The Wall Street Wrap: November 12, 2026

Jensen Huang resigns as Nvidia CEO and the stock swings wildly before closing down 4.34%, while energy gains and chip rivals cushion the market

Welcome to Wall Street Wrap, your quick end-of-day rundown of what moved US markets today, plus what's shaping global sentiment overnight.

MARKETS TODAY

US stocks ended lower on Thursday as Nvidia's slide after CEO Jensen Huang's resignation outweighed a rally in energy. The S&P 500 lost 0.35% to 7,592.4, the Dow Jones Industrial Average fell 0.36% to 52,297.09, a drop of about 189 points, and the Nasdaq Composite slipped 0.39% to 25,366.093. The Nasdaq 100 eased 0.3% to 28,289.188, the Russell 2000 dropped 1.66% to 2,799.06, and the VIX, Wall Street's fear gauge, rose 6.92% to 18.7.

ANALYTICAL VIEW

It was a day of wild swings that ended much calmer than it began. Nvidia fell as much as 14% at the open after Huang stepped down, then clawed most of that back as retail investors piled in, buying a record amount in the first half hour. It closed down 4.34% at 166.19. The money did not leave AI altogether. AMD and Broadcom each rose more than 5%, and Alphabet and Amazon also gained as traders rotated toward Nvidia's rivals. The chip sector as a whole still slipped after a 17.2% surge over the previous four sessions.

Under the surface, the picture was weaker. Nebius sank after light full-year guidance and a huge spending plan, dragging other AI cloud names lower, and small caps lost 1.66%. Energy was the best sector for a fourth straight session as oil jumped after President Trump said the US does not need a deal with Iran. Traders now fully price in at least a quarter-point Fed hike in December, with a 15% chance of a half-point move, ahead of Friday's producer price report.

What could change the picture: Friday's producer price index, remarks from Fed officials including Mary Daly and Vice Chair Philip Jefferson, Nvidia's earnings on Tuesday, November 17, the search for a permanent Nvidia CEO and Huang's promised testimony before Congress, Anthropic's IPO later next week, the Fed's December 8 to 9 meeting, and any shift in the US-Iran standoff.

SECTOR PERFORMANCE

WINNERS & LOSERS

Top 5 Gainers (across S&P, Nasdaq, Dow):

• Advanced Micro Devices, Inc. (NASDAQ:AMD): +5.86%
• Broadcom Inc. (NASDAQ:AVGO): +5.544%
• Arista Networks, Inc. (NYSE:ANET): +5.059%
• Everpure, Inc. (NYSE:P): +3.38%
• Valero Energy Corporation (NYSE:VLO): +3.09%

Top 5 Decliners:

• Nebius Group N.V. (NASDAQ:NBIS): -16.84%
• Global Payments Inc. (NYSE:GPN): -12.012%
• Super Micro Computer, Inc. (NASDAQ:SMCI): -11.305%
• Keurig Dr Pepper Inc. (NASDAQ:KDP): -7.399%
• Moderna, Inc. (NASDAQ:MRNA): -6.973%

Note: AMD and Broadcom rose as investors moved toward Nvidia's competitors after Huang's exit, and Nebius tumbled after issuing light full-year revenue guidance alongside a much bigger spending plan.

AFTER-HOURS MOVERS

Gainers:

• Cerebras Systems Inc. (NASDAQ:CBRS), +18.40% after hours: Shares rose to $115.74 after the AI chipmaker reported core revenue of $230.9 million, up 70% and above the $214.7 million expected, with a loss of $0.67 a share. Fourth-quarter revenue guidance of $310 million to $330 million beat the roughly $271 million estimate, full-year 2026 revenue guidance was raised to $940 million to $960 million, and the company announced a new Microsoft deal with revenue starting in the first quarter of 2027. The stock had closed 3.29% lower at $97.75.
• Liftoff Mobile, Inc. (NASDAQ:LFTO), +16.14% after hours: Shares rose to $21.73 after third-quarter revenue of $237.5 million, up 32%, and earnings of $0.47 a share came in above the $0.18 expected. Net income reached $86.7 million against a loss of $5.7 million a year earlier, adjusted EBITDA was $144.9 million, and results topped the high end of the company's guidance. The stock had closed 0.86% higher at $18.71.
• HawkEye 360, Inc. (NYSE:HAWK), +5.32% after hours: Shares rose to $15.45 after third-quarter revenue of $59.3 million, up 84%, beat the $56.51 million estimate. Backlog reached $300.3 million, full-year revenue guidance was raised to $225 million to $227 million, and the company landed $135 million of defense awards early in the fourth quarter. The stock had closed 3.87% lower at $14.67.
• Nu Holdings Ltd. (NYSE:NU), +1.44% after hours: Shares rose to $12.00 after the digital bank reported earnings of about $0.22 a share, in line with expectations, and revenue of about $5.82 billion, ahead of the roughly $5.68 billion estimate. The stock had closed 3.98% lower at $11.83.
• Wise plc (NASDAQ:WISE), +1.19% after hours: Shares rose to $11.06 after second-quarter cross-border volume grew 22% to $71.7 billion and net revenue rose 21% to $739.1 million. The company expects fiscal 2027 net revenue growth in the upper half of its 15% to 20% range and a margin near the top of its 20% to 25% target. The stock had closed 1.97% lower at $10.93.

