📊 Market Overview

On Thursday, November 12, all three major US indexes edged lower as Nvidia CEO Jensen Huang's abrupt resignation collided with a jump in Treasury yields. The S&P 500 fell 26.98 points (-0.35%) to 7,592.40, the Nasdaq Composite lost 100.10 points (-0.39%) to 25,366.09, and the Dow Jones Industrial Average dropped 189.40 points (-0.36%) to 52,297.09.

It was a roller-coaster session. Nvidia plunged as much as 14% right after the open and dragged the indexes down, but rivals AMD and Broadcom rallied more than 5% and absorbed the shock. By 11:30 a.m. ET, per The Motley Fool, the S&P 500 had rebounded 0.19% to 7,634 and the Dow 0.29% to 52,641. In the afternoon, however, the 10-year Treasury yield shot into the 5.1% range and wiped out those gains. The small-cap Russell 2000 fell 1.71%, far more than large caps, and the Cboe Volatility Index (VIX) rose more than 8% to near 19.

The AI rally that CoreWeave's results revived on Wednesday was tested again within a day. But the nature of the decline differed from Tuesday's. AI chips as a group did not collapse; instead, the market reallocated one company's leadership risk toward its competitors. The Technology Select Sector SPDR (XLK) fell just 0.36%, and energy was the only sector with a clear gain, up 1.50%.

🔑 Key Issues

1. Jensen Huang resigns as Nvidia CEO and director, effective immediately — Nvidia falls 4.34% Nvidia said Huang is stepping down as president, CEO and board member, effective immediately. CFO Colette Kress becomes interim CEO until a successor is named, and former Synopsys CEO Harvey C. Jones becomes the company's first-ever board chair. The company said it will consider internal and external candidates but named no permanent successor. The resignation follows a string of relationship allegations. Huang acknowledged a relationship with an executive at Megaspeed, and the Financial Times reported that US intelligence suspects that person of being a Chinese intelligence agent. The New York Times reported a relationship with an Nvidia vice president who reported directly to him, and Reuters reported yet another on Thursday afternoon. Nvidia shares fell as low as $148.80 intraday before trimming losses to close down 4.34% at $166.19. According to NBC News, its market value dropped below $4 trillion in early trading for the first time since 2025, erasing about $550 billion. Nvidia is now more than 30% below its October 6 high.

2. Money rotates to rivals — AMD +5.86%, Broadcom +5.54% Investors bet that Nvidia's turmoil could be an opportunity for its competitors. AMD rose 5.86% to $585.30 and Broadcom 5.54% to $364.36, among the S&P 500's top gainers. William Blair analyst Sebastien Naji upgraded AMD to Outperform from Market Perform and cut Nvidia to Market Perform. He cited Nvidia's possible leadership vacuum, CPU attach opportunities in custom chip programs, and Intel Xeon roadmap delays. Stocks tied to the Nvidia ecosystem were weak: Super Micro fell 11.30%, Marvell 2.58% and Micron 1.59%.

3. The 10-year hits 5.1% — rates snuffed out the afternoon rebound The 10-year Treasury yield rose more than 10bp in a single day to close around 5.1%. CNBC said it reached 5.107%, and the 30-year moved into the 5.4% range. Oil jumped after President Trump suggested the US does not need a deal with Iran, adding to expectations of further hikes that have built since Tuesday's hot October CPI. San Francisco Fed President Mary Daly said her bias is that further tightening will be needed, and Chicago Fed President Austan Goolsbee called the inflation situation a precarious moment. Initial jobless claims came in at 200,000 per Yahoo, slightly above the 195,000 estimate, but not enough to signal a cooling labor market or ease rate pressure.

