October's CPI came in hot. Core prices rose 0.3%, against 0.2% expected, for a third straight month. Futures now price a full December hike. Fed Governor Waller said he would consider 50bp.
The 2-year yield jumped about 17bp on Tuesday, while gold fell 2.3% and the dollar rose. But stocks absorbed the print well. The S&P 500 slipped only 0.4% after Monday's rally, while CRWV's strong AI cloud earnings report lifted chipmakers in Korea and Taiwan overnight.
Nvidia is bouncing before the open after two days of heavy losses on the board's investigation into its chief executive. Microsoft fell 2.2% on Tuesday on reports of a new spreadsheet tool from Anthropic.
I think Nvidia's earnings and Anthropic's IPO, expected late next week, could support a more sustained bounce in semiconductors. Applied Materials and Cisco report on 12 November, with Nvidia on 17 November.
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