Wall Street took a breather today, as hotter-than-expected inflation data poured cold water on the recent rally. The Dow gave back 157 points, while the S&P 500 and Nasdaq both finished modestly lower, as Nvidia (NVDA) extended its selloff. Bond yields spiked after the October CPI data, and CME's FedWatch tool now showing a 90.5% chance the Fed hikes rates at its December meeting. Despite the red ink, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), fell for the third-straight day.
Commodities Move Lower After October CPI
Oil prices moved quietly lower today. December-dated West Texas Intermediate (WTI) shed 0.9%, or 78 cents, close at $86.82.
The inflation data sent gold prices lower today as well. December-dated gold futures fell 1.7% to settle at $4,043.70 per ounce.
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