US major indices closed lower on Tuesday, with the Dow falling 157.85 points, or 0.30%, to 52,231.89; the S&P 500 declining 29.01 points, or 0.38%, to 7,520.93; and the Nasdaq dropping 187.26 points, or 0.74%, to 25,065.87, according to Sina Finance. October CPI rose 0.4% month-over-month, above the expected 0.3%, while core CPI increased 0.3%, above the forecast of 0.2%. No annual data was provided due to the 2025 government shutdown. The 10-year Treasury yield rose back above 5%, as traders worried about the possibility of rate hikes extending into 2027. Fed Governor Christopher Waller said in London that a December rate hike was likely and opened the door to a possible 50-basis-point increase. "While the exact timing of a hike is not important, ensuring that committed hikes are implemented within a reasonable timeframe is indeed important," he said. Traders now see a December hike as nearly certain, with a small probability of an oversized increase, and expect at least one more 25-basis-point hike next year. "The market is inferring that the Fed may need to be more aggressive in raising rates next year," said Tom Hainlin, national investment strategist at U.S. Bank Asset Management, adding that "CPI data suggests inflation may remain somewhat sticky for longer." The Philadelphia semiconductor index fell 0.35%, with Nvidia dropping over 5% and cumulative losses exceeding 9% over two sessions. Intel and ARM fell more than 2%, while Broadcom rose nearly 4% and TSMC gained over 2%. Among the Magnificent Seven, Amazon rose 1.48% and Tesla gained 0.46%, while Microsoft fell 2.18% and Apple declined 0.61%. Anthropic launched a roadshow and filed updated documents for its anticipated IPO, seeking a $1.4 trillion valuation. Oil prices declined, with both Brent and WTI crude falling about 1%.