The US stock market showed mixed signals on Tuesday, November 10, as investors awaited October inflation data and weighed fresh comments from Federal Reserve Governor Christopher Waller. Dow Jones futures advanced, while S&P 500 futures remained nearly flat and Nasdaq futures declined. The cautious trading followed Monday's rally, which helped Wall Street recover some of last week's losses.
Dow Jones Industrial Average futures rose 168 points, or 0.32%, at 7:21 a.m. ET. S&P 500 futures gained 1.75 points, or 0.02%, while Nasdaq-100 futures fell 95.75 points, or 0.34%. Technology stocks remained under pressure as investors assessed developments involving Nvidia and Anthropic.
The mixed performance followed Monday's broad market recovery. The Dow climbed 1,104 points, or 2.2%, while the S&P 500 gained approximately 2.4%. The Nasdaq Composite advanced 2.7%. The rebound came after concerns over artificial intelligence spending and data center regulations contributed to last week's selloff.
Investors were awaiting the October Consumer Price Index report, scheduled for 8:30 a.m. ET. Economists expected headline inflation to rise 0.3% from September, when prices increased 0.6%. Core inflation, which excludes food and energy, was forecast to increase 0.2%, compared with September's 0.3%.
However, the Bureau of Labor Statistics will not publish annual inflation changes for most categories. The agency could not collect October 2025 prices during the federal government shutdown, leaving gaps in its records. Consequently, Tuesday's monthly figures will provide the main comparison for investors assessing recent price pressures.
Federal Reserve Governor Christopher Waller added to market attention on inflation after supporting another interest rate increase in December. In a November 10 speech, Waller said he favored a 25-basis-point increase even if October inflation moderated. He cited persistent price pressures despite continued economic growth and stable employment.
Waller also raised the possibility of a larger increase if inflation remained elevated. "Hiking only 25 basis points would put our credibility at risk," he warned, referring to a scenario involving unexpectedly high inflation. He said a 50-basis-point increase should receive consideration if core consumer prices continued rising by around 0.3% or more.
Technology shares faced additional scrutiny after Anthropic outlined plans for one of the largest public offerings on record. Its November 10 filing proposed selling 825 million shares at USD 70 to USD 78 each. The offering could raise approximately USD 64.4 billion, including shares sold by existing investors. Anthropic also disclosed a separate USD 26 billion private placement.
Meanwhile, Nvidia remained under scrutiny following reports concerning CEO Jensen Huang and alleged links to a Chinese intelligence operative. The allegations prompted questions about corporate oversight, although Nvidia said it had no reason to believe its security or confidential information had been compromised. Nvidia shares fell more than 4% on Monday and fluctuated during Tuesday's premarket trading.
Oil prices fell further on Tuesday, with Brent crude briefly dropping below USD 90 a barrel for the first time since August. The decline followed comments from President Donald Trump suggesting renewed military strikes against Iran were unlikely. However, no formal agreement had been announced, and disruptions affecting regional energy supplies remained unresolved.
Global equities also advanced, with South Korea's Kospi gaining approximately 4.4% and Japan's Nikkei rising 2.9%. Europe's Stoxx 600 climbed as investors monitored lower energy prices and the approaching US inflation release. Separately, AI infrastructure company CoreWeave scheduled its third-quarter earnings call for 5 p.m. ET Tuesday, adding another company update to the week's market calendar.
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