The S&P 500 Index ($SPX) (SPY) is down -0.29% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.13%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.44%. December E-mini S&P futures (ESZ26) are down -0.20%, and December E-mini Nasdaq futures (NQZ26) are down -0.40%.
US stock indices are moving lower today, giving back some of Wednesday’s sharp gains. A -7% slump in shares of Nvidia is weighing on chipmakers and AI-infrastructure stocks amid turmoil in the company’s leadership that threatens a wider fallout across the global artificial intelligence supply chain. Nvidia’s board is discussing the future of CEO Huang after reports of multiple extramarital affairs, including one with a woman suspected of spying for China.
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Stock losses accelerated today after crude oil prices firmed and T-note yields jumped when President Trump said the US doesn’t need a deal with Iran, a marked shift from his previous comments and potentially keeping the war unresolved. The 10-year T-note yield climbed to a 3-week high of 5.06% today.
Today’s US economic news was negative for stocks after weekly initial unemployment claims rose +9,000 to 200,000, showing a slightly weaker labor market than expectations of 194,000.
Hawkish comments today from Cleveland Fed President Beth Hammack were negative for stocks and bonds when she said inflation is "moving in the wrong direction," and the Fed needs to move to a restrictive policy stance.
Dec WTI crude oil prices (CLZ26) erased overnight losses and moved higher on comments from President Trump, who said the US doesn’t need a deal with Iran, potentially leaving the conflict unresolved. Iran continues to assault ships going through the Strait of Hormuz, and the US has twice launched limited strikes on Iran's Qeshm Island since early last week. Also, risks to Middle Eastern energy infrastructure persist after Saudi Arabia's East-West pipeline was targeted Monday in the Medina region, and western Saudi Arabia was targeted by missiles on Wednesday by Houthi Rebels.
Crude prices initially were under pressure today as oil production in the Middle East increases, even as tensions between Iran and the US continue to threaten shipments through the Strait of Hormuz. Saudi Arabia’s crude output soared 26% in October, and Iraq boosted its crude production to a new wartime high. Also, diplomatic efforts continue in an attempt to end the US-Iran conflict, although the US and Iran still disagree on key issues such as Iran’s nuclear program, frozen assets, and the US Naval blockade.
Stocks are supported by the prospect of solid quarterly earnings. According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +31% from a year earlier, up from a July estimate of 22%. As of today, 450 of the S&P 500 companies have reported results, with 84% beating estimates.
Overseas stock markets are lower today. The Euro Stoxx 50 fell from a 2.25-month high and is down -0.02%. China’s Shanghai Composite closed down -0.67%. Japan's Nikkei-225 Stock Average closed down -0.70%.
Interest Rates
December 10-year T-notes (ZNZ6) are down -4 ticks today. The 10-year T-note yield is up +3.4 bp to 5.026%. Dec T-notes fell to a 2-week low today, and the 10-year T-note yield rose to a 3-week high of 5.056%. Hawkish comments today from Cleveland Fed President Beth Hammack weighed on T-note prices when she said the Fed needs to move to a restrictive policy stance. Rising crude oil prices today have boosted inflation expectations and are bearish for T-notes. Supply pressures are also weighing on T-notes as the Treasury will auction $25 billion of 30-year T-bonds later today.
The markets are now pricing in a 100% chance of a +25 bp rate hike at the FOMC’s next meeting on December 8-9.
European government bond yields are moving higher today. The 10-year German bund yield rose to a 1.5-week high of 3.344% and is up +0.8 bp to 3.324%. The 10-year UK gilt yield climbed to a 1.5-week high of 5.297% and is up +5.6 bp to 5.279%.
UK Sep manufacturing production unexpectedly rose +0.7% m/m, stronger than expectations of a -0.5% m/m decline.
The markets are now pricing in a 93% chance of a +25 bp rate hike at the ECB’s next policy meeting on December 17.
US Stock Movers
Nebius Group NV (NBIS) is down more than -16% to lead AI cloud-computing stocks lower and losers in the Nasdaq 100 after forecasting 2027 capital expenditures of $40 billion to $45 billion, well above the consensus of $28.76 billion. Also, CoreWeave (CRWV) is down more than -10%, and Applied Digital (APLD) is down more than 5%. In addition, Lumentum Holdings (LITE) is down more than -4%, and Oracle (ORCL) is down more than -2%.
Nvidia (NVDA) is down more than -7% to lead chipmakers and AI-infrastructure stocks lower and losers in the Dow Jones Industrials as the company’s board has been working with an outside firm to identify potential replacements for CEO Huang following reports of extramarital affairs, including one with a woman suspected of spying for China. Also, Sandisk (SNDK) is down more than -4%, and Seagate Technology Holdings Plc (STX), Marvell Technology (MRVL), and Western Digital (WDC) are down more than -3%. In addition, Micron Technology (MU) and Intel (INTC) are down more than -2%.
Cryptocurrency-exposed stocks are retreating today, with Bitcoin (^BTCUSD) down more than -3% at a 2.5-month low. Strategy (MSTR) and Iren Ltd (IREN) are down more than -7%, and Galaxy Digital Holdings (GLXY) and BitMine Immersion Technologies (BMNR) are down more than -6%. Also, Circle Internet Group (CRCL) is down more than -5%, and Coinbase Global (COIN) is down more than -4%. In addition, Bullish (BLSH), MARA Holdings (MARA) and Robinhood Markets (HOOD) are down more than -3%.
Corteva (CTVA) is down more than -20% after reporting Q3 pro forma net sales of $1.59 billion, down -9%, and said weak market conditions in Brazil are weighing on its full-year earnings forecast.
YETI Holdings (YETI) is down more than -6% after cutting its full-year adjusted EPS forecast to $2.90 to $2.95 from a previous estimate of $2.94 to $3.00, below the consensus of $2.98.
Keurig Dr Pepper (KDP) is down more than -5% after commencing an underwritten public offering of $2.0 billion of shares of its common stock.
Intuitive Machines (LUNR) is up more than +15% after reporting Q3 revenue of $269 million, stronger than the consensus of $245.9 million.
Tetra Tech (TTEK) is up more than +5% after forecasting 2027 net revenue of $4.43 billion to $4.63 billion, the midpoint above the consensus of $4.47 billion.
Broadcom (AVGO) is up more than +4% to lead gainers in the S&P 500 and Nasdaq 100, and Advanced Micro Devices (AMD) is up more than +2% as turmoil in Nvidia’s leadership could benefit the sales prospects of the chipmakers.
Ingram Micro Holding (INGM) is up more than +1% after S&P Dow Jones Indices said the stock will replace Pacira BioSciences in the S&P SmallCap 600 effective November 17.
Earnings Reports (11/12/2026)
Almonty Industries Inc (ALM), Applied Materials Inc (AMAT), Arrowhead Pharmaceuticals Inc (ARWR), Ascendis Pharma A/S (ASND), Cisco Systems Inc (CSCO), DPC Holdings PLC (DPC), Fermi Inc (FRMI), Figure Technology Solutions Inc (FIGR), Forgent Power Solutions Inc (FPS), Mobility Global Inc (MBGL), NIQ Global Intelligence Plc (NIQ), NU Holdings Ltd/Cayman Islands (NU), Solv Energy Inc (MWH), X-Energy Inc (XE), YETI Holdings Inc (YETI).
On the date of publication, Rich Asplund did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.