Daily Market Briefing — 13 November 2026

Market Recap

Thursday was a session of two stories. Nvidia shares dived after Jensen Huang's abrupt exit as chief executive, and the damage was visible across tech: the NASDAQ 100 slipped 0.30% to 28,289.19, the Dow lost 0.36% to 52,297.09 and the S&P 500 closed at 7,592.40, down 0.35%. Yet the index barely flinched relative to the size of the headline, as investors looked beyond the AI poster child to the rest of the board. Underneath, a violent move in bond yields, the biggest surge since 2022 on rising bets of more Fed hikes, may matter more than any boardroom drama. Futures were edging lower at the time of writing.

Key Movers & Themes

Nvidia leadership vacuum. Nvidia is on track for its longest weekly losing streak since 2012, with roughly $1.6 trillion wiped from its market value. CFO Colette Kress is interim CEO while the board searches for a replacement. Huang has been summoned to testify before Congress, and Nvidia has hired a major US law firm to investigate. On the numbers, NVDA closed at $166.19 (-4.34%) with RSI at 26.0, the only oversold reading in the Dow scanner. Chip equipment names fell too: AMAT dropped 3.58% and MRVL 2.58%.

Rates are the real risk. Fed Chair Warsh's quiet communication style has been blamed for more volatile markets, and one strategist warned that the Fed is the real risk in the intermediate term. Treasurys looked attractive during the tech carnage, but fears of further hikes are now pushing yields higher.

Rotation away from Nvidia. AMD rose 5.86% to $585.30 and AVGO gained 5.54% to $364.36, both closing above all their EMAs. Not every chip name followed Nvidia lower.

The Big Question

Can the market keep shrugging off Nvidia? Bulls note the S&P 500 held up while the rest of the index carried the load, and AMD and AVGO suggest AI demand is not broken. Bears point to the oversold bounce risk in NVDA, the potential for knock-on damage given the chipmaker's web of corporate ties, and a bond market now pricing more Fed tightening.

Economic Calendar — What to Watch Today

• 13:30 GMT, US: PPI MoM (Oct) — forecast 0.4%, previous 1.3%. The key event of the day. A hot number would feed the rate-hike narrative.
• 13:30 GMT, US: Core PPI MoM (Oct) — forecast 0.3%, previous 0.7%.
• 10:00 GMT, EU: Employment Change QoQ Prel (Q3) — forecast 0.1%, previous 0.1%.
• 10:00 GMT, EU: Balance of Trade (Sep) — previous -16.1€.
• 07:45 GMT, France: Final CPI (Oct) — previous 103.07.

Technical Levels to Watch

NVDA's S1 at 154.28 is the level to watch after Thursday's slide, with the oversold RSI raising the odds of a bounce toward the 160.71 pivot. Breadth is evenly split: 8 of 20 Nasdaq 100 names are bullish on EMAs against 8 bearish, and 7 versus 7 in the Dow. COST is the lone overbought stock at RSI 73.9. MACD tilts constructive in the Dow, with 13 bullish crossovers against 7 bearish, but the Nasdaq 100 sample leans the other way at 9 bullish versus 11 bearish.

Commodities & Currencies

Brent's 4.09% jump to $96.55 is the standout commodity move, with WTI also up 2.77%. Silver fell 3.99% while gold edged up 0.24%. The dollar was firm against sterling and the euro, with GBP/USD down 0.93% to 1.3236 and USD/JPY at 159.77, close to its 5-day high of 160.19. Bitcoin dropped 6.69% to $69,016.06.

Trading Outlook

Bias is cautiously bearish for US indices while yields stay in focus and Nvidia remains unsettled. The PPI release at 13:30 GMT is the catalyst that could flip it: a soft print would ease Fed-hike fears and give the oversold chip complex room to bounce. Keep position sizes tight into the data, and watch the S&P 500's 5-day low of 7,369.55 as the line in the sand if selling accelerates.