Wall Street Wrap: Pre-Market, November 12, 2026

Futures fall as Nvidia's board weighs removing CEO Jensen Huang, Nebius and CoreWeave slide, and AMD and Eli Lilly gain

Wall Street looks set for a lower open on Thursday as reports that the board of Nvidia (NASDAQ:NVDA) is weighing the removal of CEO Jensen Huang fuel a selloff in AI-linked stocks, with Nasdaq 100 futures down 1.38%.

Futures Snapshot

Nasdaq 100 futures are leading the decline while Dow futures are down less than 0.4%, and the VIX reads 18.97, down 2.52%.

What's Driving the Open

Nasdaq 100 futures are down 1.38%, S&P 500 futures 0.75% and Dow futures 0.36% as Nvidia slides 9.17% in pre-market trading. Its board met Wednesday night on whether to remove Huang after reports of a second extramarital relationship, this time with a senior Nvidia executive, on top of an existing probe over an alleged Chinese spy, and analysts forecast a drop of 20% or more if he is ousted. The stock is already down more than 20% over the past month.

The selloff is spreading through AI infrastructure. Nebius (NASDAQ:NBIS) is down 14.26% after third-quarter revenue beat estimates but its guidance disappointed, and CoreWeave (NASDAQ:CRWV) is down 12.57% after Wednesday's 24.71% jump. Micron Technology (NASDAQ:MU) is down 5.39%, Marvell Technology (NASDAQ:MRVL) 4.82% and Oracle (NYSE:ORCL) 3.91%, while Advanced Micro Devices (NASDAQ:AMD) is up 2.74% after an upgrade.

Macro risks are also in focus. Sameer Samana of Wells Fargo Investment Institute said he would be "a little circumspect about the bounce-back," pointing to stubborn inflation, more Fed rate hikes and higher long-term yields, and hopes for a Middle East resolution have soured after President Donald Trump said the U.S. no longer needs a deal with Iran. Initial jobless claims rose to 200,000, above the 195,000 forecast.

What could change the picture: A decision on Huang's future would drive the AI trade into Nvidia's Nov. 17 earnings, existing home sales are due later Thursday, and Friday's wholesale inflation report could firm up or soften rate-hike bets.

Overnight Markets

Asia-Pacific markets closed lower as worries over Nvidia hit tech shares. Japan's Nikkei 225 fell 0.70% to 60,819.36 while the Topix rose 0.20% to 3,937.33, South Korea's Kospi declined 0.61% to 5,342.73 and the Kosdaq fell 1.22% to 696.53, and mainland China's CSI 300 dropped 0.78% to 4,043.93. Hong Kong's Hang Seng was down 1.43% in its last hour of trade, and Australia's S&P/ASX 200 ended flat at 9,146.8. Nvidia supply-chain names SK Hynix (NASDAQ:SKHY), Taiwan Semiconductor Manufacturing (NYSE:TSM) and Advantest fell, while SMIC rose by as much as 5.2%. In the U.K., GDP grew 0.7% in the third quarter, in line with forecasts, and the pound was down 0.2% against the dollar and flat against the euro, with gilt yields little changed.

Pre-Market Movers

Earnings Before the Bell

Rates, FX & Crypto

Treasury yields rose as bond trading resumed after the Veterans Day closure, with the 2-year yield up 0.085 percentage points to 4.812% and the 1-year up 0.054 to 4.593%. The 10-year yield gained 0.059 to 5.048% and the 30-year 0.040 to 5.389%, while the 6-month, 3-month and 1-month bill yields edged up by 0.016, 0.002 and 0.008. Investors are looking ahead to fresh inflation and housing data for clues on the Fed's next move.

Commodities

Crude oil rose, with Brent up 1.32% to $93.989 and WTI up 0.81% to $87.230, after Iran's Revolutionary Guards Navy said two supertankers were disabled by naval mines in the Strait of Hormuz on Wednesday night and as Trump said the U.S. no longer needs a deal with Iran. OPEC+ crude output rose in October on higher Saudi production, and weekly U.S. oil and products inventory data are due Thursday after a one-day delay for the holiday. Natural gas gained 2.47%, while gold fell 2.08% as Treasury yields rose, with silver down 2.27% and copper down 1.54%.