4. Nebius plunges 16.8% — it beat on results but lost on guidance Before the open, AI cloud provider Nebius reported third-quarter revenue of $980.8 million (up 571% year over year), above the $907.5 million expected, and adjusted EPS of $0.31 versus an expected loss of $0.69. But it said 2026 revenue will land at the low end of its $3.0–3.4 billion guidance because third-party data center capacity deliveries have slipped into the first half of 2027. It raised this year's capex to $27 billion from $20–25 billion and guided 2027 capex to $40–45 billion. Slower revenue plus bigger spending sent the stock down 16.84% to $128.64. CoreWeave, which soared 24.7% on Wednesday, fell 6.86% and gave back a large part of that gain.

5. After the close, Cisco jumps 8% while Applied Materials is mixed Cisco's fiscal 2027 first-quarter revenue of $18.52 billion (+24%) and adjusted EPS of $1.40 (+40%) beat estimates of $18.13 billion and $1.33. It raised full-year revenue guidance to $74.8–75.8 billion and lifted its hyperscaler AI infrastructure revenue expectation to $9 billion. CEO Chuck Robbins said Cisco is in the very early stages of a multi-year networking supercycle. Shares rose 1.24% in the regular session and initially jumped about 8% after hours. Applied Materials beat with fourth-quarter revenue of $10.41 billion (+53%) and adjusted EPS of $4.16, and guided next-quarter revenue to $11.1 billion (±$500 million), but the stock fell 3.58% in the regular session and was initially down about 1% after hours.

📊 Sector Performance

Sector	Change	Key Drivers
Energy	+1.50%	WTI up 2.8%, Exxon Mobil +1.85%, ConocoPhillips +1.62%
Utilities	0.00%	Flat on defensive demand despite the rate spike
Technology	-0.36%	AMD +5.86% and Broadcom +5.54% offset Nvidia -4.34%
Consumer Staples	-0.43%	Walmart +0.41%, Coca-Cola -0.15%
Consumer Discretionary	-0.45%	Home Depot -0.86% and McDonald's -0.43% despite Tesla +1.69%
Real Estate	-0.50%	Pressure from the 10-year's jump into the 5.1% range
Health Care	-0.60%	Thermo Fisher -2.53%, Johnson & Johnson +1.12%
Financials	-0.73%	Goldman Sachs -1.42%, American Express -1.54%
Industrials	-0.91%	GE -3.48%, Honeywell -1.84%, Boeing -1.71%
Communication Services	-0.94%	Meta -0.82%, partly offset by Alphabet +1.79%
Materials	-1.30%	Gold miners weak as gold fell 3%

With rates and oil both rising, only energy came out ahead. Rate-sensitive real estate and financials and gold-exposed materials were weak, while technology's losses were limited by rival chipmakers' strength despite the Nvidia shock.

🌍 Global Markets

• Europe STOXX 600: Up 0.14% to 664.01. The Nvidia news gathered force after the US open, so Europe was less affected.
• US Dollar Index (DXY): Up 0.25% to 103.17. Investopedia said the dollar is at its highest level since early April 2025.
• 10-Year US Treasury Yield: About 5.10%, up more than 10bp in a day. Reopening after the Veterans Day holiday, the bond market priced in Tuesday's CPI and higher oil at once.
• WTI Crude Oil: Up 2.83% to $88.98 a barrel. Supply worries returned after President Trump said the US does not need a deal with Iran.
• Gold: Down 3.03% to $3,879.40 an ounce, a 13-month low. Rising real yields and a stronger dollar reduced the appeal of non-yielding gold. Bitcoin also fell about 4% to the $71,000 range.

🚀 SPCX (SpaceX) Update

SpaceX (SPCX) rose 0.14% to $139.94, essentially flat. After Wednesday's 2.33% drop it did not extend losses and is basing near the low end of its 52-week range (about $104.83–225.64).

No company-specific catalyst was confirmed. On a day when megacap tech wobbled on Nvidia risk, the space theme, which is not directly tied to the chip supply chain, was relatively stable. Still, with Anthropic's IPO approaching next week (pricing expected on the 18th, trading on the 19th), the risk that flows rotate from mega-growth stocks into the new listing remains.

