Equity markets saw recent upward momentum stall following a hotter-than-expected October inflation report. E-mini S&P 500 futures fell 35 points and the Dow dropped roughly 200 points, pressured in part by a 6% decline in NVIDIA. The headline Consumer Price Index increased 0.4% month over month, exceeding the 0.3% consensus estimate, while core inflation reached its highest level since January 2025. In fixed income, Treasury yields climbed sharply, pushing the 10-Year yield back above 5%. CME FedWatch Tool data indicates a 14% probability of a 50 bps rate hike in December and nearly a 50% probability of a hike in January ahead of Friday's Producer Price Index report. Derivatives volume remained elevated, highlighted by heavy put activity in E-mini Nasdaq-100 and E-mini S&P 500 options, while bitcoin retreated to $72,800 following the inflation release.