U.S. stocks closed lower Tuesday, November 10, 2026, as a hotter-than-expected inflation report and rising Treasury yields complicated the outlook for interest rates and technology valuations. The S&P 500 declined 0.38%, the Dow Jones Industrial Average slipped 0.30%, and the Nasdaq Composite fell 0.74%. Small-cap stocks also weakened, with the Russell 2000 losing 0.68%. October consumer prices increased 0.4%, while core inflation rose 0.3%, exceeding economists’ expectations, but only ticking slightly higher. The 10-year Treasury yield finished at 4.983%, up 11.9 basis points, bringing borrowing costs back toward a closely watched threshold. The day’s central tension was clear: falling gasoline prices offered some relief, but persistent housing, food and services inflation kept pressure on the interest-rate outlook. Meanwhile, semiconductor valuations, AI infrastructure spending and a proposed Anthropic stock offering kept technology in focus.

November 10 Stock Market Closing Performance

The Nasdaq recorded the largest decline among the four benchmarks, while the Russell 2000’s retreat showed that weakness extended beyond large technology companies. The Dow held up comparatively better but still finished down nearly 158 points.

October CPI Report: Inflation Slows, but Not Enough to Ease Concerns

The Bureau of Labor Statistics reported that the Consumer Price Index increased 0.4% in October on a seasonally adjusted basis, down from September’s 0.6% advance. Core CPI, which excludes food and energy, rose 0.3% for a third consecutive month. Economists had expected monthly increases of 0.3% for headline inflation and 0.2% for core inflation. The details showed continued pressure across essential household expenses:

• Shelter prices increased 0.3% and accounted for more than 30% of the overall monthly CPI increase.
• Food prices rose 0.5%, including a 0.4% increase in food purchased for consumption at home.
• Energy prices climbed 0.7%, slowing substantially from September’s 5.2% increase.
• Transportation services increased 0.8%.

The release did not provide the usual headline and core year-over-year comparisons because the federal funding lapse prevented collection of October 2025 survey data. That limitation makes the monthly readings especially important. It should not be interpreted as evidence that annual inflation was unchanged. The macroeconomic takeaway was less reassuring than the slowdown in headline CPI might initially suggest. Energy inflation moderated, but price increases remained evident in housing, food and services. For many, the breadth of those increases weakened the argument that inflation was cooling smoothly enough to justify easier monetary policy.

Treasury Yields Approach 5% as Rate Concerns Intensify

The 10-year Treasury yield stood at 4.983%, an increase of 0.119 percentage points, or 11.9 basis points at the close. Earlier Tuesday reporting showed the benchmark yield reaching approximately 5%, while shorter- and longer-dated Treasury yields also moved higher following the inflation release. Federal Reserve Governor Christopher Waller said a half-percentage-point December rate increase should be considered if inflation exceeded expectations, according to the supplied report. That was a conditional policy statement, not an announced Federal Reserve decision. The move in yields intersected with an existing concern for the technology sector: how to finance extensive AI infrastructure commitments. The semiconductor analysis highlighted funding requirements and physical capacity constraints alongside its argument that selected shares had become oversold.

Gold, Bitcoin and Oil Decline, While the VIX Also Falls

Stocks were not the only assets under pressure. Gold declined 1.84%, bitcoin fell 1.41%, and December crude oil futures slipped 0.54% in the supplied screenshots. These readings reflect the provided market snapshots rather than independently verified settlement prices for every asset.

The VIX declined despite the equity losses. Tuesday’s selloff therefore did not coincide with an increase in this particular measure of expected S&P 500 volatility. Gold and bitcoin also weakened, providing little evidence in these snapshots of a broad rotation from stocks into either asset.

Gasoline Falls Below $4, Providing Some Household Relief

The national average price of regular gasoline fell to approximately $3.98 per gallon Tuesday, its first reading below $4 since July, according to AAA figures cited in the supplied report. That represented a decline of about 17 cents from a week earlier and nearly 39 cents from a month earlier. The apparent contrast with the CPI report reflects timing. October’s inflation release measures prices during that month, while Tuesday’s gasoline reading captures more recent conditions. Lower crude prices and seasonal weakness were helping reduce pump prices even as the latest inflation data showed continued pressure elsewhere. Cheaper gasoline offers some relief, but it does not immediately reverse earlier increases in transportation and distribution costs. The supplied inflation analysis noted that elevated diesel costs can take time to work through supply chains, including food distribution.