⚠️ Investor Cautions

The Nvidia story is not over. Reported relationships grew to three within a day, and one report said US intelligence suspects a linked person of being a Chinese agent. With non-fundamental risks such as the board investigation and a congressional hearing still pending, it is hard to anchor the stock's floor to earnings. Bernstein (target $400 to $200) and Citi ($285 to $225) slashed targets, while BofA and JPMorgan expect business leadership to hold. When views diverge this much, buying into an intraday plunge can lead to big losses. It is also unclear whether the CEO change affects Nvidia's commitment of $10 billion of the $26 billion private placement tied to Anthropic's IPO.

The rate risk is more direct. The 10-year has broken above 5.1%, and the market treats a December hike as nearly certain. A hotter-than-expected PPI on Friday could fuel debate over a 50bp hike. Small caps falling more than 1.7% is a sign that high-rate pressure shows up first at companies with weaker balance sheets than megacap tech.

👁 What to Watch Tomorrow

• October PPI (consensus +0.4% m/m, core +0.3%): JPMorgan forecasts +0.6% headline and +0.4% core. A hotter print could push the 10-year toward 5.2% and weigh on tech broadly; an in-line print could reverse part of Thursday's rate jump.
• S&P 500 support at 7,570–7,600: The 7,592.40 close slipped just below 7,600. Holding the November 3 close (7,568.92) would keep this a correction; breaking it raises the odds that Wednesday's rally was a one-day bounce.
• Nvidia at $160 and the $148.80 intraday low: The key is whether selling continues for a second day. More reports could retest the intraday low, while an internal message from interim CEO Kress or a follow-up board announcement could spark a rebound.
• Whether Cisco's after-hours surge holds: If the 8% after-hours gain holds in regular trading, it would show AI networking demand remains solid regardless of the Nvidia issue. Watch whether the strength spreads to networking names such as Broadcom and Arista.
• Reaction to Applied Materials' guidance: The market will judge whether the $11.1 billion next-quarter revenue guide beat high expectations. Chip equipment stocks also feed into sentiment for Korean equipment and parts names.

💡 Upcoming Events

• Nov 13 (Fri): October Producer Price Index (PPI; consensus +0.4% m/m, core +0.3%)
• Nov 17 (Tue): Nvidia Q3 earnings (expected to be interim CEO Kress's first report); October retail sales (schedule to be confirmed)
• Nov 18–19: Anthropic IPO pricing (18th) and Nasdaq debut (19th) expected
• Dec 9 (Wed): December FOMC rate decision

📚 Sources

• Stock market today: Dow, S&P 500, Nasdaq slip as Nvidia stock falls on CEO exit, bond yields rise — Yahoo Finance
• Stock Market Today: Nasdaq, S&P 500 Slide as Nvidia Shares Plummet on News CEO Jensen Huang Is Stepping Down — Yahoo Finance
• Stock Market Midday, Nov. 12: Nvidia CEO Resigns, AMD Surges as Wall Street Edges Higher — The Motley Fool
• Nvidia stock pares morning losses after CEO Jensen Huang announces resignation — CNBC
• Nvidia stock falls after Huang resigns, weighing on broader market — NBC News
• Tech stocks take hit as Huang quits Nvidia — Yahoo Finance
• AMD upgraded because it will benefit from Nvidia's 'leadership vacuum' — CNBC
• 10-year Treasury yield jumps back above 5% as oil gains and more Fed rate hikes expected — CNBC
• Nebius falls 16% as company expects increased 2026 capex spend, issues weak outlook — CNBC
• Cisco Reports First Quarter Earnings — StockTitan
• Live: Will Cisco Smash Q1 Earnings Today After Rallying 2% Intraday? — 24/7 Wall St.
• Applied Materials Announces Fourth Quarter and Fiscal Year 2026 Results — StockTitan
• Live: Will Applied Materials Crush Q4 Earnings Tonight After the Bell? — 24/7 Wall St.
• Gold, silver extend losses as Fed hike bets lift dollar, Treasury yields — Kitco
• Fear and Greed Index — Fear & Greed Meter