Market Open: Stocks Lower, October Inflation Hot, Gas Below $4 for First Time Since July • 11/10/26

0:01See NBC Business News Update. I'm Jessica Ettinger. Wall Street is lower out of the gate for the major averages. Bond yields are popping this morning on hotter than expected inflation data for last month. The Dow is down 205 points. It's being led lower by shares of NVIDIA, which are down 4 % this morning. The S &P 500 index down 45 points. That's about a half a percent. The NASDAQ falling 193 points, three quarters of a percent. Inflation rose four-tenths of one percent last month, higher than forecasts in the CPI, the October Consumer Price Index. There's no year-over-year number because one year ago the government was shut down.

0:41But the September number was the inflation rate of 3.7 percent. It's likely higher today. This complicates the Fed's inflation fight. And Fed Governor Christopher Waller sees a December interest rate increase likely. He opened the door to a more aggressive half percentage point pop to not just a quarter point. Oil prices are falling again today as President Trump downplays the prospect of an escalation in the U.S. war with Iran. U.S. crude below eighty four dollars a barrel back in February on the day before Trump sent missiles into Iran. It was sixty eight dollars a barrel. Gas was under three bucks a gallon.

1:19And today, for the first time since last July 19th, the national average for a gallon of regular is actually below$4 a gallon. AAA says it's sitting at$3.98. The allegations against NVIDIA CEO Jensen Wang have brought new attention to his potential influence over U.S. policy on chip sales to China. Lawmakers are looking to investigate NVIDIA's China ties. Wong admitted to an affair with a woman the U.S. government alleges is a Chinese spy, as first reported by the New York Times. Here's Dartmouth's Tuck School of Business professor of corporate communications Paul Argenti on CNBC. I think it's gone from being a personal scandal to being more of a corporate governance issue now.

2:03And that's the real key to this whole thing. The NVIDIA CEO Honeypot story is rapidly developing full coverage at CNBC Television, CNBC.com and the CNBC app on your phone. Anthropic has set a price range for its initial public offering, highly anticipated,$70 to$78 a share. It's looking to start trading a week from Thursday, according to sources speaking with CNBC. The ticker symbol will be Ant, A-N-T, and it would value the company at as much as$1.4 trillion at the high end. And here's a take from Mad Money host Jim Cramer and CNBC's David Faber. What I'm hearing is at the level they're talking about right now in terms of valuation, there is at least a hope amongst the bulls that as this week goes along, as the marketing begins, that you could even see this kind of moving up a little bit in valuation prior to the actual issuance next Thursday.

2:56Well, that would be terrific. I was hoping if it gets priced correctly, aftermarket demand would make people pretty excited. Skydance, the newly formed company from the merger of Paramount and Warner Brothers Discovery, plans to cut$6 billion in costs in the next three years by cutting duplication. The company owns CBS News and CNN, the Paramount and Warner Brothers movie studios, as well as streaming services Paramount Plus and HBO Max. And the company announced that HBO Max and Paramount Plus streaming services will be combined. HBO Max and Paramount Plus, they have to do that carefully. There's about a 35 % overlap, and so you don't want to go too quickly there and cannibalize your revenue.

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