Market Brief — November 10, 2026

US equities fell as October CPI of 0.4% headline and 0.3% core reinforced expectations of a December Fed hike and pushed yields higher, with the S&P 500 down 0.5%, the Nasdaq off 0.8%, and the Dow (DJIA) lower by 0.3%. In Europe, the CAC 40 (FRA40) gained 0.6% and the DAX rose 0.3% while the FTSE 100 (UKX) slipped 0.3%. In Asia, the Shanghai Composite ended flat at 0.0%.

October US CPI rose 0.4% month-on-month with core up 0.3%, lifting the two-year Treasury yield by roughly 18 basis points to about 4.73–4.74% and the 10-year above 5.0% intraday around 4.99%, as futures markets fully priced a 25 basis-point Fed hike in December and assigned a smaller probability to a 50 basis-point move. Central banks reinforced a restrictive stance as the Fed kept the funds rate at 3.75%–4.00% in late October while leaving the door open to another hike, the ECB warned further tightening may be needed, the BoJ raised its complementary deposit facility rate to 1.25% with scope for more 25 bp moves, and the BoE voted 8–1 to lift Bank Rate by 25 bp to 4.0% with Deputy Governor Lombardelli flagging another increase unless inflation eases. China’s October trade data showed a monthly surplus of $105.3 billion with exports up 35.2% and imports up 41.6% year-on-year, while Brent crude (UKOIL) briefly fell to $89.03 and traded near $90.18 per barrel, down $2.39 or 2.58%, after U.S. comments signaled de-escalation on Iran.

Nvidia (NVDA) was in focus after President Trump said the FBI is 'looking into' CEO Jensen Huang’s relationship with a woman alleged to be a Chinese intelligence agent, as Nvidia’s board launched an independent investigation and the DOJ began a criminal probe into Singapore-based Megaspeed over suspected shipments of Nvidia AI chips to China. Hims & Hers (HIMS) reported Q3 2026 revenue of $890.37 million and GAAP EPS of –$0.14, with gross margin falling to 57% from 74% a year earlier and adjusted EBITDA of $82.4 million (about a 9% margin), and management narrowed 2026 revenue guidance to $3.13–$3.15 billion, cut adjusted EBITDA guidance to $257–$277 million, and guided Q4 revenue to $875–$895 million, placing the stock among the session’s top losers. Lucid (LCID) secured a $1.75 billion increase in its delayed-draw term loan from Saudi Arabia’s Public Investment Fund, lifting pro forma liquidity to $3.75 billion versus a Q3 net loss of $830.9 million and free cash flow consumption of $1.04 billion, and its shares fell roughly 5% in after-hours trading following the update. Cogent announced an agreement to acquire Specular to strengthen its autonomous cyber defense against frontier AI threats, while Cribl agreed to acquire Tero to expand its observability platform into the AI era and Interluxe Group moved to build a global luxury-focused marketing business by acquiring Another A Story. Other announced transactions included Core Home acquiring Tochi Snacks, IMVIONIX buying U.S. and Canadian rights to BEOVU (brolucizumab-dbll), AI Era Corp. acquiring exclusive rights to an AI script-to-video pipeline, Manifest acquiring Morning Walk, SubSplit Services Group acquiring Ideal Consolidated, Vanguard Claims acquiring Gibson & Associates Professional Claims Management, and Interstate Waste Services acquiring Hometown Waste & Recycling.