Bitget UEX Daily Report | U.S. stocks rise broadly, Nvidia falls alone; oil prices plunge, easing inflation worries; CPI sets the tone tonight (November 10, 2026)

# 1. Selected Hot News

Energy | Oil Prices Plummet, Market Lowers Middle East Supply Risk Premium

The U.S. continues to send signals of easing diplomatic negotiations with Iran, reducing market concerns over a new round of military escalation. WTI December futures fell by 4.38%, settling at $86.85 per barrel; Brent January futures dropped by 5.85%, settling at $92.57 per barrel.

The drop in oil prices simultaneously improves corporate costs and inflation expectations, providing support for a stock rebound. However, there is still distance between diplomatic progress and a final agreement, with current changes mainly reflected in the market's pricing of supply risks.

U.S. Economy | Inflation Expectations Stabilize, Employment Concerns Rise

The New York Fed's survey released on November 9 showed that consumers' inflation expectations for one, three, and five years remained at 3.9%, 3.3%, and 3.0%, respectively. The average probability of expecting an increase in the unemployment rate rose to 45.3%, the highest since April 2020.

Residents did not further raise inflation expectations, but concerns about employment prospects deepened. This presents a different perspective compared to the previously strong non-farm payrolls. Tonight's CPI will provide evidence of actual price pressures, determining whether the market can further ease tightening expectations.

China's Prices | CPI Mild, PPI Strong, Different Price Pressures on the Industry Chain

China's October CPI rose by 0.7% year-on-year, and core CPI rose by 0.8%; PPI increased by 5.7% year-on-year and 0.7% month-on-month. Energy-related industries are significant drivers of rising industrial prices.

The divergence in price trends between the consumer end and upstream indicates that cost pressures and the ability to raise prices at the terminal are not consistent. For manufacturing and consumer companies, future observations should focus more on gross margins and cost transmission rather than solely judging overall demand recovery based on PPI increases.

# 2. Market Review

Commodity and Forex Performance

| Variety | Reference Price | Data Standard | |-----------------|-------------------------|-------------------------------------| | Gold | $4,114.50 per ounce | December 2026 futures, settled on November 9 | | Silver | $53.43 per ounce | Spot, closing reference on November 9 | | WTI Crude Oil | $86.85 per barrel | December 2026 futures, settled on November 9 | | Brent Crude Oil | $92.57 per barrel | January 2027 futures, settled on November 9 | | Dollar Index | 101.67 | Closing reference on November 9 | | U.S. 10-Year Treasury Yield | 4.886% | Closing reference on November 9 |

The weakening dollar supports precious metals, and the drop in oil prices eases energy inflation concerns, but U.S. Treasury yields continue to rise. Asset prices are correcting previous pessimistic expectations, and interest rate pressures have not been alleviated simultaneously.

Cryptocurrency Performance

BTC reported at 75,080.92 USDT, down 0.23% in 24 hours; ETH reported at 2,128.46 USDT, down 0.69%, quoted around 09:49---09:51 Beijing time. The total market capitalization of the cryptocurrency market is approximately $2.52 trillion, down 1.81% in 24 hours, with a 24-hour trading volume of about $75.568 billion; the total data independent update time is 09:26.

BTC/ETH Liquidation Zone Observation: No verifiable latest liquidation zone has been obtained, so no upper and lower ranges, distances, or nearby liquidation judgments are listed.

Institutional Holding Cost | BTC: Strategy disclosed on November 9 that it holds 850,364 BTC, with an overall average cost of $75,456; based on the dollar price at the same time, BTC is about 0.65% lower than this cost, indicating a reference floating loss. This cost corresponds to the overall holdings and cannot be replaced by the average price of the most recent purchase.

Market Summary in One Sentence: BTC is still fluctuating around $75,000, and cryptocurrency assets have not followed U.S. stocks with the same intensity of recovery. Key observations include the reaction of the dollar and U.S. Treasury yields after the CPI release, as well as whether BTC can continue to stabilize near institutional costs; institutional costs do not represent new buying pressure and are not guaranteed support.

Major U.S. Stock Index Performance

| Index | Closing Level | Change Percentage | |---------------------------|---------------|-------------------| | Dow Jones Industrial Average | 52,389.75 | +2.15% | | S&P 500 | 7,549.94 | +2.35% | | Nasdaq Composite | 25,253.14 | +2.74% |

Anomaly Interpretation

Market Performance: All three major indices rose over 2%, with six of the seven tech giants rising and one falling. AMD rose by 13.26%, while Nvidia fell by 4.27%, indicating that the industry's rebound and the company's own risks are being priced separately.

Logic One: The drop in oil prices alleviates cost and inflation concerns. The decline in energy prices improves corporate profit expectations and reduces market worries about sustained energy shocks driving up prices, providing macro support for the rebound.

Logic Two: The previously pressured AI industry chain continues to recover. Stocks like AMD rebounded, reflecting the market's reassessment of the previous sell-off magnitude. Uncertainties in construction and regulation still need to be observed, but investors are beginning to distinguish between potential constraints and actual order losses.

Logic Three: Nvidia faces additional pressure at the company level. The board's independent investigation increases governance uncertainty, preventing it from following the chip sector's rise. A market rebound does not mean that all companies' issues have simultaneously disappeared.

