Asian and European shares extend Wall Street’s rebound, while falling oil prices offer relief ahead of a closely watched U.S. consumer price report.
MARKET INSIDER — U.S. stock futures moved mostly higher on Tuesday as investors prepared for October’s inflation report following a sharp rebound on Wall Street. Gains spread across Asian and European markets, supported by falling oil prices and a recovery in technology shares after last week’s sell-off. The next test is whether consumer price data show enough moderation to ease concerns about further Federal Reserve tightening. Nvidia remained an exception to the technology rebound, falling as its board launched an independent investigation into reports that chief executive Jensen Huang had been targeted by a foreign intelligence operation.
Key Highlights
- Dow futures rose 0.49%, while S&P 500 futures gained 0.23% and Nasdaq-100 futures were little changed.
- South Korea and Japan led Asia’s rebound, with the Kospi climbing 4.3% and the Nikkei gaining 2.89%.
- Economists expect monthly headline inflation of 0.3% and core inflation of 0.2%, both slower than September.
Global stocks build on Wall Street’s recovery
Futures tied to the Dow Jones Industrial Average advanced 258 points, while S&P 500 contracts posted a smaller gain. Nasdaq-100 futures hovered just above unchanged, suggesting a more cautious start for technology shares.
The moves followed a strong Monday session. The Dow gained 1,104 points, or 2.2%, the S&P 500 rose approximately 2.4%, and the Nasdaq Composite advanced 2.7%.
That rebound came after a volatile week marked by concerns about artificial intelligence spending and the outlook for data-center construction. Investors had worried that Democratic victories in the U.S. midterm elections could translate into greater political opposition to new projects. Those concerns reflect expectations about future policy rather than enacted restrictions.
Asian markets followed Wall Street higher. South Korea’s Kospi surged 4.3%, while Japan’s Nikkei 225 added 2.89%. Australia’s S&P/ASX 200 gained 1.27%, Hong Kong’s Hang Seng rose 0.42%, and mainland China’s CSI 300 advanced 0.26%.
European equities also opened higher. The Stoxx 600 gained 0.9% shortly after trading began, with France’s CAC 40 up 1.2%. These figures represent market snapshots rather than final closing levels.
Inflation becomes the next market catalyst
The U.S. Bureau of Labor Statistics is scheduled to release October’s consumer price index at 8:30 a.m. Eastern Time on Tuesday, November 10—8:30 p.m. in Vietnam.
Economists polled by Dow Jones expect headline CPI to rise 0.3% from the previous month, down from September’s 0.6% increase. Core CPI, which excludes food and energy, is forecast to increase 0.2%, compared with 0.3% in September.
Christopher Hodge, chief U.S. economist at Natixis CIB Americas, expects easing pressure from shelter components, including owners’ equivalent rent and lodging, to contribute to slower core inflation. He also sees more stable diesel prices helping contain costs for energy-intensive goods.
The release will have an unusual limitation: the standard annual headline and core comparisons will be unavailable because the 2025 government shutdown disrupted collection of the corresponding October data. Investors will therefore have to place greater emphasis on monthly changes and the composition of price increases.
A slower monthly increase would indicate moderation in inflation, rather than a decline in the overall price level. The market response will also depend on whether the figures meet expectations and whether underlying services inflation remains persistent.
Lower oil provides relief
Falling crude prices helped support Monday’s equity rally. U.S. West Texas Intermediate futures settled more than 4% lower, while Brent declined more than 5%.
The retreat followed President Donald Trump’s softer tone on Iran, which reduced immediate fears of renewed military escalation and prolonged supply disruption.
Sustained declines in energy prices could benefit transport companies, manufacturers and consumers. For energy-importing Asian economies, cheaper crude could also ease import costs and inflation pressure.
However, Monday’s oil decline occurred after the October period covered by Tuesday’s CPI report. Its potential influence belongs primarily to subsequent inflation readings.
Nvidia diverges from the technology rebound
Nvidia shares fell 4% on Monday despite the broader recovery in technology stocks.
The company’s board announced an independent investigation following reports that Huang had been targeted by a foreign intelligence effort. Independent directors, supported by outside counsel, will oversee the review.
The board said it had no reason to believe national security or Nvidia’s confidential information had been compromised. It also expressed confidence in Huang and his leadership team, adding that he supported and would cooperate with the investigation.
The decline illustrates how company-specific uncertainty can outweigh a more supportive market backdrop.
For the broader market, Tuesday’s inflation figures will help determine whether the rebound gains further support. A softer reading could ease interest-rate concerns; an upside surprise could renew pressure on valuations just as investors reassess the costs and returns of the AI investment cycle.
