M Alfathan Rahman
M Alfathan Rahman
October inflation came in hotter than expected. Tonight tests AI and retail stocks as Fed hike odds climb.
The S&P 500 fell 0.38% to 7,520.93 on Tuesday. The Dow slipped 0.3% to 52,231.89, and the Nasdaq Composite dropped 0.74% to 25,065.87, according to CNBC.
After the bell, CoreWeave reported third-quarter results and Costco shares rose in after-hours trading on a special dividend.
On Veterans Day, US stock markets trade as usual from 9:30 a.m. ET while the bond market is closed, according to FOX.
| Stock | Movement | What to Watch |
|---|---|---|
| CRWV | Closed at $48.73, then $52.58 after hours | The first regular session after third-quarter revenue beat estimates |
| NVDA | Down 5.47% to $168.89 on Tuesday | The board's probe involving CEO Jensen Huang and lawmakers' push for China chip rules |
| COST | Closed at $1,066.14, then $1,085.88 after hours | Its $30 per share special dividend and new $4 billion buyback |
| BABA | Down 2.52% to $102.72 on Tuesday | Singles' Day, which falls today |
| FNV | Down 2.91% to $255.79 on Tuesday | Third-quarter results after the close, EPS estimate $1.77 |
Source: prices from Nasdaq; CoreWeave and Singles' Day from CNBC; Nvidia from CNBC and Reuters; Costco from its 8-K filing; Franco-Nevada's timing and EPS estimate from the Nasdaq earnings calendar.
October CPI rose 0.4% month over month, above the 0.3% expected, and core CPI rose 0.3%, also above forecasts, according to Investing.com. CME FedWatch now shows a 91% chance of a 25 basis point hike in December, up from 84% on Monday.
Fed Governor Christopher Waller backs a December hike, and Dallas Fed President Lorie Logan sees at least two more quarter-point hikes as needed, according to the same report.
CoreWeave (CRWV) reported third-quarter revenue of $3.66 billion, up 168% and above the $3.55 billion estimate, according to CNBC. Our CoreWeave report has more.
Nvidia (NVDA) fell for a second straight session, cutting its market value to about $4.07 trillion, the lowest since late March, according to CNBC. Our Nvidia report has the background.
Costco (COST) declared a $30 per share special dividend, about $13.3 billion, for shareholders of record on Nov. 24, according to its 8-K filing. For Alibaba (BABA), Singles' Day falls today, according to CNBC.
In CNBC's Tuesday night update, Dow futures were up 88 points, or 0.2%, S&P 500 futures rose 0.2% and Nasdaq 100 futures gained 0.4%.
In Tokyo, SoftBank Group fell as much as 10.5% after a 1.12 trillion yen (about $7.1 billion) quarterly loss, according to Investing.com.
With the bond market closed, CME FedWatch is the main read on rates. It puts a 10% chance on a 50 basis point hike in December, according to Investing.com.
Tonight the market tests two things: how much of a December rate hike is already priced in, and whether CoreWeave's results are enough to steady AI stocks.
Costco and Alibaba add a retail angle as the market opens at 9:30 a.m. ET.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
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