Friday the 13th: PPI Adds to Market Jitters 13/11/2026
Market Wrap
Wall Street finished modestly lower Thursday after a volatile session marked by sharp swings in technology shares, renewed pressure from Treasury yields and rising oil prices. The S&P 500 recovered from an early decline of nearly 1%, but failed to finish in positive territory.
The S&P 500 lost 0.35% to 7,592.40, the Nasdaq Composite declined 0.39% to 25,366.09, and the Dow Jones Industrial Average slipped 189.40 points, or 0.36%, to 52,297.09. The Russell 2000 underperformed, falling 1.66% to 2,799.06.
The market displayed a striking split beneath the surface. Advanced Micro Devices (AMD) advanced 5.86% and Broadcom (AVGO) gained 5.54%, while several other AI-linked names struggled. Investors differentiated between companies positioned to win market share and those facing execution or financing risks.
The reopening of the Treasury market after Veterans Day brought borrowing costs back into focus. The 10-year yield climbed above 5%, extending the repricing that followed Tuesday's hotter-than-expected consumer inflation figures.
Energy added another source of uncertainty. Crude prices climbed after President Donald Trump indicated he was no longer interested in reaching a deal with Iran, reviving concerns about geopolitical supply disruptions and their potential effect on inflation.
Economic data offered limited relief. Initial jobless claims came in at 200,000, slightly above forecasts, but the labor-market reading did little to displace inflation and interest rates as the dominant macroeconomic themes.
Despite Thursday's retreat, the major averages remained higher for the week. The S&P 500 was up approximately 2.9% since Friday, while the Nasdaq held a gain of roughly 3.2%, suggesting that buyers had not fully abandoned the rebound.
Friday's main catalyst is the October producer-price index, due at 8:30 a.m. ET. Consensus forecasts call for a 0.4% monthly increase in headline PPI and a 0.3% rise in core PPI. A surprise could shift Treasury yields, rate expectations and sector leadership ahead of the weekend.
Who Can Replace Jensen Huang at Nvidia?
Nvidia (NVDA) faces a pivotal leadership transition after co-founder Jensen Huang resigned Thursday following more than three decades as chief executive. Chief Financial Officer Colette Kress was appointed interim CEO while the board searches for a permanent successor.
The departure leaves a formidable vacancy. Huang helped transform Nvidia from a gaming graphics-chip specialist into the computing platform at the center of the artificial-intelligence boom. Investors now face the question of whether the company can maintain that momentum without its longtime strategist and dealmaker.
Kress, who has served as CFO since 2013, brings experience managing Nvidia's rapid expansion, financial planning and relationships with institutional investors. Her appointment offers continuity as the board evaluates candidates from both inside and outside the company.
Ian Buck, the executive overseeing hyperscale and high-performance computing, is another potential internal choice. He helped create Nvidia's CUDA software platform, which allows developers to use GPUs for a wide range of computing workloads and is a major source of the company's competitive advantage.
Buck also has direct relationships with large cloud customers and knowledge of the product roadmap and supply chain. Analysts argue that these connections could help preserve confidence in Nvidia's technical strategy and future capacity commitments.
Among external possibilities, analysts have mentioned Arm Holdings (ARM) CEO Rene Haas, a former Nvidia executive who understands semiconductor markets and Arm-based processor architecture. Groq founder Jonathan Ross has also been cited because of his experience designing specialized AI chips.
The board's choice must balance technical vision with investor communication and commercial execution. Existing supply contracts remain in place, but analysts see greater risk around future chip allocations, strategic investments and customer agreements. Rivals including Advanced Micro Devices (AMD) and Broadcom (AVGO) could benefit if Nvidia's transition creates uncertainty.
Stocks on the Move
- Applied Materials (AMAT): Shares fell 3.58% on Thursday, closing at $380.95, down $14.13. The semiconductor-equipment maker reported quarterly results after the bell, with investors watching demand for chipmaking equipment and AI-related investment.
- Nebius Group (NBIS): Shares dropped 16.84% as the AI-infrastructure name came under heavy selling pressure. The decline contrasted sharply with gains in several established semiconductor stocks.
- Cisco Systems (CSCO): Shares rose 1.24% on Thursday, closing at $102.01, up $1.25. The networking company reported quarterly results after the bell, drawing attention to its outlook and demand for AI infrastructure.
- Lucid Group (LCID): Shares fell 11.31%, extending pressure on the electric-vehicle manufacturer and highlighting weakness in more speculative growth names.
- HubSpot (HUBS): Shares climbed 6.39%, outperforming the broader market during Thursday's mixed session.
- Valero Energy (VLO): Shares advanced 3.09%, supported by relative strength in energy stocks as crude-oil concerns remained in focus.
Watchlist: PSFE, NBIS, GPN, LCID, HUBS, VLO, AMD, AVGO, NVDA, ARM, AMAT, CSCO, XOM, MU, SNDK, MSTR, SPCX, TSLA
Key Economic Events Today
Economic Data (ET)
- 08:30 AM — USD Producer Price Index (PPI), Core PPI
- 10:50 AM — USD FOMC Member Bowman Speaks
- 12:00 PM — USD FOMC Member Daly Speaks
Earnings
Before Market Open: No major U.S. earnings reports scheduled for this edition.