Tariffs Keep Corporate Costs and Supply Chains in Focus

Trade policy remained another source of economic uncertainty. The administration signaled that it intended to continue its tariff agenda despite political pressure over living costs. Gary Cohn, vice chairman of International Business Machines (NYSE: IBM), argued that tariffs ultimately raise costs for U.S. consumers. Companies are also adjusting their operating strategies. United Parcel Service (NYSE: UPS) described customers diversifying and regionalizing supply chains, illustrating how businesses are responding to a less predictable trading environment. The inflation question is how much of those costs businesses absorb through lower margins and how much they pass along through prices. The supplied reporting identified tariffs as one contributor to increases in selected goods categories, alongside other pressures involving energy, housing and AI-related demand.

Semiconductor Stocks: An Oversold Argument Meets Financing Questions

Goldman Sachs Group (NYSE: GS) argued that selected semiconductor shares had entered oversold territory, highlighting Nvidia (NASDAQ: NVDA), Broadcom (NASDAQ: AVGO) and Advanced Micro Devices (NASDAQ: AMD). The analysis distinguished near-term market weakness from the longer-term earnings potential of major AI suppliers. That valuation argument came with qualifications. The same analysis identified uncertainty over how AI spending would be financed and whether enough electricity, land and data-center capacity would become available to support projected demand. Lower stock prices alone do not resolve those constraints. Nvidia (NASDAQ: NVDA) also faced renewed scrutiny involving its China business and export-policy exposure. The supplied reporting described potential congressional attention and continuing uncertainty surrounding access to the Chinese market, adding company-specific policy risk to the broader semiconductor discussion.

Amazon Expands Ring’s Security Hardware Lineup

Amazon.com (NASDAQ: AMZN) introduced two Ring security products: a $250 indoor flying camera and a $1,000 mobile security robot designed for business locations. The devices extend Ring’s approach from fixed cameras toward systems capable of moving through a property to investigate activity. The announcements broaden Amazon.com’s (NASDAQ: AMZN) smart-home and commercial-security offerings. However, the supplied report did not establish that the products would materially change companywide earnings. Customer adoption, privacy considerations and regulatory requirements remain relevant to their commercial development.

Anthropic’s Proposed IPO Tests Appetite for AI Offerings

Anthropic’s proposed stock offering added another focal point for the AI market. The supplied report said the company planned to offer 825 million shares at $70 to $78 each and had applied to trade on Nasdaq under the proposed symbol ANT. Trading was reportedly targeted for November 19, subject to the offering proceeding as planned. Those terms imply approximately $57.75 billion to $64.35 billion in gross offering proceeds before expenses. That amount is distinct from the company’s valuation and should not be described as net proceeds. ANT remains a proposed symbol in this reporting, not an established trading ticker. The proposed offering arrives as enthusiasm for AI revenue growth competes with scrutiny of losses, infrastructure commitments and financing needs. Its reception could provide an indication of demand for large AI-related equity offerings in a higher-rate environment.

Market Outlook: Inflation Breadth and AI Execution Remain Central

Tuesday’s closing results showed broad equity weakness, with the Nasdaq and Russell 2000 falling more sharply than the S&P 500 and Dow. The cross-asset picture added an important qualification: the 10-year Treasury yield approached 5%, but the VIX declined rather than signaling a simultaneous increase in expected equity volatility. The economic outlook remains caught between improving energy prices and persistent inflation elsewhere. Falling gasoline costs provide relief, while rising shelter, food and services prices complicate the case for easier monetary policy. For technology, the discussion is increasingly about execution as well as growth. The central questions are whether AI-related spending can be financed on attractive terms, whether supporting infrastructure can be delivered, and whether revenue growth ultimately supports the sector’s earnings expectations.

Updates From the VP Watchlist

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL), a leading provider of technology-enabled care, closed at $12.02. Amwell reported after the close Nov. 3 the company’s Third Quarter 2026 Highlights: Recorded Total Revenue of $49.0 million, exceeding the previously provided financial guidance range for Q3, Achieved subscription revenue of $23.9 million, Recorded Amwell Medical Group (“AMG”) visit revenue of $23.7 million, Reported gross margin of 53%, Net loss was ($11.0) million, compared to ($9.6) million in the second quarter of 2026, Adjusted EBITDA of ($3.6) million compared to ($1.2) million in the second quarter of 2026, & Total visits on the platform were 0.8 million.

