Wall Street Wrap: Pre-Market, November 10, 2026

Futures slip after a hotter-than-expected October CPI lifts yields and Fed hike bets, Securitize and Harrow surge, and GE Vernova and GeneDx sink

Wall Street looks set for a softer open on Tuesday as a hotter-than-expected October inflation report lifts Treasury yields and Fed rate-hike bets, with Nasdaq 100 futures down more than 1% after Monday's rally.

Futures Snapshot

Nasdaq 100 futures are leading the decline while Dow futures are nearly flat, and the VIX reads 21.14, down 17.55%.

What's Driving the Open

Nasdaq 100 futures are down 1.02% and S&P 500 futures 0.55% after October consumer prices rose more than expected, while Dow futures are nearly flat. The consumer price index gained 0.4% against the 0.3% economists polled by Dow Jones forecast, and core prices rose 0.3% against 0.2%, the third straight monthly gain of that size. The slide follows Monday's rebound, when the S&P 500 jumped 2.35% to 7,549.94, its best day since April.

The data reinforced expectations for a Fed rate hike next month and sent Treasury yields higher, with the 2-year yield up 0.142 percentage points to 4.689%. Fed Governor Christopher Waller had said earlier in London that a core reading of 0.3% or more should prompt the Fed to consider a half-point hike in December. Rising yields are weighing on debt-reliant AI infrastructure names, with Marvell Technology (NASDAQ:MRVL) down 4.44%, GE Vernova (NYSE:GEV) down 8.43%, and Micron Technology (NASDAQ:MU) and Sandisk (NASDAQ:SNDK) each down more than 3%. Nvidia (NASDAQ:NVDA) is 1.47% lower as its board investigates CEO Jensen Huang's relationship with an alleged Chinese spy.

Anthropic also set terms for its IPO, offering 825 million shares at $70 to $78 and valuing the company at up to about $1.4 trillion on a fully diluted basis, below the $2 trillion discussed earlier.

What could change the picture: Wholesale inflation data due Friday could firm up or soften hike bets, a stronger case for a half-point December move would push yields higher again, and any breakdown in hopes of a U.S.-Iran de-escalation would lift oil.

Overnight Markets

Asian markets rose sharply as technology stocks tracked Monday's Wall Street rebound and a drop in oil prices lifted sentiment. Japan's Nikkei 225 closed 2.87% higher at 60,459.58 and the Topix gained 1.98%, while South Korea's Kospi jumped 4.39% to 5,239.13 and the Kosdaq rose 4.48%, with the Korea Exchange suspending program buying for five minutes as the Kospi surged more than 5%. Australia's S&P/ASX 200 added 1.1% to 9,129, Hong Kong's Hang Seng rose 0.42% and mainland China's CSI 300 added 0.26%. SoftBank Group surged 13.4%, SK Hynix (NASDAQ:SKHY) gained 5.2%, Samsung Electronics rose 3.9%, and Tokyo Electron, Lasertec and Disco gained between 4.73% and 6.74%, while Taiwan Semiconductor Manufacturing (NYSE:TSM) shares closed 2.24% higher in Taipei. China's October exports rose 35.2% and imports 41.6% from a year earlier, both above forecasts, narrowing its trade surplus to $105.3 billion. In Europe, the Stoxx 600 was up 0.64%, with the FTSE 100 up 0.26%, the CAC 40 up 0.88% and the DAX up 0.94%, while Infineon jumped 4.8% after forecasting 2027 revenue growth of more than 20%, and ASM International and BE Semiconductor rose 2.4% and 2.9%.

Pre-Market Movers

Rates, FX & Crypto

Yields rose across most of the curve after the inflation report, with the front end leading as the 2-year yield gained 0.142 percentage points and the 1-year gained 0.134. The 10-year yield rose to 4.942% and the 30-year to 5.303%, while the 1-month bill yield edged lower. CME FedWatch showed a quarter-point December hike largely priced in, and money markets added bets on at least two further increases by mid-2027. The dollar index gained 0.3% to around 102.

Commodities

Oil extended last week's slide as Trump said fresh U.S. strikes on Iran were highly unlikely, pushing Brent below $90 a barrel for the first time since August after it settled down 5.85% on Monday and lost 16.4% the week before. Trump said the naval blockade in the Strait of Hormuz will stay in place for now, and Iran's security council chief dismissed reports of talks as fake news. Gold fell 2.03% as the hot inflation data and Waller's hawkish comments lifted rate-hike expectations, while silver and copper also dropped.

