US stocks rebound from CPI-driven losses on Anthropic IPO buzz

US equities began the session under pressure following a CPI reading that came in above forecasts, sending Treasury yields higher and strengthening the case for tighter monetary policy. The Nasdaq benchmarks bore the brunt of the initial selloff, but sentiment shifted as market focus turned to news of Anthropic's expected initial public offering. Both indexes reversed their early declines and moved into positive ground.

According to reports, Anthropic aims to set the IPO price on November 18, with the first trading session scheduled for November 19. Approximately 20% of the shares are earmarked for retail investors, and orders have already reached the total number of shares on offer, sources say. This provided support for tech buyers after the inflation data and rising yields had dictated the market's direction at the opening.

The Nasdaq 100's trading range spans more than 449 points

The Nasdaq Composite fell by as many as 294.83 points before rising by up to 33.69 points, resulting in a total swing exceeding 328 points.

The Nasdaq 100 staged a larger reversal, dropping as much as 366.62 points before climbing to a gain of 82.71 points, a movement of just above 449 points.

At the time of writing, the Nasdaq Composite was down 0.03%, while the Nasdaq 100 was up 0.07%. Both indexes have pulled back from their recovery highs, bringing the unchanged level back into focus. This level serves as a near-term gauge. If buyers can push above it and hold, the recovery highs become the next target. If the indexes dip below unchanged and fail to regain it, attention turns to how much of the rally buyers can retain.

Nvidia probes a major support floor

Nvidia remains under strain and is assessing a significant support zone. This provides buyers with a level to rely on with limited risk. Should the support hold, a rebound is possible, and the subsequent issue is whether buyers can break past the initial resistance target. If the stock falls beneath the support and stays there, sellers maintain dominance and attention moves to the subsequent downside objective.