U.S. Stocks Fall as Brent Crude Briefly Drops Below $90 a Barrel

The three major U.S. stock indexes closed lower on November 10. The S&P 500 fell 0.38% to 7,520.93; the Dow Jones fell 0.3% to 52,231.89; and the Nasdaq fell 0.74% to 25,065.87. Nvidia shares dropped more than 5% that day, after falling more than 4% in the previous session.

Illustration of U.S. stock market trading.（VietVance）

Data from the U.S. Department of Labor showed that the consumer price index rose 0.4% in October from the previous month, down from September’s 0.6% increase but above the 0.3% expected by economists in a Reuters survey. The core index, which excludes food and energy prices, rose 0.3%, also exceeding the 0.2% forecast. The report provided no year-on-year figures because the U.S. government shutdown in October 2025 left no comparable data.

After the inflation data was released, the yield on the 10-year U.S. Treasury rose 13 basis points to close at 4.992%. According to CME’s FedWatch tool, interest rate futures traders raised their estimated probability of a Federal Reserve rate increase in December from 84% in the previous session to 100%. They assigned a 90% probability to a 0.25-percentage-point increase and a 10% probability to a 0.5-percentage-point increase.

In the oil market, London Brent crude futures fell as low as $89.16 a barrel during trading, their lowest level in nearly three months, before closing down nearly 1.2% at $91.49. New York WTI crude futures closed down more than 0.9% at $86.04. Trump said on November 9 that the U.S.–Iran war could end “fairly soon.” In a November 10 report, ING said expectations of easing tensions and signs that oil shipments in the Gulf region were recovering were reducing the geopolitical risk premium in oil prices. It added that regional negotiations and infrastructure risks could still leave oil prices sensitive to developments in the Middle East.

London Brent crude futures prices over the past year, in U.S. dollars per barrel.（VietVance）

Source: VietVance