Financial Outlook: The Company is raising its 2026 revenue outlook, and adjusted EBITDA outlook, and reaffirming its AMG visit guidance., Revenue in the range of $204 million to $206 million increased from $200 million to $205 million
AMG visits between 1.32 million and 1.37 million Adjusted EBITDA in the range between ($8) million to ($7) million increased from ($9) million to ($7) million.

The Company also provided financial guidance for Q4 2026 Revenue and adjusted EBITDA:

• Q4 revenue in the range of $48 million to $50 million
• Q4 adjusted EBITDA expected to in the range of $0 million to $1 million.

The Company also reiterated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Serina Therapeutics (NYSE: SER)

Serina Theraeuptics (NYSE: SER, $1.43, 0.00%) is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology.

On Thursday, September 24, 2026, Serina CEO Steve Ledger discussed discuss Serina’s programs’ progress during Tribe Public’s “A New Approach to Advanced Parkinson’s Disease: Serina Discusses SER-252’s Clinical Progress”webinar, followed by a live Q&A. You may view it below.

SER announced (Sept. 9) that the independent Safety Monitoring Committee (SMC) has completed its blinded review of Cohort 1 of the ongoing Phase 1b registrational study of SER-252 in patients with advanced Parkinson’s disease and recommended that the study advance to Cohort 2. Cohort 1 evaluated the lowest dose level in the single-ascending-dose portion of the study. In addition to supporting continued dose escalation, blinded Cohort 1 observations showed a pharmacokinetic profile consistent with the sustained apomorphine exposure SER-252 is designed to provide and included sustained periods of improvement in motor function in individual patients on exploratory clinical measures.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $7.63, +2.63%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, today, ( Nov. 10), announced its financial results for the third quarter of 2026. Dr. James A. Helliwell, Chief Executive Officer of Eupraxia stated, “We remain on track to report interim results from the Phase 2b portion of the RESOLVE trial in December, and were pleased to announce in mid-October that we had reached our target enrollment of 120 patients. We are very encouraged by the Phase 1b/2a data from the open-label portion of the RESOLVE trial that was reported this quarter, which includes 36- and 52-week data from our highest dosing cohorts. We believe this data provides further evidence of the observed durable treatment effects of EP-104GI in EoE patients, seen in previous cohorts. In total, we have observed 64% of patients remaining in clinical remission over this 52-week period in addition to clinically meaningful histologic improvements. With cash runway into the second half of 2028, we believe we remain well funded to execute on our upcoming milestones for our EoE program.”

EPRX gained a significant new Wall Street endorsement Monday as RBC Capital Markets initiated coverage with an Outperform rating, a Speculative Risk designation and a $14 price target. The research makes a bullish case for EP-104GI, the company’s investigational treatment for eosinophilic esophagitis, ahead of an expected December clinical readout. Against the $6.89 reference price in RBC’s report, the target implies approximately 103% upside, not a forecast of where shares must trade. The attraction is unusually straightforward for biotechnology: take a familiar anti-inflammatory medicine, deliver it precisely into diseased tissue and attempt to make its benefits last long enough to change the treatment routine. If that approach succeeds, Eupraxia would offer more than another prescription for a chronic disease. It could offer a different calendar. RBC analyst Douglas Miehm’s November 9 initiation argues that EP-104GI could occupy a differentiated position in eosinophilic esophagitis, commonly called EoE, through localized delivery and the potential for once-yearly administration. The next major test is whether encouraging early results translate into convincing evidence against a vehicle control in the Phase 2b RESOLVE study.

