Stock Futures Swing Lower After Red-Hot CPI Data

Stock futures are volatile this morning, as hotter-than-expected inflation data rattles Wall Street, with all three major indexes pointed sharply lower. October's consumer price index (CPI) rose 0.4%, above estimates of 0.3%, while core CPI increased 0.3%, compared to the expected 0.2% rise. The 10-year Treasury yield is surging in response. The report follows comments from Federal Reserve Governor Christopher Waller, who signaled a December interest rate hike is likely and raised the possibility of a larger half-point increase. Chip stocks are also weighing on sentiment, with notable drops across the sector.

Continue reading for more on today's market, including:

• Why the latest S&P 500 selloff calls for caution, not panic, per Schaeffer's Senior V.P. of Research Todd Salamone. 
• Firefly stock skyrocketed off its record lows ahead of earnings, due out after the close.
• Plus, SKYD lays out cost savings plans; RIOT receives an upgrade; and RKLB drops on delayed Neutron rocket flight. 

5 Things You Need to Know Today

1. The Cboe Option Exchange saw a whopping 2.5 million call contracts and 1.4 million put contracts traded on Monday. The single-session equity put/call ratio fell to 0.56, while the 21-day moving average rose to 0.59. 
2. Skydance Corporation (NYSE:SKYD) is down 2.1% premarket, after the entertainment giant announced plans to cut $6 billion in costs over the next three years. The company also reported third-quarter revenue of $7.03 billion, narrowly missing expectations of $7.04 billion. Year to date, the equity is down 20.8%. 
3. Riot Platforms Inc (NASDAQ:RIOT) is up 2.6% before the bell, following an upgrade to "buy" from "hold" at Jefferies. The brokerage highlighted the potential value of Riot's Corsicana land lease. Since the start of the year, the equity is up 39.4%. 
4. Rocket Lab Corporation (NASDAQ:RKLB) is down 8.2% to trade at $54.04 ahead of the open, after the aerospace company reported a third-quarter adjusted EBITDA loss of $18 million and delayed its Neutron rocket's inaugural flight until 2027. The updates overshadowed record quarterly revenue of $268 million. RKLB is down 15.6% in 2026.

5. More inflation data due out later this week. 

Stocks Higher Overseas

Asian stocks finished the session in the black. Imports and exports in China rose 41.6% and 35.2% respectively, both surpassing expectations, though the surplus did indicate slowing. Crude exports in the region surged 41.89 million -- its highest level since March. South Korea’s Kospi surged 4.4%, briefly triggering buy-side trading during its peak. China’s Shanghai Composite finished up 0.08%, Hong Kong’s Hang Seng added 0.4%, and Japan’s Nikkei popped 2.9%.

Markets in Europe are trading higher as chip stocks surge on the back of German semiconductor concern Infineon’s record fiscal Q4. Finance names are also seeing a boost, after U.K. Bank of England (BoE) Deputy Governor Clare Lombardelli signaled more rate hikes will come before year’s end. At last check, London’s FTSE 100 is up 0.5%, France’s CAC 40 is 1.1% higher, and Germany’s DAX has added 1.2%.