MetraviseHot inflation and an Nvidia slide pull stocks lower; futures edge up
In brief
- Inflation bites: The S&P 500 fell -0.35% as hotter October inflation and a drop in Nvidia weighed on the broader market.1
- Fed hike bets: The data firmed expectations for a December Fed rate hike, and the 10-year yield rose +0.12 pts.1
- Futures steady: S&P 500 futures were up +0.41% before the open after a slight overnight gain.1
What it means
October inflation came in worse than economists expected, and that shifted the debate from whether the Fed hikes to how far.2 Fed Governor Christopher Waller said he would back a quarter-point increase in December and might push for a half-point move if inflation data were worse than expected.3 Dallas Fed President Lorie Logan said that, in her view, a pause to assess conditions would make sense after two more increases.4
The day in review and where money is flowing
Consumer Discretionary leads Metravise's sector ranking, ahead of the S&P 500 by +9.8 pts over the past month, while the weakest sector trails by -6.6 pts. Recreational Vehicles (+25.1 pts), Specialty Retail (+17.9 pts) and Residential Construction (+17.8 pts) are the strongest industries within it. Technology is lagging and weakening, a backdrop that matches Nvidia's second straight decline amid the reports around its CEO.1
Quantum: a rough patch
A class action was filed against D-Wave and certain officers, alleging they overstated the ability to turn demand for quantum systems into sales agreements.5 Rigetti's third-quarter results disappointed, with a wider-than-expected loss and revenue well below consensus, and shares fell after hours.6 Together, these headlines put the gap between quantum hype and booked revenue back in focus.
Market mood
The VIX eased -2.11% to 19.50, still in the normal zone, so the drop did not turn into broad fear. The equity put/call ratio was 0.56, below its 5-day average of 0.62, a sign that hedging demand stayed moderate.
What to watch today
Times are US Eastern (ET).
Reported last night
- RGTIRigetti Computing, Inc.EPS below the estimate (-7.7%)
- FLYFirefly Aerospace Inc.EPS above the estimate (+9.4%)
- GOGrocery Outlet Holding Corp.EPS above the estimate (+5.7%)
- 23:15US index futures (futures, not the session)Versus the prior close, S&P 500 futures are +0.41% and Nasdaq 100 futures +1.01%; these are futures prices, not the session. The US session opens at 9:30 ET.
- WedTC Energy Corporation (TRP) earnings · today before the openResults above consensus are generally read as a sign of resilience, while a miss tends to shift attention to margins and guidance.
- WedSuncor Energy, Inc. (SU) earnings · today after the closeWith Energy lagging in Metravise's sector data, an energy company's results are often read as a check on whether that weakness is broad.
- WedFranco-Nevada Corporation (FNV) earnings · today after the closeAn earnings beat is generally read as positive, though the outlook often matters more than the quarter itself.
- WedDisney report movedDisney will report fiscal fourth-quarter results on Nov. 17 rather than Nov. 11, and plans to cut several thousand jobs.7
Metravise Portfolio
- PortfolioTuesday change−1.62%
- —No entries or exits in the last session.
Metravise is an educational research platform — this bulletin is not investment advice. News summaries are based on the footnoted sources; numbers are Metravise data. Past performance is not indicative of future results.
Sources
- Stock futures rise slightly as market tries to recover from Nvidia-led decline: Live updates — CNBC · Nov 11
- How major US stock indexes fared Tuesday 11/10/2026 — The Washington Post · Nov 11
- Fed Governor Waller sees December hike likely, opens door to possible half-point increase — CNBC · Nov 11
- Economic and monetary policy outlook — Dallas Fed · Nov 11
- Pomerantz Law Firm Announces the Filing of a Class Action Against D-Wave Quantum Inc. and Certain Officers — GlobeNewswire · Nov 11
- Stocks moving the most after hours: Neocloud company CoreWeave shares swing after quarterly report — CNBC · Nov 11
- Disney plans several thousand layoffs, asks some managers to cut costs by up to 20% — CNBC · Nov 4