US Stock Market Trends (November 13): NVIDIA closes down 4.3% following Jensen Huang's resignation, while AMD and Broadcom rise nearly 6%
By Chaoxiang Research
The news of Jensen Huang's resignation initially weighed on U.S. stocks at Thursday's open, with the Nasdaq falling as much as 1.6% in early trading and NVIDIA dropping up to 14% intraday.
Selling pressure gradually eased later. The three major indexes closed down only about 0.4%, while AMD and Broadcom rose nearly 6%, absorbing capital flowing out of NVIDIA.
Three Major Indexes Close Slightly Lower, Russell 2000 Drops 1.7%
The following are the U.S. market trading results for Thursday, November 12 (Eastern Time).
The Dow Jones Industrial Average fell 189.40 points, or 0.36%, to close at 52297.09.
The S&P 500 fell 0.35% to close at 7592.40; the Nasdaq Composite dropped 0.39% to close at 25366.09.
IndexClosing Level% Change
Dow Jones52297.09-0.36%
S&P 5007592.40-0.35%
Nasdaq25366.09-0.39%
Russell 20002799.06-1.7%
Small-cap stocks fell more sharply, with the Russell 2000 dropping 1.7%.
According to Associated Press statistics, the S&P 500 gained 2.9% cumulatively over the first four trading days of the week, while the Dow advanced 2% and the Nasdaq rose 3.2%.
Jensen Huang Resigns, NVIDIA Closes Down 4.3%
NVIDIA announced early Thursday that Jensen Huang will resign immediately as CEO, President, and member of the Board of Directors.
Chief Financial Officer Colette Kress will serve as interim CEO while the company searches for a permanent successor among internal and external candidates. Senior tech executive Harvey Jones has been appointed chairman.
NVIDIA shares initially plummeted 14% at the open before narrowing their loss to 4.3% at the close, at $166.19. Investopedia reported that the stock has fallen nearly 40% from its high last year.
Reuters data shows NVIDIA's current forward P/E ratio stands at approximately 12x, the lowest since 2012.
NVIDIA is set to report its third-quarter earnings next week, with Kress expected to preside over the briefing.
AMD and Broadcom Rise Nearly 6% as NVIDIA-Filiated Stocks Face Pressure
Competitors moved in the opposite direction. AMD closed up 5.9% and Broadcom rose 5.5%, leading gains in the S&P 500.
Other chip stocks showed mixed performance. Intel, Marvell, and Micron each fell about 2%, while the Philadelphia Semiconductor Index declined 0.5%.
Companies closely tied to NVIDIA broadly sold off. CoreWeave pulled back 7% after surging roughly 25% the previous day, Nebius plunged 17% following its earnings report, and Lumentum fell 4%.
Super Micro Computer dropped 11%. Bloomberg reported that the U.S. Department of Justice is investigating whether a woman rumored to have a relationship with Huang was involved in smuggling Supermicro products to China.
Listed ADR Alibaba fell 7.1%. Apple reached an intraday historical high near $360 before closing slightly down 0.1%.
Additionally, media outlets such as CNBC reported that the U.S. Commerce Department is finalizing new regulations requiring licenses to export Blackwell-class and newer AI chips to seven countries including Singapore, Malaysia, Thailand, and Indonesia, while restricting Chinese firms from remotely accessing these chips via overseas data centers.
U.S. Treasury Yields Jump, Oil Prices Surge 3%
The yield on the U.S. 10-year Treasury note rose approximately 11.6 basis points to 5.105%, moving back above the 5% level; the 2-year yield climbed to 4.867%, marking its highest point since October 14.
Federal funds futures indicate the market expects the Fed to raise rates by approximately 29 basis points in December. The Dollar Index surged to 103.18, a 19-month high.
Gold futures fell 3.1% to around $3,880 per ounce, hitting a low not seen since October 2025. Bitcoin dropped to around $71,500.
Oil prices rebounded sharply. On social media, Trump stated that the U.S. "does not need a deal with Iran," while Yemen's Houthi rebels claimed attacks on multiple Saudi energy facilities.
Brent crude rose $3.06, or 3.3%, to settle at $95.82 per barrel; WTI crude gained $2.21, or 2.6%, to settle at $88.74 per barrel.
In economic data, initial jobless claims for the week ending November 7 increased by 9,000 to 200,000, slightly above the forecast of 195,000.
Existing home sales in October fell 5.5% month-over-month to an annualized pace of 3.75 million units, below the expected 3.85 million, marking the lowest level since August 2010.
Cisco Rises 3% After Hours, Applied Materials Trades Mixed
Cisco reported first-quarter fiscal 2027 revenue of $18.5 billion and adjusted EPS of $1.40, both beating expectations. The company raised its full-year revenue guidance to $74.8 billion–$75.8 billion, sending shares up roughly 3% in after-hours trading.
Applied Materials posted fourth-quarter revenue of $10.41 billion, up 53% year-over-year to a record high, with adjusted EPS of $4.16. The company provided next-quarter revenue guidance of $11.1 billion, plus or minus $500 million, above estimates, though shares saw gains then losses after hours.
AI chipmaker Cerebras reported third-quarter revenue of $230.9 million, surpassing expectations, and lifted its full-year revenue outlook to $940 million–$960 million, driving shares higher by about 12% in after-hours action.
According to the Investor's Business Daily, as of Thursday evening Eastern Time, the three major U.S. stock index futures edged slightly higher.
What to Watch Today
All times listed in Beijing Time.
Friday 21:30: U.S. October PPI. Following this week's hotter-than-expected CPI data, the PPI print will further shape market expectations for December rate hikes.
NVIDIA Developments: Announcement of a permanent CEO, next week's earnings report, and updates on the new U.S. chip export rules.
Treasury Yields & Oil Prices: Whether the 10-year yield can hold above 5%, and the impact of U.S.-Iran tensions on crude.