Hot October CPI Sends US Stocks Lower

U.S. stocks and futures fell on Nov. 10 after October inflation exceeded expectations, with consumer prices rising 0.4% and core prices increasing 0.3%, versus forecasts of 0.3% and 0.2%, respectively. The report intensified concerns that the Federal Reserve could raise rates in December or keep them higher for longer; Fed Governor Christopher Waller had said a larger hike should be considered if core inflation remained elevated. Treasury yields rose, while technology shares and the broader market were mixed as the session progressed. The Labor Department could not provide annual inflation rates because of the government shutdown, leaving investors to focus on the monthly figures.