Market Summary

U.S. equities gave back part of Wednesday’s AI-driven rally on Thursday, November 12. The S&P 500 fell 26.98 points (-0.35%) to 7,592.47, the Nasdaq Composite lost 100.10 (-0.39%) to 25,386.47, and the Dow dropped 189.40 (-0.36%) to 52,297.30. The Russell 2000 underperformed, down 1.7%. The S&P briefly rose above its early losses and made a run at its 50-day moving average (7,671), then faded into the close.

The main catalyst was NVIDIA’s announcement that Jensen Huang had resigned as president, CEO, and board member, effective immediately. This followed a New York Times report about a second extramarital affair, this time involving a company employee. NVDA was down more than 14% at the open, to a level not seen since July 2025. It recovered much of that and closed at 166.19 (-4.34%). AI financing concerns resurfaced after Nebius issued disappointing FY26 revenue guidance and raised its capex plan, and after a Bloomberg report that CoreWeave is seeking a $4 billion investment-grade loan.

Macro pressure broadened the selling. Treasury yields rose sharply on growing expectations for a 50-basis point rate hike in December. WTI crude rose 2.8% to $88.79 amid conflicting signals on Iran. President Trump said, “We don’t need a deal with Iran. Those days have long since passed.” Only energy (+1.5%) and communication services (+0.4%) finished higher. Within AI, the trade was not uniformly lower: AMD, Broadcom, and Alphabet rose as potential beneficiaries of a competitive opening versus NVIDIA.

Market Snapshot

Index	Close	Change	%
Dow	52,297.30	-189.40	-0.36%
S&P 500	7,592.47	-26.98	-0.35%
Nasdaq Composite	25,386.47	-100.10	-0.39%
Russell 2000	n/a	n/a	-1.7%

YTD: Russell 2000 +12.8%, S&P MidCap 400 +11.5%, S&P 500 +10.9%, Nasdaq +9.1%, Dow +8.8%.

Exchange breadth (Briefing.com):

NYSE: 583 advancers vs. 2,143 decliners; volume 1.10 bln.
Nasdaq: 1,163 advancers vs. 3,741 decliners; volume 10.42 bln.

WaveFinder breadth:

Primary sentiment: Bearish (895 bulls, 1,406 bears).
4% sentiment: Very Bearish (99 bulls, 429 bears).
40 SMA sentiment: Neutral.
Above 20 SMA: 55.09%. Above 40 SMA: 56.1%.
9M: 4 bulls vs. 27 bears; bull follow-through 1.72%.

Breadth was decisively negative, with decliners outnumbering advancers by roughly 3.7-to-1 on NYSE and 3.2-to-1 on Nasdaq.

Sector Performance

Closing percentages come from the Briefing.com wrap. Volatility readings come from WaveFinder.

Rank	Sector	Day Change	WaveFinder ATR (trend, percentile)
1	Energy	+1.5%	-0.55% (falling, P32)
2	Communication Services	+0.4%	0.80% (rising, P89)
3	Information Technology	-0.4%	-1.53% (rising, P74)
4 (tie)	Financials	-0.7%	0.35% (rising, P79)
4 (tie)	Health Care	-0.7%	1.87% (flat, P16)
6	Industrials	-0.9%	0.27% (falling, P79)
7	Materials	-1.5%	0.72% (falling, P32)
n/a	Consumer Discretionary	not provided	1.44% (flat, P58)
n/a	Consumer Staples	not provided	2.25% (flat, P53)
n/a	Utilities	not provided	2.88% (falling, P47)
n/a	Real Estate	not provided	1.24% (rising, P74)

Unreported sectors: Closing performance for Consumer Discretionary, Consumer Staples, Utilities, and Real Estate was not provided. The Industry Watch panel lists Utilities and Consumer Staples as “strong,” but the closing narrative says only energy and communication services ended higher. This is an unresolved discrepancy in the source data.
Industry Watch: Strong: Utilities, Energy, Consumer Staples, Communication Services. Weak: Materials, Information Technology, Industrials.
Energy: It is up 4.5% for the week, overtaking industrials (+4.4% week-to-date), but still down 7.9% for the month.
Technology: It set the market’s direction but finished mid-pack.
ATR readings: Technology and Energy show negative ATR values in the feed, which is unusual. I’m reporting them as given.

