S&P 500 Falls 0.38% as Yields Rise After U.S. Inflation Data
Key Facts
The S&P 500 fell 29.01 points, or 0.38%, in the November 10 session to close at 7,520.93, as Treasury yields rose after data showed core inflation had increased more than expected. The core consumer price index, excluding food and energy, rose 0.3% in October, versus a 0.2% forecast in a Reuters poll. That pushed the implied probability of a 50-basis-point U.S. rate increase at the December meeting to 11.8%, from no such probability in the previous session, according to Reuters. The two-year Treasury yield rose 18.44 basis points to 4.731%, while the 10-year yield gained 12.55 basis points to 4.988%. The moves came in the same session in which CoreWeave closed down 0.5%, before reporting quarterly results and its outlook after the close.
The U.S. Consumer Price Index for All Urban Consumers, seasonally adjusted, rose 0.4% in October after increasing 0.6% in September, according to the Bureau of Labor Statistics. In detail, the food index rose 0.5% during the month, with food at home up 0.4% and food away from home up 0.5%. The energy index also rose 0.7%, following a 5.2% jump in September. The unadjusted price index stood at 337.511 in October, a monthly increase of 0.2% on that basis. The core inflation reading, which came in above the Reuters poll consensus, shows an additional aspect of price pressures that accompanied the stock decline and rise in bond yields during the November 10 session.
After the market close, CoreWeave reported third-quarter 2026 revenue of $3.661 billion, up from $1.365 billion in the year-earlier quarter, according to the company’s statement. Net loss was $709 million, compared with a loss of $110 million a year earlier. The chief executive said revenue increased by more than $1 billion quarter over quarter and adjusted operating income margin reached the double digits a quarter ahead of schedule. The company raised its fiscal 2026 revenue outlook to a range of $13.0–13.3 billion. It also raised its adjusted operating income guidance to $1.275–1.375 billion, a 26% increase at the midpoint compared with its previous guidance.
CoreWeave raised the lower end of its 2026 capital expenditure forecast to $37 billion, keeping the upper end at $39 billion, after previously forecasting a range of $35–39 billion. The company attributed the change to its expectation that it would deploy infrastructure and deliver it to customers ahead of schedule. It added more than 200 megawatts of active capacity in the third quarter, taking total active capacity above 1.7 gigawatts. The company said its active footprint had doubled since the start of the year.
The stock’s performance differed between regular trading and the period after the results announcement: CoreWeave shares closed down 0.5% on November 10, then rose about 2% in extended trading after the company’s revenue exceeded Wall Street analysts’ estimates, according to Reuters. The closing price was $48.73, according to EL7 data, while ESUSD futures closed at 7,544.25. The company said it expects interest expense of between $1.05 billion and $1.15 billion in the fourth quarter of 2026. It also raised its year-end annualized revenue run-rate guidance to a range of $20–21 billion. This comes alongside higher capital expenditure guidance, while the company recorded a net loss and higher interest expense in the third quarter.
The Bureau of Labor Statistics is scheduled to release its November Consumer Price Index report on December 10, 2026, at 8:30 a.m. Eastern time. That date sets the next inflation reading after October’s data coincided with a repricing of rate expectations and higher bond yields. In the November 10 session, the S&P 500 ended at 7,520.93, while CoreWeave’s results announcement was separate from regular market trading because it came after the close. The initial reaction to the results appeared in extended trading, when the stock rose about 2% after closing lower during the session.