TLDR
- Dow futures rose about 0.4% on Tuesday, while Nasdaq-100 futures fell about 0.4% and S&P 500 futures were flat.
- Investors are moving money out of chip and tech hardware stocks and into financials and industrials.
- The Consumer Price Index report is due at 8:30 a.m. Eastern time. Economists expect prices to rise 0.3% from a month earlier.
- Traders see about an 80% chance of a Federal Reserve rate hike in December.
- CoreWeave, D-Wave Quantum and Rigetti Computing report earnings after the bell.
US stock futures were mixed on Tuesday morning as investors waited for a key inflation report. Dow futures moved higher, while Nasdaq-100 futures moved lower.
Dow Jones Industrial Average futures rose about 0.4%, or roughly 190 points. S&P 500 futures were close to flat.
Nasdaq-100 futures fell about 0.4%. All three major indexes closed sharply higher on Monday.
Money moves out of chips and into cyclical sectors
Reports say investors are shifting cash out of chip and tech hardware companies. These firms face infrastructure bottlenecks and more regulatory scrutiny, especially around AI data centers.
The money is heading to cyclical parts of the market, such as financials and industrials. Traders view those areas as undervalued.
This move is unusual before a major data release. Traders often hold cash and stay cautious ahead of reports like the Consumer Price Index.
Nvidia shares rebounded slightly on Tuesday morning after falling more than 4% the day before. Investors are still reacting to the board’s investigation into CEO Jensen Huang, which followed reports of an affair with an alleged Chinese spy.
Oil prices also fell. Brent crude, the international benchmark, and West Texas Intermediate, the US benchmark, each dropped more than 2%. The pullback in crude is helping ease inflation worries.
What the inflation report could show
The Consumer Price Index report comes out at 8:30 a.m. Eastern time. Economists expect prices to rise 0.3% from a month earlier.
TODAY: One LAST CPI to cue a year-end RALLY or a SELL OFF.
The last CPI report before the Fed’s December meeting will be out in a few hours.
There will be no official YoY reading, as the 2025 shutdown left a gap in last October’s data.
So all eyes are on the MONTHLY numbers.… pic.twitter.com/bEVYZ64SeY
— Coin Bureau (@coinbureau) November 10, 2026
Core inflation, which leaves out food and energy, is forecast to ease to 0.2%. Some analysts expect the report to show cooling price growth.
Markets already expect the Federal Reserve to raise interest rates in December. Traders put the odds of a hike at about 80%.
A hot reading could cement that hike and trigger selling in rate-sensitive megacap stocks. Because the odds are already high, the shock may be limited.
The bond market’s reaction will matter. A cool reading could pull Treasury yields lower and spark a rally in battered tech and chip stocks.
A reading above forecasts would push yields higher and strengthen bets on tighter policy into next year. That could speed up the move away from high-growth stocks.
Earnings season is also still running. CoreWeave, D-Wave Quantum and Rigetti Computing report third quarter results after the bell today.
In early trading, Dow futures stood near 52,682, S&P 500 futures near 7,573.75 and Nasdaq-100 futures near 27,908.50.