Decliners:

• Vir Biotechnology, Inc. (NASDAQ:VIR), -13.78% after hours: Shares fell to $10.45. The stock had closed 7.69% lower at $12.12.
• Flowers Foods, Inc. (NYSE:FLO), -12.32% after hours: Shares fell to $5.27 after adjusted earnings of $0.10 a share missed the $0.15 expected and sales of $1.169 billion fell short of the $1.18 billion estimate. The company cut its fiscal 2026 adjusted earnings guidance to $0.63 to $0.68 from $0.75 to $0.85 and trimmed its sales outlook to $5.02 billion to $5.06 billion. The stock had closed 3.84% lower at $6.01.
• DLocal Limited (NASDAQ:DLO), -2.81% after hours: Shares fell to $13.32 even though adjusted earnings of $0.23 a share beat the $0.22 expected, as revenue of $398.1 million, up 41%, came in below the $406.7 million estimate. Total payment volume jumped 77% to $18.3 billion and net income hit a record of about $68 million. The stock had closed 1.86% lower at $13.70.

COMMODITIES & RATES

US TREASURY YIELDS

TOP STORIES: US

Nvidia CEO Jensen Huang resigns, and the stock whipsaws. Huang stepped down immediately as CEO and a board member of the company he co-founded 33 years ago, days after admitting to an affair with a businesswoman whom US intelligence officials believe is a Chinese spy. A second media report said he also had a relationship with another Nvidia executive who reported to him. CFO Colette Kress is interim CEO, and the board will search inside and outside the company for a permanent leader. Shares dropped as much as 14% at the open, then recovered to close down 4.34% at 166.19, with retail investors buying about $111 million in the first half hour, the biggest opening bid on record. The stock is on track for a sixth straight weekly decline, its longest such run since 2012, and has shed about $550 billion in market value this week. Huang has agreed to testify before Congress before Thanksgiving, and investors are also watching how Nvidia's financing deals with AI cloud companies are treated now that he is gone. Earnings arrive Tuesday, with analysts expecting revenue to jump 92% to $109.2 billion.

Nebius tumbles as AI cloud worries return. Shares plunged 16.84% even though third-quarter revenue soared 571% to $980.8 million, above the $907.5 million expected. The company said full-year revenue will land at the low end of its $3 billion to $3.4 billion range, and guided 2027 revenue to $12 billion to $13 billion. It also lifted 2026 capital spending to $27 billion and expects $40 billion to $45 billion next year, far above the $28.77 billion analysts had penciled in. The fall came a day after AI cloud stocks rallied hard on CoreWeave's report, and CoreWeave, IREN and Applied Digital all slid in sympathy.

Fed officials split on how fast to raise rates. Cleveland Fed President Beth Hammack said she backs higher rates but prefers smaller, steadier steps over a half-point move, while San Francisco Fed President Mary Daly said further tightening will be needed but that higher bond yields buy the Fed time to calibrate. Fed Governor Michael Barr warned the country should prepare for serious short-term disruption in the job market from AI. Separately, the Fed released its 2027 calendar: it will still meet eight times, but the October 26 to 27 meeting will focus on broad strategy rather than rates, and the final meeting of the year moves to November 16 to 17. Chair Kevin Warsh is also reviewing whether to keep publishing the dot plot of rate projections.

