Dow falls 157.86 points as stocks and oil close lower

The Dow Jones Industrial Average has fallen 157.86 points, or 0.3 percent, to 52,231.89. The S&P 500 is down 29.01 points, or 0.38 percent, at 7,520.93, and the Nasdaq composite is down 187.26 points, or 0.74 percent, at 25,065.87.

A hotter inflation print is the rate backdrop. October's consumer price index rose 0.4 percent on the month, above the 0.3 percent forecast. Core CPI, which leaves out food and energy, rose 0.3 percent, above a 0.2 percent forecast. The 2-year Treasury yield, the note that tracks near-term rate expectations, is up more than 18 basis points at 4.736 percent. The 10-year yield is up 13 basis points at 4.992 percent after trading above 5 percent during the session.

Waller says a larger December move should be considered. "In that case, I believe a 50 basis point hike in the policy rate should be considered at the December meeting," Federal Reserve Governor Christopher Waller said in London. He also said, "Hiking only 25 basis points would put our credibility at risk, a risk I am not eager to take." One market reading puts the chance of a quarter-point December increase at about 90 percent. That reading does not price a hold as the base case, and it does not price a half-point move as the base case either.

Nvidia is down for a second straight session. The stock is off 5.5 percent. Its market value is around $4.07 trillion, the lowest since late March. The slide tracks the board's inquiry into reports that Jensen Huang was targeted by a foreign intelligence effort. The Russell 2000 is down 19.44 points, or 0.7 percent, at 2,821.38.

Oil has settled at its lowest since August 31. Brent crude has settled at $91.49 a barrel, down $1.08, or 1.17 percent. West Texas Intermediate has settled at $86.04, down 81 cents, or 0.9 percent. Both closes are the lowest since August 31, and both are lower for a second day. Prices fell after U.S. officials downplayed the need for further military action against Iran. Early trade was down more than $3 a barrel before a partial recovery. On Monday, President Donald Trump said he planned to hold off on new strikes after appeals from countries in the region.

Bitcoin is lower, without a confirmed closing low. It was trading near $73,700 late Tuesday, down about 2 percent on the day.

The next Federal Reserve meeting is in December. The open question in the rate readings is the size of an increase, not a decision the Fed has announced.