S&P 500 Movement Overview
The S&P 500 closed lower in the US session on 12 November 2026 as a drop in Nvidia shares, following chief executive Jensen Huang’s exit, outweighed gains in energy stocks. Nvidia named Chief Financial Officer Colette Kress as interim CEO.
As of the US close at 05:00 GMT+8 on 13 November 2026, the index stood at 7,592.40, down 0.35% on the day.
Key Driver Behind The Move
Nvidia shares fell 4.3% but finished well above their session low after a far steeper early slide. AI cloud firm Nebius fell sharply after reporting quarterly earnings and an outlook, while Nvidia competitors Broadcom, Advanced Micro Devices and Alphabet each rose and were among the biggest lifts to the S&P 500.
Market Data And Reaction
The Nasdaq Composite fell 0.39%, while the Philadelphia Semiconductor Index declined 0.5% after a sharp advance in recent sessions. Energy was the best-performing major S&P 500 sector as crude prices climbed after US President Donald Trump wrote on social media that the US did not need a deal with Iran.
Since the close, Asian shares have steadied, US equity futures have edged higher and Treasury yields have risen.
Broader Market Implications
Rate expectations remain a second source of pressure. CME FedWatch showed traders fully pricing in a December Fed rate hike as of Thursday, after a hotter-than-expected consumer price reading earlier this week. Cleveland Fed President Beth Hammack said she does not believe the central bank needs to shift to more aggressive hikes, while San Francisco Fed President Mary Daly said further increases will likely be needed but did not suggest urgency.
AI-linked stocks face separate questions. Sweeping Democratic victories in the US midterm elections have sparked concern among traders about more AI regulation, and worries about Nvidia’s leadership have weighed on a pillar of the bull market. One analyst said the market was selling AI and tech shares for defensive assets but expected that to reverse. Some traders also expect questions to persist about AI firms with strong ties to Nvidia, which has backed several companies, including its own customers, through financing arrangements.
What Equity Traders Should Watch
- US producer price index for October, due at 21:30 GMT+8 on 13 November 2026.
- Nvidia’s third-quarter results, due at approximately 05:20 GMT+8 on 18 November 2026, after the US market closed, with the earnings call at 06:00 GMT+8 on the same date.
- The Federal Reserve’s December rate decision, due at 03:00 GMT+8 on 10 December 2026.
- An ongoing development: US Senate Banking Committee Chairman Tim Scott has asked Commerce Secretary Howard Lutnick and Huang to appear before the committee over recent developments at Nvidia.
