According to CoinMeta, U.S. inflation data in October far exceeded expectations, leading to an increase in expectations for a significant interest rate hike by the Federal Reserve. The three major U.S. stock indices opened lower: the Dow Jones Industrial Average fell 0.4%, the S&P 500 index fell 0.6%, and the Nasdaq index fell 0.8%. Most of the top tech stocks declined, with NVIDIA dropping 2.6%, Intel falling 2%, Micron Technology falling 2.2%, and Apple rising 0.4%. Alibaba fell 0.3% and plans to split off Pingtouge Semiconductor for an independent listing on the Hong Kong Stock Exchange.