Week Ending November 13, 2026
DJIA
52,347.55
+2.1% (wk)
S&P 500
7,561.67
+2.5% (wk)
NASDAQ
25,136.27
+2.3% (wk)
Stocks rebound for the week after a 1,104-point Dow rally Monday on falling oil, even as Jensen Huang resigns as Nvidia’s CEO and the stock drops about 13%; the 10-year Treasury yield climbs back above 5% on hot inflation and a fully priced December Fed hike, ahead of Nvidia’s earnings and Anthropic’s IPO next week
Stocks recovered most of the prior week’s election-driven losses. Monday did most of the work: the Dow jumped 1,104 points, the S&P 500 rose 2.3%, and the Nasdaq gained 2.7% as Brent crude fell 5.8% to $92.57 after President Trump said resuming strikes on Iran is “highly unlikely” if negotiations progress. Chip stocks led a 1.3% S&P 500 gain Wednesday, then the rally faded as bond yields climbed. For the week, the S&P 500 rose 2.5% to 7,561.67, the Dow gained 2.1% to 52,347.55, and the Nasdaq added 2.3% to 25,136.27, snapping a four-week losing streak. The Russell 2000 rose 1.3%. The S&P 500 is now up 10.5% for the year and sits about 3% below its October record. Gold had a rough week, falling about 5.6%.
Nvidia’s leadership shock: Nvidia was the week’s biggest story. Over the weekend, Jensen Huang acknowledged a personal relationship that prompted the board to open an independent investigation into reports he had been targeted by Chinese intelligence; the board said it had “no reason to believe” national security or company secrets were compromised. On Thursday, Nvidia announced that Huang had resigned as CEO and from the board, effective immediately, ending his 33-year tenure, with CFO Colette Kress named interim CEO. Nvidia fell about 13% for the week and closed below $4 trillion in market value for the first time since July 2025. Investors rotated into other chipmakers: AMD rose about 19% and Broadcom about 18% for the week. Nvidia still plans to report earnings Tuesday as scheduled.
Inflation and the Fed: October consumer prices rose 0.4% for the month and core prices 0.3%, each 0.1 point above forecasts; the report had no annual comparison because October 2025 prices were never collected during that year’s government shutdown. Wholesale prices rose 0.3% in October, a bit below the 0.4% forecast, but their annual rate reached 6.5%, the highest in nearly four years. Fed Governor Christopher Waller said core inflation of “around 0.3 percent or even higher” would mean a half-point hike should be considered in December. By Thursday, a December hike was fully priced in, according to CME FedWatch. The 10-year Treasury yield rose about 27 basis points for the week to 5.13%, and the 2-year reached 4.88% Thursday. Oil rebounded after Houthi attacks on Saudi energy sites, with WTI ending the week near $88.50.
Weekly Performance
| Index | Close | %Chg (wk) |
|---|---|---|
| Dow Industrials | 52,347.55 | +2.1% |
| S&P 500 | 7,561.67 | +2.5% |
| Nasdaq Comp | 25,136.27 | +2.3% |
| Russell 2000 | 2,790.49 | +1.3% |
| 10-Yr Treasury (Fri) | 5.13% | +27 bp |
Inflation and the Fed
| Indicator | Reading | vs Est |
|---|---|---|
| October CPI (MoM) | 0.4% | vs 0.3% |
| Core CPI (MoM) | 0.3% | vs 0.2% |
| PPI (MoM) | 0.3% | vs 0.4% |
| PPI (YoY) | 6.5% | ~4-year high |
| December hike odds | Fully priced | Meets Dec 8-9 |
Nvidia and Anthropic
| Item | Figure | Note |
|---|---|---|
| Nvidia CEO | Colette Kress | Interim |
| Nvidia market value | Below $4T | 1st since Jul 2025 |
| Anthropic IPO range | $70-78 | Nasdaq: ANT |
| Anthropic valuation | ~$1.4T | Top of range |
Weekly Movers
| Name | Notable Move |
|---|---|
| Dow (Mon) | +1,104 pts |
| AMD (AMD) wk | ~+19% |
| Broadcom (AVGO) wk | ~+18% |
| Astera Labs (ALAB) wk | ~+16% |
| Constellation Energy (CEG) Mon | +10.5% |
| Nvidia (NVDA) wk | ~-13% |
| Strategy (MSTR) wk | ~-13% |
| Nebius (NBIS) Thu | -16.8% |
| Super Micro (SMCI) Thu | -11.3% |
| Gold (wk) | ~-5.6% |
Week Ahead
- Nvidia Earnings (Tuesday, November 17): The first report since Huang’s exit. Investors want clarity on demand, customer commitments, and how interim CEO Colette Kress plans to steady the company.
- Anthropic IPO: Pricing is expected Wednesday, November 18, with trading on Nasdaq under ANT on Thursday, November 19. The offering seeks up to $64.4 billion at a valuation of about $1.4 trillion at the top of the range.
- December Hike Debate: With a hike fully priced, the question is its size. Waller has opened the door to a half point if core inflation keeps running near 0.3%.
- Yields Above 5%: The 10-year’s return above 5% puts pressure on stock valuations and mortgage rates. Watch whether it revisits October’s high above 5.30%.
- Oil and Iran: Brent swung from $92 to $96 on Iran diplomacy and Houthi attacks. Progress in talks could pull prices back down.
TERM OF THE WEEK
Key Person Risk: The risk that a company’s value depends heavily on one individual, usually a founder or long-time CEO, so that losing that person could hurt its strategy, relationships, or share price. Investors watch it closely at companies where a single leader is closely tied to the brand and the business. Nvidia showed the risk this week. Jensen Huang co-founded the company and led it for 33 years, and when he resigned Thursday, the stock fell more than 14% at one point that day and about 13% for the week, while rival chipmakers gained. The business itself had not changed overnight, but investors repriced the uncertainty about who will lead it next. Companies manage this risk through succession plans, deep management benches, and independent boards. For investors, it is a reminder that diversification protects against risks that no earnings report can predict, including the sudden loss of a key leader.
