US stocks fall after biggest weekly gain since June while crypto tries to rebound from the FTX bankruptcy

• US stocks slipped Monday following a massive rally last week that was sparked by upbeat inflation data.
• The October CPI report showed a cooler-than-expected increase, but a Fed official warned there are still more rate hikes to come.

US stocks slipped Monday after the S&P 500 soared 5.9% last week for its best week since June while cryptocurrencies tried to rebound.

Stocks rallied last week after the Labor Department reported a cooler-than-expected increase. But Fed Governor Christopher Waller cautioned against celebrating too early.

"The market seems to have gotten way out in front on this," Waller said Sunday at a talk in Sydney, hosted by UBS. "Everybody should just take a deep breath — calm down. We have a ways to go yet."

Bitcoin and ether edged up as the CEO of Binance pledged to create a recovery fund for crypto projects that need liquidity in the wake of FTX's collapse.

Here's where US indexes stood as the market opened 9:30 a.m. on Monday:

• S&P 500: 3,978.29, down 0.37%

• Dow Jones Industrial Average: 33,736.81, down 0.03% (11.05 points)

• Nasdaq Composite: 11,227.48, down 0.85%

Meanwhile, markets continue to digest the changing political landscape.

"While the House is still up for grabs, it seems we could be headed to a divided government, which may be welcomed news for the market," Chris Larkin, managing director at E*TRADE from Morgan Stanley. "A divided government may be more market-friendly than one controlled entirely by the Democratic party, since the latter was more likely to result in government spending programs with the potential to feed inflation and keep the Fed on a hawkish path."

Here's what else is going on today:

• US crypto exchange Kraken froze accounts owned by FTX and Alameda after talking with law enforcement.
• Bahamas law enforcement is investigating criminal misconduct at FTX.
• As much as $2 billion in FTX customers' funds have reportedly vanished from the exchange.
• FTX held just $900 million in easy-to-sell assets but $9 billion in liabilities the day before it imploded, according to the Financial Times.
• Elon Musk is bracing for a painful US recession, and warned that Fed rate hikes will worsen the downturn.
• Mark Cuban said investors aren't facing another dot-com crash.
• Ark Invest CEO Cathie Wood said the Fed could send us into another Great Depression.
• US Treasury Secretary Janet Yellen said the crypto market needs "very careful regulation" in light of FTX's collapse.

In commodities, bonds, and bitcoin:

• Oil prices slipped, with West Texas Intermediate down 1.21% to $87.84 a barrel. Brent crude, the international benchmark, fell 1.08% to $94.91 a barrel.
• Gold edged lower 0.21% to 1,765.10 per ounce.
• The 10-year yield ticked higher 4.2 basis points to 3.869%.
• Bitcoin climbed 1.24% to $16,705.