EPRX announced (Oct. 15) that the ongoing RESOLVE study evaluating the safety and efficacy of EP-104GI for the treatment of Eosinophilic Esophagitis (“EoE”) has reached its enrollment target. “This is a significant milestone for the RESOLVE trial and the development of EP-104GI as a potential treatment option in EoE” said Dr. James Helliwell, Chief Executive Officer of Eupraxia. “We look forward to our interim analysis in December where we will be reporting on symptoms, histologic findings and safety in the first 60 patients in Phase 2b to reach 6 months. Data will also be available on the patients at 3, 9- and 12-month timepoints giving a fulsome interim look at the RESOLVE Trial”.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $1.67), a commercial-stage medical device company preparing for the full commercial launch of its next-generation Pivot™ tubeless patch pump, is pursuing a different proposition: make insulin delivery less demanding for the people who must manage it every day. New patient research announced November 9 gives that strategy a persuasive commercial foundation. In a three-phase study conducted with Thrivable involving more than 540 people with Type 1 or Type 2 diabetes, approximately nine out of 10 surveyed multiple daily injection users said they would consider a simpler insulin delivery option. In the final-phase survey of 303 participants, 48.5% expressed strong interest in the company’s Pivot tubeless patch pump. The distinction matters. General enthusiasm for something easier is not the same as product-specific interest, and neither is a prescription. Still, the findings suggest Modular Medical is addressing a recognizable problem rather than inventing one for the benefit of a presentation deck. For many following MODD, the emerging opportunity centers on one word: simplicity. The company has already moved beyond the purely developmental stage. Its annual report documents U.S. Food and Drug Administration clearance for Pivot in April 2026, followed by commercial availability and initial patient shipments in June. The question now is whether a differentiated product, improving access and more focused patient education can turn that regulatory foundation into a repeatable commercial business.

MODD announced (Oct. 27) that it has received a positive decision from its notified body regarding certification of its quality management system under ISO 13485:2016. The notified body is designated under the European Union Medical Device Regulation (“MDR”).

MODD CEO, Jeb Besser, co-hosted a Tribe Public’s CEO Presentation and Q&A Webinar Event titled “The Road To Revenue: Modular Medical’s Strategy For Launching Pivot,” that was held Friday, September 4, 2026.. You may watch the event video below now if you missed it below now.

Nvidia (NVDA, $168.89)

NVIDIA Corp. (NASDAQ: NVDA), remains a cornerstone of the AI-chip investment story, supported by robust data-center demand, hefty profitability, and growing supply-chain commitments. Attention now turns to its November 17 earnings report, when investors will scrutinize the company’s $108 billion revenue outlook and assess whether demand has staying power, or merely an excellent publicist, as regulatory and infrastructure concerns linger.

Alphabet (NASDAQ: GOOGL $287.38, -.27%)

Alphabet (NASDAQ: GOOGL, GOOG) is confronting an expensive paradox: Artificial intelligence is bringing more activity to Google while making the economics of that activity harder to predict. Yet the latest results offer a more constructive interpretation than a simple obituary for search. Third-quarter revenue increased 25% to $127.6 billion. Operating income climbed 30% to $40.6 billion. Google Cloud revenue more than doubled. Those are unusual credentials for a company supposedly being escorted toward technological irrelevance. At the close on Thursday, Alphabet shares traded at $283.82, following a 12.64% decline, many are clearly demanding more proof and fewer architectural renderings of future data centers. That skepticism is understandable. But the opportunity lies in distinguishing a difficult transition in monetization from a collapse in demand. Google’s problem is not that people have stopped asking questions. According to management, its year-over-year search-query growth reached its highest rate in five years during the third quarter. The more consequential question is how quickly Google can turn its expanding AI audience into attractive, durable cash flow. Wall Street has little patience for a renovation when the contractor’s estimate begins with a trillion.

Space Exploration Technologies Corp. (SPCX, $143.09, +.72%)

SpaceX commanded the spotlight in SPCX coverage after Elon Musk projected annual recurring revenue above $500 billion by December 2027, leaving the $180 billion average analyst forecast looking almost bashful. Strong third-quarter revenue added momentum, though Texas data-center regulations and political exposure remained less glamorous items on the risk ledger.

The Sources

1. October 2026 Consumer Price Index: Official Bureau of Labor Statistics release
2. November 10 U.S. stock market live coverage
3. U.S. stock futures and the inflation-report setup
4. October inflation breakdown: Housing, energy, tariffs and AI
5. October CPI exceeds expectations as food and housing costs rise
6. Treasury yields rise following inflation data and rate-policy comments
7. U.S. gasoline prices fall below $4 per gallon
8. Tariff policy, consumer prices and corporate supply-chain adjustments
9. Goldman Sachs Group (NYSE: GS) analysis of semiconductor valuations
10. Nvidia (NASDAQ: NVDA), China exposure and export-policy scrutiny
11. Amazon.com (NASDAQ: AMZN) introduces Ring security drone and robot
12. Anthropic’s proposed IPO price range and listing timetable