Wall Street retreats as hot inflation boosts December rate hike odds

Wall Street retreated as hotter-than-expected US inflation firmed bets on a Federal Reserve rate hike in December, with the ASX poised to slide about 0.5% after futures pointed lower. October US CPI rose 0.4%, above the 0.3% forecast, marking the third straight month of 0.4% or higher growth. Two voting Fed members openly discussed raising rates, pushing bond yields and the dollar up, while the Aussie dollar fell nearly 1% to 68.63 US cents. Tech stocks led losses, with Nvidia dropping over 5% amid a probe into CEO Jensen Huang. Anthropic's IPO, valuing it up to $US1.4 trillion, is set to trade on November 19, while gold fell almost 3% and oil hit a two-month low.