From CNBC · Sean Conlon,Hugh Leask,Lee Ying Shan,Ananya Chetia · · 2m
S&P 500 falls, Nvidia sell-off drags down markets
S&P 500 drops 0.38% as Nvidia plunges 5% amid inflation fears and rate-hike speculation.
In brief
S&P 500 drops 0.38% as Nvidia plunges 5% amid inflation fears and rate-hike speculation. S&P 500 falls 0.38% to 7,520.93 after Nvidia drops 5% and hotter-than-expected inflation data. Originally reported by CNBC.
Stocks fall after hot inflation data
U.S. equities dropped as October inflation data exceeded expectations.
S&P 500 declines 0.38%
S&P 500 closed at 7,520.93, down 0.38% from previous close.
Dow Jones drops 0.30%
Dow Jones Industrial Average fell 157.86 points to 52,231.89.
Nvidia plunges 5%
Nvidia stock dropped over 5% following CEO's admission of affair with alleged Chinese spy.
October CPI rises 0.4%
Consumer price index rose 0.4% in October, exceeding economists' 0.3% forecast.
Core CPI increases 0.3%
Core CPI, excluding food and energy, rose 0.3% in October, above 0.2% forecast.
10-year Treasury yield jumps
10-year Treasury yield rose back above 5% after hotter inflation data.
Fed Governor Waller hints at rate hike
Fed Governor Christopher Waller says December rate hike is likely and half-point increase possible.
Nvidia market cap dips below $4T
Nvidia's market capitalization briefly fell below $4 trillion as shares traded near $165.94.
Investors fear rate hikes
Traders expect at least a quarter-point rate hike next year amid inflation concerns.
Nvidia CEO's scandal
Nvidia CEO Jensen Huang admitted affair with alleged Chinese spy, triggering board investigation.
Market reaction to scandal
Nvidia stock dropped 4.3% after CEO's admission of affair with alleged spy.
Fed's Logan calls for two rate hikes
Dallas Fed President Lorie Logan expects two more rate hikes to quell inflation.
Trump comments on Huang
Trump says Huang denied knowing affair partner was a spy for China.
Oil prices fall
U.S. gas prices dropped below $4 a gallon for first time since July.
Market volatility
Markets experienced sharp swings after Nvidia scandal and inflation data.
The key point
S&P 500 falls 0.38% to 7,520.93 after Nvidia drops 5% and hotter-than-expected inflation data.
