Stocks Slip, 10-Year Yield Jumps to 4.95% as Waller Floats a 50-Basis-Point December Hike

NEW YORK, Nov 10 — Stocks opened lower on Tuesday, handing back part of Monday's 2.35% S&P 500 rally after October inflation rose 0.4% month over month with core prices up 0.3% for a third straight month. At the open the S&P 500 was down 0.6%, the Dow down 154 points (0.3%) and the Nasdaq Composite down 0.8% (AP), with losses narrowing toward mid-morning.

Bonds took the harder hit#

The 10-year Treasury yield jumped to about 4.95%, from 4.86% at Monday's close, and the 2-year rose about 14 basis points to 4.69% — the front end leading the selloff. Traders moved to fully price a 25-basis-point hike in December and another by March (LSEG data via Reuters). Gold fell about 2% to about $4,055 an ounce, and silver dropped about 3%. Brent crude fell more than 3% to below $90 a barrel, its first time under that level since late August, after President Trump said the Iran war could end "fairly soon" and further U.S. strikes were unlikely. The dollar index rose about 0.3% to 102.01.

Waller put 50 on the table before the data landed#

The repricing had a name on it before the CPI release. Fed Governor Christopher Waller, speaking in London ahead of the print, said he backed a December hike even if inflation cooled — and that if core CPI rose 0.3% or more, "a 50-basis-point hike in the policy rate should be considered at the December meeting." Core printed exactly 0.3%. Waller framed a 25-basis-point move as a credibility risk and urged tightening "sooner, rather than later." The FOMC meets December 8–9, with the target range currently 3.75% to 4.00%.

Also trading#

• Sea Limited reported third-quarter revenue of $8.63 billion, up 39.9% and ahead of consensus, but earnings per share of $0.94 missed the $1.04 consensus.
• TransDigm beat on fiscal fourth-quarter revenue ($2.99 billion) and adjusted earnings ($12.44 a share) and issued fiscal 2027 guidance with revenue above consensus.
• The CBO warned the U.S. budget deficit trajectory is "not sustainable."
• CoreWeave reports after today's close. Producer prices land Friday at 8:30 a.m. ET.

Market levels are morning snapshots as reported by AP and market data feeds and will move during the session. This brief is market reporting, not financial advice.

Sources#

• Reuters — Hot October Inflation Report Rattles Markets
• BLS — Consumer Price Index, October 2026 (USDL-26-1685)
• Associated Press — U.S. stocks open lower after the October inflation report, November 10, 2026.