Key Earnings & Movers

Thursday, November 12:

NVIDIA (NVDA 166.19, -7.54, -4.34%): Huang resigned. The stock was down 14%+ at the open, and the 12-Nov 14:55 ET update showed it at 164.35 (-5.40%). CFO Kress is interim CEO while the board searches for a permanent replacement.
AMD (585.30, +32.40, +5.86%): Viewed as a potential beneficiary of a competitive opening.
Broadcom (AVGO 364.36, +19.14, +5.54%): Same theme.
Alphabet (GOOG 295.35, +4.72, +1.62%): Its internally developed TPU platform offers an alternative to NVIDIA hardware. Its strength lifted communication services.
Nebius (NBIS): Heavily lower on reduced outlook and higher capex (details below). It was down 17% pre-market. A closing price was not provided.
CoreWeave (CRWV): Down 13% pre-market on the $4 billion loan report. A closing price was not provided.
Forgent Power Solutions (FPS): Sharply lower despite a Q1 beat. Adjusted EPS was $0.24 on revenue of $478.6 mln (+68.9% y/y). FY27 revenue guidance was raised only modestly, to $2.45-2.65 bln from $2.40-2.60 bln, roughly in line with consensus. An October 22 preannouncement had already limited the surprise.

Wednesday, November 11, for context:

CoreWeave (CRWV 60.77, +12.04, +24.7%): Beat on revenue, raised FY26 guidance, and reported a $132.5 bln backlog.
Dell (DELL 373.72, +11.8%), Micron (MU 811.30, +11.9%), Oracle (ORCL 128.40, +8.8%), Corning (GLW 120.38, +7.4%), Applied Materials (AMAT 395.08, +6.1%): All rose in the AI-infrastructure rally.

After-hours reactions on November 11:

Up: AEVEX (AVEX) +10.0%, Tetra Tech (TTEK) +9.8%, Enersys (ENS) +1.2%.
Down: Digi International (DGII) -12.5%, Corteva (CTVA) -6.2%.

Stock Spotlight

Nebius Group (NBIS): The neocloud’s Q3 report put AI financing concerns back in focus. On the headline numbers it was strong. Revenue rose 571.3% y/y and 68.4% sequentially to $980.8 mln, the GAAP loss was $0.13/share, and adjusted EBITDA nearly doubled sequentially to $465.8 mln (47.5% margin versus 40.6% in Q2). Management reported more than $12 bln in new contract value since the start of Q3, and GPU-hour pricing on new deals rose more than 20% sequentially. September ARR reached $6.4 bln.

The forward view is what drove the selling. FY26 revenue is now expected at the low end of the $3.0-3.4 bln range. Colocation delays push capacity into 2027, including part of the Microsoft contract at the New Jersey facility, with the remaining tranches moved to Q2’27. The company now expects to exceed $7 bln ARR in February 2027, about two months later than its prior December target. FY26 capex was raised to about $27 bln from $20-25 bln, with another $40-45 bln forecast for FY27. Q3 interest expense was $112.5 mln and operating cash flow was negative $273 mln. In mitigation, management expects prepayments and asset-backed financing to cover 75-85% of FY27 capex, and Q3 prepayments covered more than 100% of associated capex. Briefing.com noted that the shares had gained sharply on CoreWeave’s results but have now more than given back those gains. Huang’s resignation added to the pressure on AI infrastructure names.

Bond Market & Treasuries

Treasuries sold off heavily on their return from the Veterans Day closure, driven by rising rate hike odds. The market-implied probability of a 50-basis point December hike rose above 15%, roughly double Tuesday’s level.

Tenor	Yield	Change
2-yr	4.88%	+14 bps
3-yr	4.91%	+14 bps
5-yr	4.95%	+14 bps
10-yr	5.10%	+12 bps
30-yr	5.43%	+8 bps

Key levels: The 2-yr is at a four-week high and eight basis points shy of its September 2026 high. The 10-yr is back above its 50-day moving average (5.051%), a three-week high. The 5-yr and longer tenors hit three-week highs. The final 10-yr yield quoted in the 15:15 ET bond update was 5.103%.
30-year auction ($25 bln): High yield 5.441% vs. 5.005% for the prior 12-auction average. Bid-to-cover was 2.36 (prior 2.43). Indirect bid was 68.1% (68.3%). Direct bid was 20.5% (21.3%).
Dollar and currencies: The U.S. Dollar Index rose 0.3% to 103.18, its highest since early April. EUR/USD fell 0.3% to 1.1055, GBP/USD fell 0.3% to 1.3234, USD/JPY rose 0.1% to 159.84, and USD/CNH rose 0.1% to 6.6739.
Other news: The Fed released its 2027 meeting schedule, designating the October meeting a Monetary Policy Strategy meeting. Anthropic (ANT) plans to debut on November 20.

