Stock Market Close, Nov. 12: Nvidia shares fall 4.34% after Jensen Huang resigns as CEO
Nvidia shares fell 4.34% after Jensen Huang resigned as CEO, as the S&P 500 ETF (SPY) slipped -0.35%.
Key takeaways
- Jensen Huang resigned as Nvidia's CEO, and Nvidia shares fell 4.34% today. The S&P 500 ETF (SPY) slipped -0.35% on the Nov. 12 session.
US stocks closed slightly lower on Nov. 12, with the S&P 500 ETF (SPY) down -0.35% and the Russell 2000 ETF (IWM) off -1.64%. The lead story is Nvidia, whose shares fell 4.34% today after Jensen Huang resigned as president, CEO and director, while Fed officials pushing for more rate hikes as inflation spreads also drew attention.
Markets
The S&P 500 ETF (SPY) fell -0.35%, the Nasdaq-100 ETF (QQQ) slipped -0.32%, and the Dow Jones Industrial Average ETF (DIA) dropped -0.38%, while the Russell 2000 ETF (IWM) lost -1.64%. The Bitcoin ETF (IBIT) fell -4.45%, the steepest move among the non-equity assets, as the 7-10 year Treasuries ETF (IEF) dropped -0.80%. The Energy ETF (XLE) led with a +1.51% gain, while the Materials ETF (XLB) was weakest at -1.28%.
| ETF | Today | After hours |
|---|---|---|
| S&P 500 (SPY) | −0.35% | +0.07% |
| Nasdaq-100 (QQQ) | −0.32% | +0.06% |
| Dow Jones Industrial Average (DIA) | −0.38% | +0.07% |
| Russell 2000 (IWM) | −1.64% | +0.06% |
| 7-10 year Treasuries (IEF) | −0.80% | −0.09% |
| US dollar (UUP) | +0.24% | n/a |
| VIX futures (VIXY) | +3.43% | −0.34% |
| Oil (DBO) | +3.06% | +0.33% |
| Gold (GLD) | −2.82% | +0.09% |
| Silver (SLV) | −3.28% | +0.09% |
| Bitcoin (IBIT) | −4.45% | +0.18% |
Top stories
Nvidia shares fall 4.34% after Jensen Huang resigns as CEO
Nvidia shares fell 4.34% today and rose 0.51% after hours, as of 4:59 p.m. ET. Jensen Huang resigned as president, CEO and director, effective immediately, and Colette Kress, the chief financial officer, will serve as interim CEO while keeping her CFO role. The board is searching for a permanent CEO and named Harvey C. Jones its first-ever chair. Bloomberg and Axios reported the resignation followed reports of affairs, including one with a woman suspected of spying for China. Nvidia will report third-quarter fiscal 2027 results on Nov. 17.
Source: NVDA 8-K exhibit
Fed officials push for more rate hikes as inflation spreads
Bloomberg reported Cleveland Fed President Beth Hammack said policy must become more restrictive to bring inflation back to the 2% objective. San Francisco Fed President Mary Daly said further rate increases will likely be needed, and businesses are increasingly weighing price increases. Chicago Fed President Austan Goolsbee said inflation is inching into a tough spot. Axios reported officials are questioning whether a gradual series of hikes will be enough to contain inflation.
Source: Bloomberg, Axios
US home sales fall to lowest level since 2010 as mortgage rates rise
Bloomberg reported sales of previously owned US homes fell in October to a 16-year low. The Guardian reported sales of already built units dropped to 3.75 million in October, down 8.8% from a year earlier, with mortgage rates near a three-year high. MarketWatch reported buyers left the market facing 7% mortgage rates. The FT said higher borrowing costs are deepening the housing slump.
Source: Bloomberg, Guardian, MarketWatch, FT
Microsoft works to restore Outlook and Copilot after outage
MSFT rose 0.36% today and fell 0.29% after hours, as of 4:59 p.m. ET. Bloomberg reported Microsoft said it was working to restore access to its workplace software, with customers possibly unable to connect to email and other tools. The New York Times reported some servers were unexpectedly unavailable, straining the remaining infrastructure. Fox Business reported Microsoft confirmed an infrastructure issue causing elevated loads behind connectivity errors across multiple regions, and CNBC reported Amazon Web Services and Google users also reported issues.