Performance of the Seven Tech Giants

| Company | Closing Price (USD) | Change Percentage | |-----------------------|---------------------|-------------------| | Nvidia NVDA | 178.67 | -4.27% | | Apple AAPL | 350.69 | +2.43% | | Microsoft MSFT | 545.18 | +2.75% | | Alphabet GOOGL | 288.15 | +1.18% | | Amazon AMZN | 266.93 | +2.94% | | Meta META | 641.37 | +5.12% | | Tesla TSLA | 378.05 | +5.54% |

Tesla and Meta led the gains, while Nvidia was the only member to close lower. The driving forces behind platform stocks, automotive stocks, and chip stocks differ, and the decline of a single leader is insufficient to represent the entire tech sector.

Sector Anomaly Observation

Semiconductors: AMD rose by 13.26%, creating a stark contrast with Nvidia's decline. The focus of observation has shifted from whether the sector rebounds to customer demand, order delivery, and the independent risks of each company.

Power and Alternative Asset Management: Constellation rose by 10.46%, and KKR rose by 1.67%, both supported by their earnings reports on that day. Actual profit improvements provided company-level validation for the broad market rally.

# 3. Key U.S. Stock Analysis

Nvidia NVDA | Independent Investigation Overshadows Sector Rebound

Event Overview: Nvidia closed at $178.67, down 4.27%. The board announced on November 8 that it would launch an independent investigation into safety issues related to external reports, while stating that there is currently no reason to believe that national security or company secrets have been compromised, and continues to support Jensen Huang and the management team.

Market Interpretation: The current added pressure mainly comes from uncertainties regarding governance and investigation results. A decline in stock price does not directly prove that customer orders or product competitiveness have been harmed, and a board statement does not equate to the investigation being concluded.

Investment Insight: Subsequent verification of board updates, management arrangements, and customer cooperation progress is essential, with a focus on whether governance issues further impact operational execution.

Constellation CEG | Profit Realization and Full-Year Guidance Upward Revision

Event Overview: The company reported a GAAP EPS of $5.19 for the third quarter, with adjusted operating EPS of $5.06, exceeding $3.04 in the same period last year; the full-year adjusted operating EPS guidance was narrowed to $12.50---$12.80, with the midpoint raised. The stock price rose by 10.46%, closing at $276.09.

Market Interpretation: The current profits and upward guidance provide actual validation for power demand and business composition. The value realization of power companies still depends on generation capacity, contract terms, and project commissioning, and cannot be uniformly valued based solely on AI themes.

Investment Insight: Focus on nuclear power capacity expansion, execution of long-term power supply contracts, and financing costs. The company's disclosed maximum $5 billion Department of Energy loan commitment comes with conditions that still need subsequent agreement fulfillment.

KKR | Adjusted Profit Growth, Focus on Recurring Income

Event Overview: KKR reported an adjusted net profit of approximately $1.645 billion for the third quarter, a year-on-year increase of 29%, with adjusted EPS of $1.78; fee-related profits were about $1.3 billion, a year-on-year increase of 27%. The stock price rose by 1.67%, closing at $98.09.

Market Interpretation: The growth in fee-related profits supports recurring earnings, but adjusted profits differ from GAAP profit standards and include contributions from different businesses. Assessing sustainability should consider fee assets, fundraising, and investment exits.

Investment Insight: Track the speed at which new fundraising converts to fee assets and whether exit returns can be maintained. One quarter's peak realization should not be directly extrapolated to equal growth in every quarter.

# 4. Market and Project Dynamics

Strategy Updates on Coin Purchases and Overall Costs: The company disclosed on November 9 that it purchased 1,036 BTC between November 2 and 8, amounting to approximately $81.9 million, with an average purchase price of $79,012. This weekly increase and overall average cost are different metrics and do not represent today's immediate buying pressure.

Nvidia Expands Sovereign AI Cooperation in South Korea: The company plans to combine NVLink Fusion, Korea-designed NPU, and data center capabilities with Rebellions and SK Telecom. The related R200 system is expected to be deployable by 2028, and the cooperation plan cannot yet be counted as realized revenue.

CoreWeave's Performance to be Focused on Tonight's After-Hours: The company plans to hold a third-quarter earnings conference call at 17:00 EST on November 10, or 06:00 Beijing time on November 11. Key observations include order-to-revenue conversion, project delivery, and financing costs, and unpublished performance will not be referenced as of this report's time.

# 5. Today's Market Calendar

Beijing Time | Country/Region | Event | Market Attention Level

|-------------|----|--------------------|-------| | November 10, 19:00 | United States | October NFIB Small Business Confidence Index | ★★★ | | November 10, 21:30 | United States | October CPI and Real Income, released simultaneously | ★★★★★ | | November 11, 00:00 | United States | New York Fed Q3 Household Debt and Credit Report | ★★★★ | | November 11, 06:00 | United States | CoreWeave Q3 Earnings Conference Call | ★★★★ |

Key Events Preview: The focus on CPI is to look at the month-on-month changes in core prices, and then observe whether the dollar and yields align. Last night's drop in oil prices affects future inflation expectations, and one cannot prematurely conclude that the October CPI results will be low based on this; the household debt report supplements clues about consumer pressure from credit cards, auto loans, etc.

Institutional Views: Morgan Stanley and UBS, in their market commentary on November 9, believe that the previous sell-off of AI stocks was excessive, and the risk of extreme regulatory measures on data centers is low. This is the institutions' judgment on the impact of policies, which still needs to be validated by actual rules and project progress.

This article is for market information reference only and does not constitute investment advice.