Key Levels & Catalysts Today

Economic data

• Initial jobless claims rose 9,000 to 200,000 in the week ended Nov. 7, above the 195,000 forecast, while continuing claims fell 13,000 to 1.679 million, near the lowest level since March 2023.
• Claims from federal employees rose by 33 to 585.
• Existing home sales for October are due later Thursday and are expected at 4.0 million versus 3.99 million in September.
• Weekly U.S. oil and products inventory data are due Thursday, delayed a day by the holiday.
• The producer price index is due Friday and is expected to show a 0.4% rise in October after a 1.3% jump in September.
• The Fed meets next on Dec. 8-9.

Corporate

• Nvidia reports earnings on Nov. 17.
• Eli Lilly shares go ex-dividend on Nov. 13, with a payment of $1.73 per share.
• Anthropic's IPO is reportedly set for Nov. 19.

Top Stories

Nvidia's board weighs removing CEO Jensen Huang as analysts cut price targets. The board met Wednesday night, and reports say the company has hired a search firm, with Chief Financial Officer Colette Kress mentioned as a possible interim chief executive, though Nvidia has not confirmed any of it. The reports of a second extramarital relationship come on top of the existing probe over an alleged Chinese spy, and the stock fell almost 9% in after-hours trading Wednesday. Oppenheimer and William Blair downgraded the shares, Stifel cut its price target to $205, Cantor to $250 and RBC to $230, and Bernstein and Baird to $200. A reported U.S. rule would also extend chip export licensing to seven more countries.

Neocloud stocks reverse Wednesday's rally as AI financing worries return. The group jumped Wednesday, with CoreWeave up almost 25%, Nebius 15%, Applied Digital (NASDAQ:APLD) more than 7% and IREN (NASDAQ:IREN) almost 6%, but each fell in pre-market trading after Nebius' report. Nebius raised $5.75 billion in debt during the quarter, and Nvidia, which has backed the neocloud market through investments and project guarantees, held about $329 million of its shares at the end of June. Last week voters backed dozens of ballot initiatives to restrict data-center development, as Democrats posted sweeping wins in both houses of Congress.

Trump says the U.S. no longer needs an Iran deal as mines disable two supertankers in Hormuz. Trump wrote on Truth Social that "We don't need a deal with Iran," claiming the U.S. already holds Iran's money and the strait, and told Vice President JD Vance to focus on crime in Democratic cities. Other tankers remain ablaze in the waterway and oil spills are washing ashore, while Washington says nuclear issues must be part of any initial talks to end the eight-month-old war and Iranian security chief Mohsen Rezaei said no enriched nuclear material will leave the country. Separately, Russian and Ukrainian negotiators agreed a major prisoner exchange in Abu Dhabi, though differences remain on territorial questions.

Lilly wins China's first approval for an oral GLP-1 weight-loss pill. Orforglipron will compete with Lilly's own once-weekly injection and with injections from Novo Nordisk, Pfizer (NYSE:PFE) and Innovent Biologics, while Novo's oral Wegovy application and experimental pills from Jiangsu Hengrui Pharmaceuticals and Huadong Medicine are pending. J.P. Morgan forecasts that annual weight-management GLP-1 sales in China could reach 30 billion yuan, or $4.5 billion, within five to seven years, up from an estimated 3 billion to 4 billion yuan now. Oral drugs make up about a third of U.S. obesity prescriptions since Novo's Wegovy pill launched in January, and Lilly has not said how it will price the pill in China or when it will be available.

The U.K. economy grows 0.7% in the third quarter, keeping a December rate rise in play. Services output rose 0.9%, led by a 2.1% gain in information and communication that the Office for National Statistics tied to AI and cloud-computing activity, while production rose 0.1% and construction fell 0.7%. September GDP rose 0.2% from August, beating expectations of no growth, and Chancellor John Healey pointed to "stand-out resilience" despite the U.S.-Iran war. The Bank of England raised rates last week for the first time in three years and warned that inflation, at 3.5% in September, could reach about 5% by mid-2027, and economists said the data keep a December hike on the table.

Eyes on the Nvidia board's decision on Huang, on whether neocloud and AI infrastructure stocks can stabilize, and on Friday's wholesale inflation data.