Daily Market Briefing — 12 November 2026
Wednesday belonged to the bulls, with the Nasdaq 100 up 2.28% on the back of a CoreWeave-fuelled chip rally. But traders waking up today face a very different tape: Nvidia has reportedly sunk 8% after hours on word that its board may oust CEO Jensen Huang, and Nasdaq futures are sliding with it.
Market Recap
Wednesday was a clean risk-on session. The S&P 500 closed up 1.31% at 7,619.38, the Nasdaq 100 jumped 2.28% to 28,374.25 and the Dow added 0.49% to 52,486.49. Semiconductors did the heavy lifting after CoreWeave's improved AI economics and its vow to show discipline around debt sparked a broad rally across the chip sector. The gains may not last the morning, though: Nasdaq futures are falling as the Nvidia sell-off resumes, and the Nasdaq 100's 5-day high of 28,593.52 now looks like a ceiling to respect.
Key Movers & Themes
Nvidia: leadership shock. Shares dropped roughly 8% after hours on reports that the board met late Wednesday and may remove Huang, and that meeting has reportedly stretched into the evening. It follows Huang's admission of an affair with a woman US intelligence reportedly believes is a Chinese spy; Nvidia has hired a major US law firm to investigate. Calls for his resignation and tighter chip export controls are building in Washington, and Elon Musk has said it would be an 'honor' to hire him. The sell-off is dragging other chipmakers lower in futures.
Chips led before the reversal. Micron closed up 11.89%, Marvell 9.33%, Lam Research 6.07%, AMD 7.32% and Applied Materials 6.05%. Nvidia itself rebounded 2.87% to $173.73 into the close, but with RSI at 28.7 it is oversold and sits below all its EMAs.
Rates and inflation. The usual link between falling oil prices and falling Treasury yields has broken down, a sign inflation worries extend beyond energy. US October inflation rose 0.4% on the month, higher than expected, with shelter, food and energy all contributing. The CNBC/NRF Retail Monitor showed retail sales rose at their slowest pace in nearly a year in October as consumers showed signs of strain.
The Big Question
Does Nvidia's Wobble Break the AI Trade?
Bears argue Nvidia's web of ties to other AI companies means trouble at the top could spread, and that a leadership vacuum arrives just as Washington eyes tighter China export controls. Bulls counter that Wednesday's CoreWeave-led rally shows demand for AI infrastructure remains strong, and that Nvidia's oversold RSI suggests plenty of pain is already priced in. Either way, expect volatile chip names today.
Economic Calendar — What to Watch Today
- 07:00 GMT — UK GDP QoQ (Q3 prelim): forecast 0.7%, previous 0.4%. The main event of the morning, with the YoY reading forecast at 1.9% vs 1.2% previously.
- 07:00 GMT — UK GDP MoM (Sep): forecast 0%, previous 0.1%.
- 07:00 GMT — UK Manufacturing Production MoM (Sep): forecast -0.5%, previous 1.2%.
- 13:30 GMT — US Initial Jobless Claims: forecast 195K, previous 189K. A useful read on labour strength given the inflation backdrop.
- 15:00 GMT — US Existing Home Sales (Oct): forecast 3.85M, previous 3.99M.
The UK GDP release matters most for sterling, which is already under pressure.
Technical Levels to Watch
| Stock | Close | Pivot | Support (S1 / S2) | Resistance (R1 / R2) | Cam S3 / R3 | RSI | Signal |
|---|---|---|---|---|---|---|---|
| NVDA | 173.73 | 174.01 | 170.49 / 167.24 | 177.26 / 180.78 | 171.87 / 175.59 | 28.7 | Oversold |
| AAPL | 355.63 | 353.62 | 351.34 / 347.04 | 357.92 / 360.20 | 353.82 / 357.44 | 60.4 | Bullish |
| MSFT | 521.13 | 524.78 | 514.80 / 508.47 | 531.11 / 541.09 | 516.64 / 525.62 | 47.7 | Neutral |
| AMZN | 266.17 | 268.89 | 262.90 / 259.64 | 272.15 / 278.14 | 263.63 / 268.71 | 57.3 | Bullish |
| AMD | 552.90 | 547.73 | 527.82 / 502.73 | 572.82 / 592.73 | 540.53 / 565.28 | 53.6 | Bullish |
| MU | 811.30 | 800.64 | 773.71 / 736.11 | 838.24 / 865.17 | 793.55 / 829.05 | 45.1 | Neutral |
| TSLA | 390.82 | 390.87 | 386.30 / 381.79 | 395.38 / 399.95 | 388.32 / 393.32 | 54.4 | Neutral |
| META | 628.77 | 635.06 | 621.68 / 614.58 | 642.16 / 655.54 | 623.14 / 634.40 | 43.4 | Bearish |
NVDA's S1 at 170.49 is the level to watch given the after-hours drop; a break below would put the S2 level at 167.24 in play. Breadth was mixed despite the rally: 8 of 20 Nasdaq 100 names sit in bullish EMA alignment versus 7 bearish, while the Dow's sample reads 8 bullish and 6 bearish. RSI extremes are limited, with Marriott and Regeneron overbought and Nvidia the only oversold name. MACD signals are split, with 9 bullish crossovers against 11 bearish among the Nasdaq names, which suggests the rally lacks broad conviction.
Commodities & Currencies
| Instrument | Price | Change | % Change |
|---|---|---|---|
| WTI Oil | $86.39 | -0.46 | -0.53% |
| Brent Oil | $92.66 | +1.17 | +1.28% |
| Gold | $3,975.90 | -24.60 | -0.61% |
| Silver | $51.40 | -1.16 | -2.22% |
| Natural Gas | $3.240 | +0.020 | +0.62% |
| GBP/USD | 1.3254 | -0.0202 | -1.50% |
| EUR/USD | 1.1075 | -0.0153 | -1.36% |
| USD/JPY | 159.85 | +1.14 | +0.72% |
| Bitcoin | $73,437.62 | -282.50 | -0.38% |
The dollar was the story: sterling fell 1.50% to 1.3254, brushing the bottom of its 5-day range at 1.3250, while the euro dropped 1.36%. Gold slipped 0.61% to $3,975.90, just above its 5-day low of $3,970.90, and silver lost 2.22%. Brent edged higher while WTI eased, leaving the two benchmarks moving in opposite directions.
Trading Outlook
The bias is cautious and leaning bearish for tech into the open: Nasdaq futures are already lower and the Nvidia headline risk dominates. The catalyst that could flip it is the board's decision; a resolution that keeps Huang in place could spark a sharp relief rally in chips. Keep position sizes tight, watch the 170.49 level on Nvidia, and stay alert for the UK GDP print at 07:00 GMT.
This briefing is generated using AI analysis of market data and news feeds, reviewed by the ChartsView team. It does not constitute financial advice. Always do your own research before making trading decisions.