S&P 500 futures were relatively unchanged on Tuesday as traders awaited a pivotal consumer inflation report and digested new comments from a key Federal Reserve official. Futures tied to the broad market index traded around the flatline, while those linked to the Dow Jones Industrial Average were up 156 points, or 0.3%. Nasdaq-100 futures slipped 0.4%. Fed Governor Christopher Waller said in a speech Tuesday that he thinks a December rate hike is likely. He also opened the door for a larger half-point increase next month as inflationary pressures persist. “While the precise timing of the hikes doesn’t matter, ensuring that the promised hikes are implemented in a reasonable period of time does,” he said. Waller’s comments came ahead of the October consumer price index report, which came in hotter than expected. Headline CPI rose 0.4% last month, above the gain of 0.3% that economists polled by Dow Jones expected. Core CPI, which excludes volatile food and energy costs, increased 0.3% in October. Economists had called for a 0.2% advance on the month. “We think the slowdown in core CPI will stem from a reversion of shelter prices, primarily owners’ equivalent rents and lodging away from home. Similarly, the stabilization in diesel prices should help to quell price pressures in energy-intensive goods,” wrote Christopher Hodge, chief economist of the U.S. at Natixis CIB Americas. Annual figures will not be provided for Tuesday’s report because of the 2025 government shutdown. At that time, the Bureau of Labor Statistics was unable to collect some data, which means there isn’t a comparable figure for the index. During the regular U.S. trading day, the Dow Industrials gained 1,104 points, or 2.2%, while the S&P 500 popped about 2.4%. The Nasdaq Composite rose 2.7%. Monday’s rally came after a rocky week for markets, in which traders grew concerned about the potential for a slowdown in data center buildouts after Democrats posted big victories in the midterm elections. Treasury yields rose on Tuesday ahead of closely watched U.S. consumer price index data for October and weighed new comments from a top Federal Reserve official. The yield on the 2-year Treasury note, which more closely follows short-term Fed rate decisions, climbed more than 7 basis points to 4.62%. The yield on the 10-year Treasury note—the benchmark for mortgages, car loans, and credit card rates—was up by more than 3 basis points to 4.894%. The 30-year Treasury bond yield, which is often impacted by geopolitical developments, was up more than 1 basis point at 5.27%. In Asia, South Korea’s Kospi surged 4.3%, while Japan’s Nikkei 225 added 2.89%. Hong Kong’s Hang Seng Index rose 0.42%, and mainland China’s CSI 300 added 0.26%. Australia’s S&P/ASX 200 gained 1.27%. Crude oil futures were lower on Tuesday, extending a sharp decline that began last week. As of 2:25 a.m. ET, front-month Brent crude oil futures were 1.3% lower at $91.45 per barrel, while U.S. West Texas Intermediate futures shed 1.3% to trade at $85.70 a barrel. Gold prices fell more than 1% ​on Tuesday after hawkish remarks ​from a US ​Federal Reserve official, who said aggressive monetary policy may be needed if inflation continues to rise, weighed on bullion ahead of the release of US consumer price data. Spot gold was ⁠down ‌1.5% to $4,078.53 per ounce by 1025 GMT. US gold ⁠futures for December delivery fell 0.7% to $4,086.30 per ounce. “There is a bitter turnaround on the rate and dollar side. Rates are not falling anymore as before,” said UBS analyst Giovanni Staunovo.