Market Close: Stocks Lower, Hot Inflation, Nvidia CEO’s Future in Focus • 11/10/26

0:00C-NBC Business News Update Market Close. I'm Jessica Ettinger. Wall Street opens Wednesday morning after modest losses for the major averages on Tuesday. NVIDIA shares falling another 5 percent, dragging down the S &P and the Dow. Investors have some interest rate hike fears on more hot inflation data. The Dow was down 157 points on Tuesday, three-tenths of a percent. The S &P 500 index fell 29 points, three-tenths of a percent. The Nasdaq was down 189 points. That was about three-quarters of a percent. Inflation rose last month, four-tenths of a percent more than expected in the CPI, the October Consumer Price Index.

0:46There's no year-over-year number because a year ago the government was shut down, so there's no comparison. But two months ago, inflation was sitting at 3.7 percent, Economists believe the current inflation rate may be hovering around 3.8 to 4 percent. It all complicates the Fed's inflation fight. Fed Governor Christopher Waller sees a December interest rate increase likely. Dallas Fed President Lori Logan saying it's possible to increase interest rates more rapidly this winter than in the fall. NVIDIA's board of directors revealed that it hired law firm Wachtell Lipton to conduct an investigation of CEO Jensen Wong and whether company secrets or national security were compromised during his affair with an alleged Chinese spy.

1:34NVIDIA CEO Jensen Wong may not survive the scandal. Here's Dartmouth's Tuck School of Business professor of corporate communications, Paul Argenti on CNBC. I mean, this is a key issue. It's something that I teach in my class about Martha Stewart, which there was so much tied up in her, it was hard to see an independent company. We can't afford to have that situation here. You know, this isn't a company selling hard goods at Kmart. We're looking at a company that, you know, is in the interest in national security of the country. And how they allowed this to happen as a group of board members without a succession plan is beyond me.

2:14He's not a young guy. I mean, you know, anything can happen on any day. And CNBC's Becky Quick here with the Trump administration's former deputy national security advisor, Victoria Coats. It's a national security threat. What do you think happened? It looks to me like we had a very aggressive lobbying campaign to allow China to gain access to these very sophisticated chips. From your read on things, what do you think happened in terms of you think this was a honeypot situation? You think he knew what? How do you see it? He says he didn't know, but it certainly looks like a honeypot situation.

2:49And again, oldest play in the book. I mean, it just happens over and over again. Anthropic updated its IPO filing. Its initial public offering of stock may come a week from Thursday. Here's CNBC's Leslie Picker. Anthropic is launching what could be a record-breaking IPO here. It plans to market its stock between$70 and$78 per share. Today's terms imply a fully diluted valuation of$1.4 trillion at that high end of the range. They're technically oversubscribed before even beginning to market this offering. And I'm told that demand is actually stronger than SpaceX was at the same point in the process.

3:27Consumer household debt, credit cards, car loans, student loans, mortgages, home equity, lines of credit, hitting an all-time high in the third quarter in new data from the New York Fed. Consumer debt in the third quarter topping$19 trillion for the first time. Third quarter delinquencies, they remain elevated, as you might expect with higher interest rates, but they did ease from the second quarter, so not a one-way street on that. Credit card delinquencies at 12.9%. That is an elevated number. Student loan delinquencies at 10.9%. HELOCs, it's a 10-year high now of$481 billion. That's CNBC senior economics reporter Steve Leisman.

4:03On Wednesday's watch list, we get the OPEC monthly oil market report, and it's Veterans Day. Jessica Ettinger, CNBC. This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Schwab Market Update, an original podcast from Charles Schwab, provides an information-packed daily market preview on stock updates, U.S. and global economic news, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com slash marketupdatepodcast or find Schwab Market Update wherever you get your podcasts.