Opening Comment — Tuesday, November 10, 2026
DJIA: 52,389.75, up 1104.02
S&P 500: 7,549.94, up 173.08
NASDAQ: 25,253.14, up 673.72
Stocks and yields mixed ahead of CPI data
Both stock futures and Treasury yields are mixed before the opening bell Tuesday as markets anticipate today’s Consumer Price Index (CPI) release. Meanwhile, small business optimism unexpectedly ticked down in October. As of 6:58 AM ET, the Dow is rising 0.4%, while the S&P 500 is up 0.1%. The Nasdaq 100 is falling 0.2% relative to fair value on the GLOBEX. Over in bond land, the yield on the 10-year note is rising one basis point (0.01%) to 4.89%, while the 30-year bond yield is falling one basis point (0.01%) to 5.27%. The yield on the two-year note, which is more sensitive to changes in monetary policy, is up five basis points (0.05%) to 4.61%.
Both U.S. equities and Treasury yields were higher on Monday amid hawkish commentary from Federal Reserve (Fed) officials and as equity markets continued recovering from last Thursday’s sell-off. Finalized wholesale inventories were revised higher to 0.7% month-over-month (MOM), meanwhile, wholesale trade sales accelerated more-than-expected to 2.8% MOM. The New York Fed’s measure of one-year inflation expectations unexpectedly ticked up to 3.91%. The Dow was up 2.2%, while the tech-heavy Nasdaq Composite rose 2.7%. The S&P 500 increased 2.4% with all 11 sectors finishing in positive territory. The Industrials sector was the top performer, rising 3.8%, while the Energy sector was the bottom performer, rising just 0.4%. The yield on the 10-year note was up two basis points (0.02%) to 4.88%, while the 30-year bond yield also rose two basis points (0.02%) to 5.28%. The yield on the two-year note increased five basis points (0.05%) to 4.56%.
On the data front, the National Federation of Independent Business’s Small Business Optimism Index for October came in at 97.8, down from the prior 97.9. October’s headline CPI is expected to ease to 0.3% MOM from 0.6% in September, while core CPI is expected to decelerate to 0.2% MOM from 0.3% in the prior month. Yearly CPI data will not be released due to the government being shut down last year.
In the auction space, the U.S. Treasury is set to issue $42 billion in 10-year notes.
In the central bank space, Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Christopher Waller, Philadelphia Fed President Anna Paulson, Dallas Fed President Lorie Logan, and Kansas City Fed President Jeffrey Schmid are scheduled to speak today.
Municipal market commentary
The Bloomberg 30-day visible supply rose $3.418 billion to $12.741 billion on Monday, below the 12-month average of $15.780 billion.
Across the pond, European stocks are higher in mid-day trading as France’s third-quarter unemployment rate unexpectedly ticked down to 8.2% from 8.3% in the prior quarter. Meanwhile, investors are looking ahead to a slew of European Central Bank and Bank of England speaker events.
Overnight in Asia, stocks were higher as China’s trade surplus declined more-than-expected to $105.28 billion, with exports coming in below projections and imports unexpectedly rising. In Japan, household spending unexpectedly worsened to a 6.8% year-over-year (YOY) decrease. Meanwhile, Australia’s consumer confidence fell in November.
In FOREX trading, the U.S. dollar is slightly higher ahead of today’s U.S. CPI data release.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 1.5% lower at $85.55/barrel and Brent crude oil is down 1.9% at $90.79/barrel following President Donald Trump’s comments on likely not taking further military action on Iran.
In the metals complex, gold is 1.6% lower at $4,072.91/ounce following a strengthening dollar.