The S&P 500 lost $244 billion on inflation day. Nvidia lost $236 billion of it.

The 500 stocks in the S&P 500 lost $243.7 billion of market value on Tuesday, a fall of 0.35% by our market-cap-weighted count. Nvidia accounted for $236.2 billion of that. The other 499 stocks together lost $7.5 billion, or 0.01%.

The day's headlines were about inflation. A hotter-than-expected October reading sent the 10-year Treasury yield to 4.93% in early trading, Yahoo Finance reported, with the odds of a December rate hike at 89%. On the map that did not look like a market-wide selloff. 249 stocks rose, 245 fell, and the median stock closed unchanged.

Where the loss came from

$NVDA fell 5.47%, its fifth-worst day in our price history, which starts in April 2025. It was the stock's second straight loss, on the day the Wall Street Journal reported that the company had hired the law firm Wachtell Lipton to lead an internal investigation. $MSFT lost a further $89.3 billion. Take those two out and the remaining 498 stocks gained $81.7 billion.

Five of the 11 sectors rose, led by financials.

Where higher yields did show up

Homebuilders were the clearest group move on the day yields jumped. $LEN fell 5.37%, $NVR 4.76%, $PHM 3.89% and $DHI 3.80%, four of the index's 15 worst stocks.

Those four companies are worth about $102 billion together, roughly one-fortieth of Nvidia. A 5% fall in all of them moves the index less than a 0.2% move in Nvidia does.