S&P 500 falls 0.4% as yields rise and CoreWeave lifts outlook

Key Facts

The S&P 500 fell 29.01 points, or 0.4%, in the November 10, 2026 session to close at 7,520.93, according to the Associated Press. The decline came as Treasury yields rose after the release of October inflation data, while ESUSD futures closed at 7,544.25, according to EL7 data. After the market close, CoreWeave reported results for its third quarter ended September 30 and raised its annual outlook, according to the company and Reuters. The company’s shares closed at $48.73 in the November 10 session, according to EL7 data. But the results alone do not establish that they supported the market during that session, since the announcement came after the close.

CoreWeave’s third-quarter revenue was $3.661 billion, compared with $1.365 billion in the same period of 2025, according to the company’s statement. The chief executive said revenue increased by more than $1 billion quarter over quarter, and that the adjusted operating income margin reached the double-digit percentage range a quarter ahead of schedule. The company raised its fiscal 2026 revenue guidance to a range of $13.0–$13.3 billion, and adjusted operating income to $1.275–$1.375 billion. The adjusted operating income range represents an increase of 26% at its midpoint compared with the previous guidance, according to the company. Contracted backlog also reached about $132.5 billion as of September 30, a measure that includes performance obligations and other amounts the company expects to collect under customer contracts, subject to delivery and service availability conditions.

The higher outlook came alongside an expansion of the capital spending plan: CoreWeave raised the lower end of its 2026 capital expenditure range to $37 billion, from a previous range of $35–$39 billion, while keeping the upper end at $39 billion. The company said the adjustment reflects expectations of deploying infrastructure and delivering it to customers ahead of schedule. It added more than 200 megawatts of active capacity in the third quarter, bringing the total to more than 1.7 gigawatts, and said it had doubled its active footprint since the start of the year. Meanwhile, quarterly net loss widened to $709 million from $110 million in the same quarter of 2025. Net interest expense also rose to $846 million from $310 million, according to the company’s statement.

The company said it expects interest expense of between $1.05 billion and $1.15 billion in the fourth quarter of 2026, and raised its year-end annualized revenue run rate guidance to a range of $20–$21 billion. The figures highlight expanding activity alongside substantial financing needs, at a time when U.S. Treasury yields rose in the November 10 session. The two-year Treasury yield climbed 18.44 basis points to 4.731%, its biggest daily jump since the tariff turmoil in April 2025. The 10-year Treasury yield rose 12.55 basis points to 4.988%, according to Reuters. With financing costs rising, the outlook for interest expense and capital expenditure takes on particular importance in assessing the company’s expansion trajectory.

Data from the U.S. Bureau of Labor Statistics showed the all-items Consumer Price Index, seasonally adjusted, rose 0.4% in October after increasing 0.6% in September, while the core index, excluding food and energy, rose 0.3%. Economists polled by Reuters had expected a 0.3% monthly increase in the headline index, while their consensus for the core index was 0.2%. The shelter index rose 0.3% in October and accounted for more than 30% of the monthly increase in the headline index. The energy index also rose 0.7% after increasing 5.2% in September. The unadjusted headline index stood at 337.511, but rose 0.2% over the month on that basis; these are two different figures from the seasonally adjusted monthly rate of increase.

Reuters said expectations for a half-percentage-point rate hike at the Federal Reserve’s December 8 and 9 meeting increased after the data. Fed Governor Christopher Waller had said that a 0.3% reading for core inflation in October would lead him to consider an increase of that size. The stock market decline followed a strong rise in the previous session, with the Nasdaq closing up 2.7% on Monday, November 9, according to Reuters. The Bureau of Labor Statistics said it did not collect survey data for October 2025 because of a lapse in appropriations, preventing calculation of the year-over-year change in the Consumer Price Index for a large number of series. The November index report is scheduled for release on December 10, 2026, at 8:30 a.m. Eastern time, according to the bureau.