Commodities

WTI crude: +2.8% to $88.79/bbl, reversing an early decline amid speculation about both a diplomatic solution and additional military action on Iran. It closed back above its 200-day moving average (87.73).
Gold: -2.8% to $3,886.30/oz. It had closed at 3,999.90 on November 11.
Copper: -1.4% to $6.20/lb.
Silver: No November 12 data was provided. The last reading was 52.00 (+0.78) on November 11.
Natural gas: Last reading was 3.21 (-0.08) on November 11. Weekly inventories are due Friday.
Crude inventories: EIA crude stocks rose 4.657M barrels after a 0.865M draw the prior week.

Overseas Markets

November 12 closing performance for Asian and European indices was not provided. The most recent index moves in the data are from November 11:

Europe: DAX +1.2%, FTSE +0.8%, CAC +0.7%.
Asia: Nikkei +1.3%, Hang Seng -1.0%, Shanghai +0.5%.

Drivers and data from November 12:

The People’s Bank of China vowed to safeguard stable stock market operations in its Q3 monetary policy implementation report.
Japan’s October PPI rose 0.7% m/m (expected +0.3%) and 7.1% y/y (expected +6.5%).
India’s October CPI came in at +6.09% y/y (expected +5.93%; prior +5.54%).
U.K. Q3 GDP was +0.7% q/q and +1.9% y/y, both in line. September GDP was +0.2% m/m (expected 0.0%) and +2.1% y/y (expected +1.9%).
U.K. September industrial production rose 0.3% m/m (expected -0.4%), manufacturing production rose 0.7% m/m (expected -0.5%), and construction output rose 0.8% m/m (expected 0.0%).
The U.K. September trade deficit was GBP 22.29 bln (expected GBP 19.20 bln).
Consumer sentiment slipped in the U.K. (44.0 from 45.3), Germany (41.95 from 42.37), and Italy (41.40 from 42.99). It improved in France (37.90 from 37.63) and Spain (47.55 from 45.22).
Australia’s November MI inflation expectations were 5.3%, unchanged.

Economic Data

Initial jobless claims (week ending Nov. 7): 200K vs. 195K consensus; the prior week was revised to 191K from 189K. Briefing.com’s takeaway is that claims remain at low levels consistent with solid demand.
Continuing claims (week ending Oct. 31): 1.697 million, down from 1.718 million.
October existing home sales: 3.75M (-5.5% m/m) vs. 3.94M consensus; September was revised to 3.97M from 3.99M. Sales were down 8.8% y/y. This is the lowest level since August 2010, with y/y declines in all four regions as rising mortgage rates curtailed demand.
October Treasury budget: Deficit of $404.0 bln vs. -$300.0 bln consensus, compared with $284.0 bln a year ago. The series is not seasonally adjusted, so it can’t be compared with September’s $27 bln deficit.
EIA crude inventories: +4.657M barrels vs. -0.865M prior.
November 11 MBA mortgage applications: +6.2%, after -1.2% the prior week.

Market impact: The solid claims data supports the rate-hike narrative, while the weak housing data shows the effect of higher rates. The much larger budget deficit adds to supply concerns in the bond market.

Macro backdrop (Nov. 6): Democrats won the midterms, which Briefing.com tied to cost-of-living frustration. September CPI was 3.7% overall and 2.6% core. PCE was 3.6% overall and 3.1% ex-food and energy. The personal savings rate is 3.8%, near a 15-year low.

Looking Ahead

Friday, November 13:

8:30 AM ET: October PPI. Prior 1.3%. Briefing.com consensus is 0.4% in the stock market update but 0.3% in the bond market update.
8:30 AM ET: October Core PPI. Prior 0.7%. Consensus is 0.3% in one source and 0.2% in the other.
10:30 AM ET: EIA natural gas inventories. Prior +77 bcf.

Key themes to watch:

NVIDIA’s CEO search and whether the AMD, Broadcom, and Alphabet relative strength holds.
Whether the S&P 500 can reclaim its 50-day moving average (7,671). The 7,600 level was tested as support intraday.
Treasury yields. The 2-yr is within 8 basis points of its 2026 high, and the 10-yr is back above its 50-day moving average.
Further moves in crude and Iran headlines.
Anthropic’s planned debut on November 20.