The Nightcap: Nasdaq futures rebound 1% from the hot-CPI close as Anthropic sets its IPO range

Futures are climbing back after Tuesday's inflation shock, led by the Nasdaq. At 9 PM ET, Nasdaq 100 futures were up 1.01% from where they traded at the 4 PM cash close, S&P 500 futures up 0.43% and Dow futures up 0.18%. We cannot tie the bounce to a single headline tonight, and thin overnight trading exaggerates moves, so treat it as a rebound from a rates scare, not a verdict.

Futures and gold at 9 PM ET

Futures prices from Yahoo Finance one-minute data, read at about 8:52 PM ET, compared with the 4:00 PM ET print of the same contract. Cash closes are in our close story. The 10-year Treasury yield closed at 4.98%, up from 4.88%, per the Treasury's daily curve; the bond market is not a source of new information overnight.

The big headline: Anthropic's IPO range

Anthropic told investors in an updated filing that it will offer 825 million shares at $70 to $78, CNBC reported. At the top of the range the company would raise up to $64.35 billion and be worth up to $1.405 trillion fully diluted, against $965 billion in a May funding round. CNBC's sources say it plans to price on Nov. 18 and begin trading on the Nasdaq on Nov. 19 under the ticker "ANT," with about 20% of the offering aimed at retail buyers, double the usual 5% to 10%.

CNBC's Jim Cramer said the valuation meant the market had "dodged a real bullet," reading it as lower than feared, per his analysis. Separately, CNBC reported that a pre-IPO perpetual contract on Hyperliquid, an offshore crypto venue closed to U.S. investors, implied a share price near $98, more than 30% above the range. That is one thinly regulated contract, not a forecast, and the same contract had been above $110 before last week's tech selloff. We go deeper on the filing in our earlier report. Disclosure: this newsroom uses Anthropic's Claude model.

What is still hanging over the open

Tuesday's October CPI came in at 0.4% against 0.3% expected, and Fed Governor Waller said he leans toward a quarter-point hike in December while a half-point "should be considered" if inflation runs hot, as we reported in the close. Nvidia, down 5.5% Tuesday amid the probe into CEO Jensen Huang's alleged contacts with a Chinese spy, is the stock to watch if the tech rebound holds; our Nvidia report has the facts.

What to watch Wednesday and this week

• Thursday: initial jobless claims (forecast 195,000, previous 189,000) and existing home sales (forecast 3.85 million, previous 3.99 million), per the Chronicle economic calendar.
• Friday: producer prices, the next inflation read before the Fed's Dec. 8-9 meeting.
• Nov. 17: retail sales (forecast flat, previous +0.8%) and Nvidia earnings. Nov. 18-19: Anthropic's pricing and expected first trade.

Sources: Yahoo Finance; Chronicle markets board; U.S. Treasury; CNBC. Futures trade nearly around the clock and overnight prices can reverse by the open. This is market information, not investment advice.