The S&P 500 Index ($SPX) (SPY) closed down -0.35% on Thursday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -0.36%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.30%. December E-mini S&P futures (ESZ26) fell -0.33%, and December E-mini Nasdaq futures (NQZ26) fell -0.29%.
US stock indices settled lower on Thursday amid a -4% slump in Nvidia shares over turmoil in the company’s leadership that threatens wider fallout across the global artificial intelligence supply chain. Nvidia CEO Huang resigned Thursday following the revelation of multiple extramarital affairs, including one with a woman suspected of spying for China. Huang was replaced by current Nvidia CFO Colette Kress as interim CEO.
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Stocks were also pressured Thursday after crude oil prices rallied more than +2% 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. In addition, T-note yields jumped amid hawkish Fed comments, after Cleveland Fed President Beth Hammack, Chicago Fed President Austan Goolsbee, and San Francisco Fed President Mary Daly signaled their support for additional Fed interest rate hikes. The 10-year T-note yield climbed to a 3-week high of 5.13% on Thursday.
Thursday’s US economic news was also 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. Also, Oct existing home sales fell -5.5% m/m to a 16-year low of 3.75 million, weaker than expectations of 3.85 million.
Cleveland Fed President Beth Hammack said inflation is "moving in the wrong direction," and the Fed needs to move to a restrictive policy stance.
Chicago Fed President Austan Goolsbee said the Fed needs to act to tame inflation before the economy overheats, which would make the situation more difficult for policymakers. He also cautioned that the build-out of artificial intelligence infrastructure may be leading to an overheating of demand in the economy.
San Francisco Fed President Mary Daly said, "My bias is that further tightening will be needed because you just see this consistent pressure on inflation that isn't simply in the sectors that are most directly affected by tariffs or oil."
Dec WTI crude oil prices (CLZ26) erased overnight losses and jumped more than +2% on Thursday on comments from President Trump, who said the US doesn’t need a deal with Iran, a marked shift from his previous comments to pursue a diplomatic resolution and potentially keeping the war unresolved and Middle Eastern energy supplies disrupted. Iran continues to assault ships going through the Strait of Hormuz, and the US has 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 Thursday as oil production in the Middle East increased, 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 Thursday, 450 of the S&P 500 companies have reported results, with 84% beating estimates.
Overseas stock markets settled mixed on Thursday. The Euro Stoxx 50 rose to a 2.25-month high and closed up +0.09%. 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) closed down -18.5 ticks on Thursday. The 10-year T-note yield rose +11.9 bp to 5.111%. Dec T-notes fell to a 3-week low on Thursday, and the 10-year T-note yield rose to a 3-week high of 5.135%. WTI crude oil rose more than +2% on Thursday, raising inflation expectations and weighing on T-notes. Also, hawkish Fed comments today from Cleveland Fed President Beth Hammack, Chicago Fed President Austan Goolsbee, and San Francisco Fed President Mary Daly pressured T-notes when they said they favored additional Fed interest rate hikes. T-note prices held to their lows Thursday after the $25 billion Treasury auction of 30-year T-bonds was met with weak demand. The auction had a bid-to-cover ratio of 2.36, below the 10-auction average of 2.45.
T-notes found temporary support on Thursday after US weekly jobless claims rose more than expected and Sep existing home sales fell more than expected to a 16-year low. Also, stock weakness on Thursday boosted some safe-haven demand for T-notes.
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 moved higher on Thursday. The 10-year German bund yield rose to a 1.5-week high of 3.348% and finished up +3.1 bp to 3.347%. The 10-year UK gilt yield climbed to a 1.5-week high of 5.301% and finished up +7.7 bp to 5.299%.
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) closed 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) closed down more than -5%, and Applied Digital (APLD) closed down more than -4%. In addition, Lumentum Holdings (LITE) closed down more than -3%, and Oracle (ORCL) closed down -0.80%.
Nvidia (NVDA) closed down more than 4% to lead losers in the Dow Jones Industrials, and pressured chipmakers and AI-infrastructure stocks after CEO Huang resigned following the revelation of multiple extramarital affairs, including one with a woman suspected of spying for China. Also, Sandisk (SNDK) closed down more than -4%, and Applied Materials (AMAT) closed down more than -3%. In addition, Marvell Technology (MRVL), ASML Holding NV (ASML), KLA Corp (KLAC), and Intel (INTC) closed down more than -2%, and ARM Holdings Plc (ARM), Micron Technology (MU), and Seagate Technology Holdings Plc (STX) closed down more than -1%.
Cryptocurrency-exposed stocks retreated on Thursday as Bitcoin (^BTCUSD) fell more than -3% to a 2.5-month low. Strategy (MSTR) closed down more than -6%, and Iren Ltd (IREN) and MARA Holdings (MARA) closed down more than -5%. Also, Galaxy Digital Holdings (GLXY), Circle Internet Group (CRCL), and BitMine Immersion Technologies (BMNR) closed down more than -4%, and Coinbase Global (COIN) and Robinhood Markets (HOOD) closed down more than -3%.
Airlines and cruise line operators sold off Thursday after WTI crude rallied more than +2%, raising fuel costs and dampening profitability prospects. United Airlines Holdings (UAL) closed down more than -6%, and American Airlines Group (AAL) and Delta Air Lines (DAL) closed down more than -5%. Also, Alaska Air Group (ALK), Carnival (CCL), and Norwegian Cruise Line Holdings (NCLH) closed down more than -4%, and Southwest Airlines (LUV) and Royal Caribbean Cruises (RCL) closed down more than -3%.
Corteva (CTVA) closed down more than -24% 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.
Global Payments (GPN) closed down more than -12% to lead losers in the S&P 500 after Reuters reported that CD&R and GTCR dropped their plans to acquire the company.
Super Micro Computer (SMCI) closed down more than -11% after Semafor reported the company is facing a US Department of Justice probe.
YETI Holdings (YETI) closed down more than -10% 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) closed down more than -7% after commencing an underwritten public offering of $2.0 billion of shares of its common stock.
Intuitive Machines (LUNR) closed up more than +7% after reporting Q3 revenue of $269 million, stronger than the consensus of $245.9 million.
Advanced Micro Devices (AMD) closed up more than +5% to lead gainers in the S&P 500 and Nasdaq 100, and Broadcom (AVGO) closed up more than +5% as turmoil in Nvidia’s leadership could benefit the sales prospects of the chipmakers.
Tetra Tech (TTEK) closed up more than +4% after forecasting 2027 net revenue of $4.43 billion to $4.63 billion, the midpoint above the consensus of $4.47 billion.
Ingram Micro Holding (INGM) closed up more than +2% after S&P Dow Jones Indices said the stock will replace Pacira BioSciences in the S&P SmallCap 600 effective November 17.
Alphabet (GOOGL) closed up more than +1% to lead gainers in the Dow Jones Industrials after launching its Gemini 4 Hydrogen globally in Google Search, marking what it calls its biggest model upgrade to Search yet.
Earnings Reports (11/13/2026)
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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.
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