Housing slumps while the job market holds up. Existing home sales fell 5.5% in October to a 3.75 million annual pace, the lowest since August 2010, as mortgage rates above 7% kept buyers away. Inventory rose to its highest level since November 2019, and first-time buyers made up just 29% of sales. Weekly jobless claims rose by 9,000 to 200,000, slightly above forecasts but still historically low. The government also posted a record October budget deficit of $404 billion, up 42% from a year earlier, as customs receipts fell 39% and spending on farm aid, defense and interest rose.

SpaceX and Tesla merger talks progress as SpaceX unveils a giant AI build-out. A media report said the two Elon Musk-led companies are moving ahead in negotiations, with an announcement possible as early as December, though it could slip into early 2027. Separately, SpaceX said it plans to invest more than $74 billion in two AI supercomputing campuses, about $24 billion at its Starbase site in Texas and roughly $50 billion in Cochise County, Arizona, where the project still needs county approval. SpaceX said its AI segment generated more than half of its third-quarter revenue.

Also today: Microsoft 365, Outlook and Teams went down for thousands of US users, with more than 97,000 Outlook problem reports at the peak, and connectors used by OpenAI's and Anthropic's AI tools were hit too, while Microsoft paused deployments and restarted affected servers; President Trump wrote on social media that "we've got their Strait," adding to the oil rally, as the war with Iran enters its ninth month; Corteva plunged about 20% to its lowest in more than a year, on pace for its worst day ever, after cutting its outlook and warning that the Brazil slump will drag on; Donald Trump Jr. ended his advisory role at Kalshi because his firm holds a stake in rival Polymarket; the IRS raised the 2027 401(k) contribution limit to $25,500 from $24,500; Union Pacific collected $131.8 million more in fuel surcharges than it paid for fuel last quarter, while rival BNSF is running about $922 million behind so far this year; the Postal Service asked regulators for an 11% hike on priority mail and package deliveries in January but is not raising stamp prices; and a group of nonprofits sued OpenAI, Anthropic, Meta, Google and SpaceX's AI division in California, seeking a court order to halt further development of frontier AI models.

TOP STORIES: GLOBAL

Asian markets close lower as Nvidia worries hit tech. Japan's Nikkei fell 0.7% to 60,819.36, though the broader Topix rose 0.2% to 3,937.33. South Korea's Kospi dropped 0.61% to 5,342.73 and the tech-heavy Kosdaq lost 1.22% to 696.53, while China's CSI 300 declined 0.78% to 4,043.93 and Australia's ASX 200 ended flat at 9,146.8. Hong Kong's Hang Seng was down 1.43% in late trading. Nvidia suppliers such as SK Hynix, TSMC and Advantest fell as the board weighed Huang's fate.

Oil climbs as Trump rules out an Iran deal. Brent settled at $95.748, up 3.22%, and US crude gained 2.55% to $88.739 after the president wrote that the US does not need a deal with Iran, a sharp change in tone after weeks of talk about progress toward ending the war. Energy shares led the stock market for a fourth straight day on the move.

UK economy picks up speed in the third quarter. Gross domestic product grew 0.7% from July to September, in line with forecasts and up from 0.5% in the second quarter, led by the services sector.

MANAGEMENT & FED SPEAK

Harvey Jones, Chair of the Board, Nvidia, on the interim CEO:

"full confidence in Colette and the leadership team"

Mary Daly, President, Federal Reserve Bank of San Francisco, on policy:

"My bias is that further tightening will be needed"

Beth Hammack, President, Federal Reserve Bank of Cleveland, on the pace of hikes:

"I don't think we're behind the curve today"

Michael Barr, Governor, Federal Reserve Board, on AI and jobs:

"No one knows the degree to which the benefits will be shared."

Arkady Volozh, Chief Executive Officer, Nebius, on funding:

"Capital markets have been unsettled lately"

Donald Trump, President, United States, on Iran:

"We don't need a deal with Iran."

CORPORATE ACTIONS & EARNINGS CALENDAR

Top Ex-Dividend Companies for Friday, November 13:

Earnings Reported After the Close (Thursday, November 12):

Upcoming Earnings (Friday, November 13):

Economic Calendar (Thursday, November 12):

Economic Calendar (Friday, November 13): 

That's the wrap for today! Friday brings the producer price report and a run of Fed speakers, with Nvidia's earnings and Anthropic's IPO on deck next week.