27 per share, compared to a net loss of $110 million a year earlier. Adjusted earnings exclude stock-based compensation.
Alibaba announces plans to list T-Head, its Nvidia chip rival
Chinese tech and e-commerce giant Alibaba announced late Tuesday that the Hong Kong Stock Exchange will allow the company to spin off its semiconductor subsidiary T-Head. To do so, Alibaba said it plans a public offering for shares of T-Head in Hong Kong, subject to approval from the exchange and the China Securities Regulatory Commission. The filing did not disclose a date or proposed size of a listing. Alibaba noted it had already filed confidentially on Sept. 11 to list T-Head on the Hong Kong Stock Exchange. Meanwhile, Hong Kong-listed shares of Alibaba traded 1% lower Wednesday morning. The stock is down about 29% year-to-date.
Anthropic sets IPO price range of $70 to $78, looks to start trading Nov. 19, sources say
Anthropic said it will offer 825 million shares in its upcoming IPO at a price range between $70 and $78 per share, according to an updated filing on Tuesday, bringing the 5-year-old artificial intelligence lab a step closer to a potentially historic Nasdaq debut. The company is planning to price on Nov. 18 and trade on Nov. 19, according to people familiar with the details who were granted anonymity because they were not authorized to speak publicly. Anthropic is targeting retail allocation of about 20%, the people said, a much higher percentage than the typical initial public offering, which is 5% to 10% for retail investors.
Senior Republican on US Senate banking panel calls on Nvidia CEO Huang to resign
Republican US Senator Kevin Cramer from the Senate Banking Committee has called on Jensen Huang to step down as Nvidia CEO after revelations of the tech executive’s affair with a Chinese businesswoman alleged to be a spy for Beijing. “The potential for extortion is so tremendous that something as sensitive as Nvidia chips, I just think he’s got to go,” Cramer told Politico late on Tuesday. “If the worst thing he did in real life is infidelity with this woman who may or may not be a Chinese spy — but she might be — that’s enough, because whatever else there is, we don’t know. And to me, that’s a security risk.” The CEO is facing an investigation by the AI chipmaker’s board after a New York Times report that he had an affair with the businesswoman suspected by US security services of being a Chinese intelligence asset. The FBI was also looking into Huang’s affair with the businesswoman, President Donald Trump said on Monday.