Key Levels & Catalysts Today

Economic data

• October CPI rose 0.4% against the 0.3% economists polled by Dow Jones expected, after a 0.6% gain in September, and core CPI rose 0.3% against the 0.2% forecast, matching August and September.
• Energy prices rose 0.7%, with gasoline up 1%, while food rose 0.5%, shelter 0.3% and transportation services 0.8%. No annual rates were published because the 2025 government shutdown left no comparable October 2025 data.
• Waller said before the release that if core prices rose 0.3% or more, "a stronger policy move may be needed," and that a 50 basis point hike should be considered in December.
• CME FedWatch shows a 25 basis point December hike largely priced in. The Fed held rates at 3.75% to 4.00% last month on a 10-2 vote and meets next on Dec. 8-9.
• Wholesale inflation numbers are due Friday.

Corporate

• Anthropic launches its roadshow for an IPO planned for this month, with shares expected to trade on Nasdaq under the ticker ANT.
• Nvidia reports earnings on Nov. 17.

Top Stories

Anthropic sets IPO terms at a valuation of up to about $1.4 trillion, below earlier hopes. The company will offer 825 million shares at $70 to $78, raising up to $64.35 billion at the top of the range, and has agreed to sell $26 billion of stock at the IPO price in a private placement to Advanced Micro Devices (NASDAQ:AMD), Broadcom (NASDAQ:AVGO), Google parent Alphabet (NASDAQ:GOOGL), Micron, Microsoft (NASDAQ:MSFT), Nvidia and Taiwan Semiconductor Manufacturing. Together the deals would raise up to about $90.4 billion, and the fully diluted valuation compares with $965 billion in its May funding round and earlier talk of $2 trillion. Run-rate revenue was roughly $81 billion at the end of October, up $10 billion from September, against nearly $900 billion in computing commitments.

Nvidia's board is investigating CEO Jensen Huang's relationship with an alleged Chinese spy. Huang told staff in an email on Sunday that he had been unfaithful to his wife and had fallen short of his responsibilities, and the board said it would investigate reports that he was the target of a "foreign intelligence effort." Trump said Huang told him he had no idea the woman was a spy, and that the FBI was looking into the matter. Nvidia shares fell 4.27% on Monday, and Nvidia is also among the investors in Anthropic's private placement.

Wells Fargo upgrades AI infrastructure stocks as semiconductors sit about 38% below their June highs. Its analysts moved the group to neutral from negative, saying the selloff has improved the risk-reward balance and that current valuations imply earnings growth of about 8%. The selloff after last week's Democratic midterm wins erased roughly $3 trillion from S&P 500 market value. The brokerage warned that a possible earnings downturn on peak capital spending and added supply in 2028 is not priced in, and estimated AI spending added about eight percentage points to S&P 500 earnings growth over the past year.

The FDA orders new eye-risk warnings on all GLP-1 drugs. The agency is requiring makers to add a warning about a potential increased risk of a rare condition that can cause sudden vision loss, though a causal link has not been established. An analysis of 126 trials covering more than 134,000 patients found 6.4 cases per 100,000 patient-years among GLP-1 users against 3.8 among those on other treatments or placebo. Novo Nordisk (NYSE:NVO) said the data do not establish cause and effect, and Citi analysts said the action should have limited impact on GLP-1 uptake. The class-wide order also covers Eli Lilly (NYSE:LLY) products such as Mounjaro and Zepbound.

TSMC's October sales jump 59.7% as the chip boom rolls on. Revenue reached NT$586.89 billion, or $17.88 billion, up 14.7% from September, as major technology companies keep investing heavily in AI. The company expects capital spending from 2026 to 2028 to be significantly higher than in the previous three years, and its third-quarter operating margin of 58.7% exceeded the upper end of its guidance range. Taiwan's October exports rose 58.9% to $96.76 billion, and the island's regulator last week cut the daily limit on intraday short-selling orders to 3% from 30%.

Eyes on Anthropic's roadshow, on whether AI infrastructure stocks can hold up against rising yields, and on Friday's wholesale inflation data.