Stock Market Close, Nov. 10: Amazon's Ring unveils flying security camera drone

The S&P 500 ETF (SPY) fell -0.37% at the cutoff on Nov. 10, while the Nasdaq-100 ETF (QQQ) dropped -0.68% and the Russell 2000 ETF (IWM) lost -0.69%. Hot October consumer prices, rising at 0.4%, and Dallas Fed President Lorie Logan's call for at least two more rate hikes dominated the session, with the 10-year Treasury yield back to 5%. Anthropic's IPO price range, valuing it at up to $1.4 trillion, is the other story to watch.

Markets

The S&P 500 ETF (SPY) fell -0.37% and the Nasdaq-100 ETF (QQQ) fell -0.68%, while the Dow Jones Industrial Average ETF (DIA) slipped -0.30% and the Russell 2000 ETF (IWM) dropped -0.69%. The 7-10 year Treasuries ETF (IEF) fell -0.84%, moving opposite to yields, and the silver ETF (SLV) lost -3.44%. The Financials ETF (XLF) led with +0.48%, while the Technology ETF (XLK) was the weakest at -1.14%.

Top stories

Anthropic sets IPO price range valuing it at up to $1.4 trillion

Fortune reported that Anthropic launched its IPO roadshow with a price range of $70 to $78 per share, valuing it at up to $1.4 trillion. Bloomberg reported that Anthropic is seeking about a $1.4 trillion valuation, and that some backers are offering part of their IPO allocations to new investors at a big premium ahead of the listing. Fox Business reported a target of up to $1.02 trillion, below the $1.5 trillion previously discussed, while the Guardian put the target at up to $1.4 trillion, short of the $2 trillion once expected.

Source: Fortune, Bloomberg, Fox Business, Guardian

Consumer prices rise 0.4% in October, hotter than expected

Fox Business reported that the consumer price index rose 0.4% from September to October, faster than expected. Bloomberg reported that the index excluding food and energy rose 0.3% from a month earlier, with grocery, gasoline and electricity prices all higher. CNBC said the 0.4% rise was a slowdown from September but still uncomfortably high for economists. Bloomberg also reported that the data likely keeps the Federal Reserve on track to raise rates next month.

Source: Fox Business, Bloomberg, CNBC

Credit card debt hits record $1.29 trillion in third quarter

Axios reported that Americans' credit card balances reached a record $1.29 trillion in the third quarter, according to a New York Fed report. CNBC reported that home equity line of credit balances posted their biggest jump since 2005, marking the 18th straight quarterly increase. Bloomberg reported that the share of overdue consumer loans rose marginally in the third quarter as new housing-loan delinquencies worsened. The NYT reported general steadiness in debt payments for autos, student loans and mortgages.

Source: Axios, CNBC, Bloomberg, NYT

Logan calls for at least two more rate hikes after hot inflation

Bloomberg reported that Dallas Fed President Lorie Logan said in Houston on Tuesday that the FOMC needs to implement at least two more 25-basis-point rate increases. Bloomberg also reported that Governor Christopher Waller sparked debate over a possible half-point increase in December after hotter-than-expected inflation data. MarketWatch reported that Deutsche Bank sees the Fed hiking at each of its next three meetings. Bloomberg reported that the dollar was set for its best day since September as the CPI report lifted hike bets.

Source: Bloomberg, MarketWatch

Treasury yield back to 5% after hot inflation data

CNBC reported that the 10-year Treasury yield raced back to 5% after the hotter-than-expected CPI report and Waller's comments drove rate hike expectations. MarketWatch reported that yields climbed back near 5% as stocks fell after the inflation report. Bloomberg reported a rout in bonds on bets the Federal Reserve will keep lifting rates, while stocks trimmed losses on a rebound in chipmakers. Bloomberg also reported that traders who rushed into bonds were rattled as Fed officials' comments and sticky inflation raised the odds of rate hikes.

Source: CNBC, MarketWatch, Bloomberg

Stock stories

Amazon's Ring unveils flying security camera drone

Amazon shares rose 1.46% at the cutoff and were up 0.16% after hours. Bloomberg reported that Ring debuted a flying home security drone more than six years after first announcing the product, and that it ships in January. Fox Business reported the launch also includes a flying indoor drone and an autonomous business robot built to patrol and investigate.

Source: Bloomberg, Fox Business

Take-Two shares rise 8% after quarterly bookings decline

Take-Two shares rose 8.22% at the cutoff and were down 0.02% after hours. Fiscal second-quarter Net Bookings fell 18% to $1.60 billion from $1.96 billion a year earlier, and GAAP net revenue fell to $1.50 billion from $1.77 billion. GAAP net loss narrowed to $54.0 million, or $0.29 per share, from $133.9 million, or $0.73 per share. The company reiterated fiscal 2027 Net Bookings of $8.0 billion to $8.2 billion, and Grand Theft Auto VI is scheduled for Nov. 19 on PlayStation 5 and Xbox Series X|S.

Source: TTWO 8-K exhibit

Charter shares rise 10.6% after launching new operating model

Charter shares rose 10.58% at the cutoff and fell 0.62% after hours. Pro forma third-quarter revenue of $16.5 billion declined 1.5% year over year, while actual revenue of $14.9 billion rose 9.1%, driven by the Cox Transactions. Spectrum Internet customers fell by 233,000 on a pro forma basis in the quarter, while mobile lines rose by 508,000. A $6.3 billion franchise impairment drove the pro forma net loss of $2.1 billion. Charter is targeting $2 billion in annualized run-rate operating expense savings over the next 18 months, in addition to more than $1 billion in Cox synergies.

Source: CHTR 8-K exhibit

AST SpaceMobile shares fall 8.74% after business update and Q3 results

AST SpaceMobile shares fell 8.74% at the cutoff and rose 0.40% after hours. Third-quarter revenue was $42.3 million, from commercial and U.S. government customers, and total operating expenses fell to $211.0 million from $329.1 million in the second quarter, mainly on a $125.9 million loss on involuntary conversion in that quarter. Adjusted operating expenses rose $14.5 million to $133.6 million. The company targets intermittent nationwide service in key markets by year-end 2026, roughly 45 BlueBird satellites in orbit by mid-2027, and revenue of $150.0 million to $200.0 million. Its Rakuten AST joint venture is expected to receive up to 148 billion yen, about $1 billion, over approximately three years under Japan's J-LEO program.

Source: ASTS 8-K exhibit, ASTS 8-K exhibit

UWM shares fall 7.09% after rights offering price set

UWM shares fell 7.09% at the cutoff and were down 0.36% after hours. UWM set the final subscription price at $2.00 per share for its rights offering of up to 200,000,000 Class A shares. The price is the greater of $2.00 and 85% of the volume-weighted average price over the 10 trading days ending Nov. 9, so the $2.00 floor applied. Subscription rights expire at 5:00 p.m. ET on Nov. 12, and exercises made before the Nov. 4 supplement can be withdrawn until 5:00 p.m. ET on Nov. 10. The company may amend, withdraw or terminate the offering with the consent of the Backstop Purchasers.

Source: UWMC 8-K

Movers

Aaon Inc (AAON) led regular-session gainers with +19.11%, followed by Charter Comm Inc Del CL A New (CHTR) at +10.58%. Lineage, Inc. Common Stock (LINE) led losers at -12.07%, ahead of Ionis Pharmaceuticals, Inc. Common Stock (IONS) at -9.20%.

What's next

CoreWeave (CRWV) reported after the close.

• Reported after the close: CoreWeave (CRWV)

Prices are ETF and stock prices as of 5:00 p.m. ET, Nov. 10.