Dow Jones falls 249 points, Nasdaq sheds 0.9% as hotter US inflation weighs on Wall Street

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Wall Street traded lower on Tuesday, with the S&P 500 down 0.7%, the Dow Jones Industrial Average declining 249 points and the Nasdaq Composite slipping 0.9%. Hotter-than-expected…

Wall Street traded lower on Tuesday (November 10), with technology stocks leading losses after hotter-than-expected US inflation data strengthened expectations of another Federal Reserve interest rate increase in December.

Comments from a key Fed official, who left the door open to a larger half-percentage-point hike, added to investor concerns.

The S&P 500 was trading 0.7% lower, while the Dow Jones Industrial Average declined 249 points, or 0.5%. The Nasdaq Composite was down 0.9%.

The October Consumer Price Index (CPI) rose 0.4% month-on-month, compared with economists' expectations of a 0.3% increase. Core CPI, which excludes volatile food and energy prices, advanced 0.3%, against estimates of a 0.2% rise.

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The Bureau of Labour Statistics did not release annual inflation figures for October as the 2025 government shutdown had disrupted data collection during the corresponding period last year.

The inflation data strengthened the case for further monetary tightening, with investors increasing their bets on a December rate hike. Markets had already fully priced in a quarter-percentage-point increase following comments from Federal Reserve Governor Christopher Waller, who said he supported raising rates at the December meeting.

Waller also indicated that he would not rule out a half-percentage-point increase if inflation continued to accelerate.

The latest data prompted traders to extend those bets, with investors also factoring in the possibility of further rate increases beyond December.

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