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What happened today
The S&P 500 fell 26.98 points, or 0.4%, to 7,592.40, the Dow fell 189.40 points, or 0.4%, to 52,297.09, and the Nasdaq Composite fell 100.10 points, or 0.4%, to 25,366.09, AP reported. Smaller companies took a bigger hit: the Russell 2000 fell 1.7%. Nvidia plunged 14% at the open and was down 5.4% with about an hour left in trading, AP reported.
Update (Nov 12, 3:55 PM CT): This Brief first published late-session index figures from Yahoo Finance data, before AP's closing numbers were out. It now uses AP's final closes and news-reported figures throughout. Under our sourcing rules, published market figures come from news reports, and quote pages are only for checking.
Our read
Here's what jumps out: the morning's shock was Nvidia, but the day's real pressure came from the bond market. Losing a founder-CEO knocked the stock hard at the open, and buyers stepped in fast, while other chipmakers like AMD and Broadcom rallied. Meanwhile the 10-year yield pushed to about 5.1% and gold slid almost 3% That's the rate story: traders are bracing for more Fed hikes, not fewer.
The news, then the reaction
Nvidia's CEO exit (our Breaking Brief, 8:10 AM CT)
- Before: We reported this morning that Nvidia said Jensen Huang resigned as CEO and from its board, effective immediately, with CFO Colette Kress as interim CEO (Breaking Brief). Nvidia tumbled more than 10% before the bell, Yahoo Finance reported.
- The news: Nvidia plunged 14% at the open, AP reported.
- After: It recovered much of that and was down 5.4% with about an hour left in trading, AP reported. AMD was up 5.9% and Broadcom up 5.2% with about an hour left in trading, AP reported. Nvidia's quarterly results are still set for Tuesday, Nov. 17, after the close, the company said.
"It leaves the company rudderless." (Reuters)Kathleen Brooks, XTB
Oil and Iran
- The news: President Trump said he is no longer interested in a deal with Iran to end the war, writing, "We don't need a deal with Iran," AP reported.
- After: Brent crude was up 3.3% at $95.82 a barrel in the afternoon, AP reported. Energy stocks gained, with Exxon Mobil up 2.3% and Marathon Petroleum up 3.2%, AP reported.
Jobless claims (7:30 AM CT)
- The news: Initial jobless claims rose to 200,000 for the week ended Nov. 7, above the 195,000 consensus, Kitco reported.
- After: Spot gold slid to session lows after the release, at $3,903.98, down 2.11%, at 7:31 AM CT, Kitco reported.
Why it moved
- The 10-year Treasury yield rose to 5.10% from 4.98% late Tuesday, AP reported. The bond market was closed Wednesday for Veterans Day.
- Traders see a December Fed hike as a certainty, with about a 13% chance of a half-point move, according to CME FedWatch, Reuters reported Thursday morning.
- San Francisco Fed President Mary Daly said, "My bias is that further tightening will be needed…," Dow Jones Newswires reported via Yahoo Finance.
- Spot gold was down 2.38% at $3,890.46 in early US trading, at its lowest in more than a week, as a stronger dollar and Fed hike bets weighed, Kitco reported.
Put those together and the picture is clear: higher yields and a stronger dollar make gold less attractive and put a ceiling on stocks, even on a day when the biggest single-stock story was something else entirely.
Tonight in Asia
| Time CT | Market or event | Why it matters |
|---|---|---|
| 6:00 PM | Tokyo and Seoul open | First Asian read on Nvidia's leadership change and US yields at about 5.1% |
| 7:30 PM | Hong Kong and Shanghai open | Oil above $95 (Brent) feeds into Asia's energy importers |
Tomorrow
| Time CT | Event | Consensus |
|---|---|---|
| 7:30 AM | US October PPI (producer prices) | — |
| 3:05 PM | The Retest's Week in Review | — |
What we're watching
- PPI tomorrow lands on a market already braced for a December hike. Does a hot number push hike odds toward a half point?
- Can the 10-year hold above 5%? That level is doing a lot of the work on gold and on stock valuations right now.
- Nvidia reports Tuesday with an interim CEO. Will the company say more about the leadership search?
What it means for your money
The 10-year Treasury yield, a benchmark many mortgage rates follow, rose to about 5.1% today, AP reported. For anyone shopping for a home or refinancing, rising long-term yields tend to show up in mortgage quotes. And for 401(k)s holding big tech index funds, a single company like Nvidia can move the whole fund, which is exactly what concentration looks like day to day.
The short version (the what and the result)
- Nvidia plunged 14% at the open on its CEO's exit and was down 5.4% with about an hour left (AP).
- S&P 500, Dow and Nasdaq each closed down 0.4%; Russell 2000 −1.7% (AP).
- 10-year yield about 5.10%, Brent up 3.3% to $95.82 (AP); spot gold down more than 2% (Kitco).
- Tomorrow: October PPI at 7:30 AM CT.
Sources
- AP via WCAX: Wall Street shakes following swings for Nvidia and oil prices
- AP via VIN News: A plunge for Nvidia's stock drags Wall Street lower (morning)
- Reuters via Kitco: S&P 500, Nasdaq fall as Nvidia CEO's exit rattles AI stocks
- AP via KRMG: How major US stock indexes fared Thursday 11/12/2026
- Yahoo Finance: Stock market today, Nov. 12 (live)
- Kitco: Gold price tests $3,900/oz after US weekly jobless claims rise to 200k
- Kitco: Gold, silver extend losses as Fed hike bets lift dollar, Treasury yields
- The Retest: Breaking Brief, Nvidia CEO
- BLS: November 2026 release schedule
- Nvidia 8-K: CEO transition
- Nvidia: conference call for third-quarter results