Source: Bloomberg, NYT, Fox Business, CNBC
Trump backs Commerce Secretary Lutnick amid Nvidia chip uproar
Bloomberg reported President Donald Trump gave Commerce Secretary Howard Lutnick a vote of confidence despite reports of lax department efforts to keep advanced Nvidia AI chips from China. Axios reported the White House is standing by Lutnick even though some in the administration believe he delayed action on chip smuggling concerns. Axios also reported Congress is pressing the issue after reports tied to Jensen Huang's relationship with a suspected Chinese spy.
Source: Bloomberg, Axios
Stock stories
Cisco raises fiscal 2027 forecast as AI demand lifts networking sales
Cisco shares rose 1.24% today and were up 1.07% after hours as of 4:59 p.m. ET. Record first-quarter revenue was $18.5 billion, up 24% year over year, and non-GAAP EPS was $1.40, up 40%. The company raised its fiscal 2027 revenue forecast to $74.8 billion to $75.8 billion and non-GAAP EPS guidance to $5.47 to $5.53. It expects second-quarter revenue of $18.0 billion to $18.2 billion and now sees AI infrastructure revenue from hyperscalers at $9 billion in fiscal 2027, more than double fiscal 2026.
Source: CSCO 8-K exhibit
Corteva shares fall 24% as Brazil weakness cuts full-year outlook
Corteva shares fell 24.30% today and rose 0.76% after hours as of 4:59 p.m. ET. Third-quarter net sales fell 9% to $1.59 billion, with organic sales down 9%. Latin America organic sales declined 31%, with volumes down 24% on elevated channel inventory and delayed purchasing. The company cut its 2026 Adjusted Pro Forma Operating EBITDA guidance to $1.1 billion to $1.125 billion and Operating EPS to $0.76 to $0.80.
Source: CTVA 8-K exhibit
Mobility Global shares rise 16% after third-quarter results and buyback
Mobility Global shares rose 16.11% today and fell 0.61% after hours as of 4:59 p.m. ET. Third-quarter revenue rose 7.4% to $478 million, with CARFAX revenue up 8% to $313 million and B2B revenue up 6% to $164 million. Net income fell 41% to $42 million, while adjusted EBITDA rose 2% to $195 million. The board authorized an $800 million share repurchase program and raised the midpoint of 2026 adjusted EBITDA guidance to $750 million to $760 million.
Source: MBGL 8-K exhibit
Movers
Mobility Global Inc. (MBGL) gained +16.11% and Fermi Inc. Common Stock (FRMI) rose +13.81% to lead large-company gainers, while Corteva, Inc. Common Stock (CTVA) fell -24.30% and Global Payments, Inc. (GPN) dropped -12.01% to lead decliners.
| Company | Today | Volume |
|---|---|---|
| Mobility Global Inc. (MBGL) | +16.11% | 7,285,764 |
| Fermi Inc. Common Stock (FRMI) | +13.81% | 86,381,839 |
| HUBSPOT, INC. (HUBS) | +6.39% | 2,391,062 |
| Figure Technology Solutions, Inc. Class A Common Stock (FIGR) | +6.12% | 10,683,813 |
| Advanced Micro Devices (AMD) | +5.86% | 55,014,931 |
| Corteva, Inc. Common Stock (CTVA) | −24.30% | 64,901,649 |
| Global Payments, Inc. (GPN) | −12.01% | 9,856,084 |
| Super Micro Computer, Inc. Common Stock (SMCI) | −11.30% | 114,400,801 |
| YETI Holdings, Inc. Common Stock (YETI) | −10.49% | 7,472,393 |
| Forgent Power Solutions, Inc. (FPS) | −9.85% | 16,130,084 |
What's next
The Producer Price Index from the BLS is due at 8:30 AM ET, covering 2026-10. Applied Materials (AMAT), Cisco Systems (CSCO), Nu (NU) and Arrowhead Pharmaceuticals (ARWR) report after the close.
- 8:30 AM ET: Producer Price Index (BLS), covering 2026-10
- Reported after the close: Applied Materials (AMAT), Cisco Systems (CSCO), Nu (NU), Arrowhead Pharmaceuticals (ARWR)
Prices are ETF and stock prices as of 5:00 p.m. ET, Nov. 12.
Sources
- https://www.sec.gov/Archives/edgar/data/1045810/000104581026000082/nvidiaannouncesceotransiti.htm
- https://www.sec.gov/Archives/edgar/data/1755672/000175567226000031/a3q_2026xearningsxnewsxr.htm
- https://www.sec.gov/Archives/edgar/data/2090312/000209031226000034/mbgl-20260930x8kexx991.htm
- https://www.sec.gov/Archives/edgar/data/858877/000085887726000170/exhibit991pressrelease-q1f.htm