Market-moving news for Tuesday, November 10, 2026

What happened

On Tuesday, November 10, 2026, Citigroup lowered its price target on Nvidia to $285 from $315 while maintaining a Buy rating, and Wells Fargo lowered its target to $300 from $315 while maintaining an Overweight rating, according to MarketBeat's analyst-ratings log. Both cuts were issued on the same day Nvidia shares fell 5.5% to close at $168.89, the stock's second straight day of sharp declines. Neither bank changed its rating — both remain positive — so the moves are valuation resets rather than thesis breaks, but two cuts from major banks on a single day add to the negative tape around the stock.

What happened

Rosen Law Firm filed a proposed securities class action against Nvidia and CEO Jensen Huang in the U.S. District Court for the Northern District of California on Monday, Nov 9 — five minutes after the market close, per Reuters — on behalf of lead plaintiff Mark Kistenmacher and investors who bought Nvidia securities between Oct 9, 2025 and Nov 8, 2026. The suit alleges Nvidia and Huang made false and misleading statements and failed to disclose Huang's affair with Alice Huang, a former Megaspeed executive described as a suspected Chinese intelligence source, and the national-security questions it raised about Nvidia's dealings with Megaspeed. It cites spokesperson John Rizzo's statement that Huang's interactions with her were 'not unusual or unexpected' and Huang's Bloomberg comments that Nvidia's Megaspeed dealings were 'normal and not unusual' as deliberate falsehoods, and claims investors bought at artificially inflated prices and suffered losses when Huang acknowledged the relationship — an admission that wiped roughly $190 billion off Nvidia's market value in a single day. Separately, Delaware Senator Chris Coons called for a congressional investigation into the affair on national-security grounds. Wedbush analyst Dan Ives put the odds of Huang losing the CEO post at roughly 15% (85% he stays), while CNBC's Jim Cramer said investors may need to prepare for a future Nvidia without Huang. At least four law firms are now investigating, per TechCrunch, and a lead-plaintiff motion deadline of Jan 8, 2027 applies.

What happened

Nvidia extended its slide on Tuesday, November 10, dropping more than 6% — the steepest decline among major U.S. stocks — amid the ongoing fallout from the board's independent probe into CEO Jensen Huang's reported ties to an alleged Chinese spy. The drop came on top of Monday's 4.27% fall, leaving the stock down roughly 10% in two sessions since the probe was disclosed. The slide also cost Nvidia its market-value lead over Microsoft: Microsoft passed Nvidia for the first time since June 2025, with Nvidia valued at roughly $4.09 trillion against Microsoft's roughly $4.03 trillion in a Nov 9-10 snapshot. The broader market fell alongside, with the Nasdaq down 1.1% and the S&P 500 down 0.6%, and the 10-year Treasury yield surging to 4.99% after the hot October CPI report.

What happened

Federal Reserve Bank of Dallas President Lorie Logan raised the prospect on Tuesday, November 10 of hiking interest rates more quickly this winter, saying there is a case for two 25-basis-point increases, after which it would 'make sense' to pause. She also said Fed policy should be 'modestly' restrictive. Her comments followed Fed Governor Christopher Waller's London speech earlier Tuesday backing a December hike and flagging a possible 50bp move if inflation stayed hot — and the October CPI report, released hours later, printed hotter than expected at +0.4% headline and +0.3% core. The CME FedWatch Tool now shows an 88% likelihood of a 25bp increase and a 12% likelihood of a 50bp raise at the December FOMC meeting, with the odds of a 50bp move rising to 52% for January. The current Fed funds target rate sits at 3.75%-4%.

What happened

Anthropic unveiled a suite of workplace productivity tools at an event in San Francisco on Tuesday, November 10, taking direct aim at Microsoft Office and Google Workspace. The new tools are Claude Sheets — a collaborative spreadsheet with tabs, formulas and dropdowns that exports to Excel — Claude Whiteboards, a shared planning canvas, and Claude Meetings, an agent that joins Google Meet calls to take notes, draft plans and update documents in real time. Anthropic also made Claude Data (formerly Claude Dashboards) generally available and upgraded its interactive connectors so partner apps such as Adobe, Atlassian and HubSpot run inside Claude. Sheets and Whiteboards are in beta for paid plans; Meetings is in beta for Team and Enterprise customers. Microsoft shares dropped as much as 3% intraday after the news, per CNBC, and were down more than 2% in afternoon trading, while Alphabet reversed lower.

What happened

The Bureau of Labor Statistics reported on Tuesday, November 10 at 8:30 a.m. ET that the consumer price index rose 0.4% month-on-month in October, above the 0.3% consensus forecast, after a 0.6% jump in September. Core CPI, excluding food and energy, rose 0.3% — above the 0.2% forecast and the third consecutive monthly 0.3% reading. Shelter rose 0.3% and accounted for more than 30% of the monthly increase; food rose 0.5% and energy 0.7%. No official 12-month inflation rate was published for headline or core, because BLS never collected October 2025 prices during last year's government shutdown. S&P 500 futures slid after the release, reversing some of Monday's 2.35% rally, and markets moved to price a 99% probability of a 25-basis-point Fed hike on December 9, with odds of a further hike by the March 17 meeting jumping to 67% from 50% on Monday.

What happened

Cantor Fitzgerald initiated coverage of The TJX Companies (TJX) at Neutral and set a price target of $139, according to a TradingView/Benzinga item published at 12:53 UTC on Tuesday, November 10. The target is roughly in line with TJX's November 9 close of $138.13, implying essentially no upside. TJX shares opened Tuesday at $138.02 and are up about 2% on the day. The initiation comes eight days before TJX reports fiscal third-quarter results on Wednesday, November 18, before the market opens.

What happened

Anthropic, the startup behind the Claude AI assistant, set a price range of $70 to $78 per share for its initial public offering on Tuesday, November 10. At the midpoint, the offering would raise about $61 billion; combined with options and unvested stock, that values the company at roughly $1.1 trillion, and at the top of the range it could be worth $1.4 trillion — potentially the biggest IPO in history, eclipsing SpaceX's record $86 billion debut in June. The company is expected to begin trading on the Nasdaq under ticker ANT as soon as next week, with the Wall Street Journal reporting plans to list Thursday or Friday next week. The filing revealed $17 billion in sales in the most recent quarter, up 1,127% year over year, and $33.2 billion in the first nine months of 2026 versus $4.6 billion in all of 2025 — but also a net loss of $80.7 billion in the first half, nearly $900 billion in committed compute spending, reliance on just five customers for a quarter of sales, and a convoluted staggered lock-up that lets some non-founder insiders sell 10% of holdings on day one.

What happened

Federal Reserve Governor Christopher Waller said at a conference in London on Tuesday that he would support raising interest rates by 25 basis points in December. "However, if inflation comes in substantially higher than I expect, more robust action by the FOMC may be called for," he added. Markets repriced sharply: LSEG data showed the probability of a December hike jumping to 98% from 84% before the comments. The dollar turned higher (DXY +0.1% to 101.703) and Treasury yields rose, with the 10-year ticking up ~2bp to 4.882% and the 2-year up 6.7bp to 4.613%, per Tradeweb.