Stock Market Close, Nov. 13: Nvidia CFO Colette Kress named interim CEO after Jensen Huang resigns
Nvidia CFO Colette Kress is named interim CEO after Jensen Huang resigns, as the S&P 500 ETF (SPY) fell -0.36%.
Key takeaways
- Nvidia named CFO Colette Kress interim CEO after Jensen Huang resigned, while the S&P 500 ETF (SPY) fell -0.36% on Nov. 13.
The S&P 500 ETF (SPY) fell -0.36% and the Nasdaq-100 ETF (QQQ) dropped -1.20%, while the Dow Jones Industrial Average ETF (DIA) rose +0.13%. The lead story is Nvidia's leadership change, after Jensen Huang resigned as president, CEO and board member, with CFO Colette Kress named interim CEO. A Microsoft outage that disrupted services for almost 24 hours also drew attention.
Markets
The S&P 500 ETF (SPY) fell -0.36% and the Nasdaq-100 ETF (QQQ) dropped -1.20%, while the Dow Jones Industrial Average ETF (DIA) rose +0.13%. The VIX futures ETF (VIXY) gained +2.46%, and the Treasury ETF (IEF) fell -0.19%, which moves opposite to yields. The Consumer staples ETF (XLP) led with +1.42%, while the Technology ETF (XLK) lagged at -2.01%.
| ETF | Today | After hours |
|---|---|---|
| S&P 500 (SPY) | −0.36% | −0.32% |
| Nasdaq-100 (QQQ) | −1.20% | −0.40% |
| Dow Jones Industrial Average (DIA) | +0.13% | −0.15% |
| Russell 2000 (IWM) | −0.32% | −0.23% |
| 7-10 year Treasuries (IEF) | −0.19% | +0.16% |
| US dollar (UUP) | +0.27% | n/a |
| VIX futures (VIXY) | +2.46% | +1.48% |
| Oil (DBO) | −0.42% | +0.60% |
| Gold (GLD) | +0.16% | +0.16% |
| Silver (SLV) | −2.19% | −0.27% |
| Bitcoin (IBIT) | −3.52% | −0.69% |
Top stories
Nvidia CFO Colette Kress named interim CEO after Jensen Huang resigns
Jensen Huang resigned as Nvidia president, CEO and board member, effective immediately, the company announced Nov. 12. CFO Colette Kress will serve as interim CEO while remaining executive vice president and CFO until a permanent successor is named. The board is searching for a permanent CEO and will consider internal and external candidates. Harvey C. Jones was named the company's first-ever board chair. Nvidia shares fell 2.01% on Nov. 13 and were down 0.68% after hours as of 4:59 p.m. ET. Nvidia will report third-quarter fiscal 2027 results on Nov. 17.
Source: NVDA 8-K exhibit
Bessent says Treasury backed Megaspeed blacklist, blames Commerce
Treasury Secretary Scott Bessent said his department supported placing Megaspeed on a trade blacklist for months, and that responsibility for doing so rested with Commerce Secretary Howard Lutnick, Bloomberg reported. BBC reported that Bessent told CNBC several agencies were in favor of listing Megaspeed for months. Fortune reported that the Treasury, Defense and State departments all backed trade restrictions, but only Commerce had the power to impose them. The FT said the remarks threaten to further strain the administration over the Nvidia scandal. NYT reported that Bessent said Nvidia employees should be held accountable if they sidestepped the law.
Source: Bloomberg, BBC, CNBC, Fortune, FT, NYT
Microsoft outage disrupts email and services worldwide for nearly 24 hours
Microsoft's global outage disrupted services for almost 24 hours, affecting users in more than 70 countries, Bloomberg reported. Bloomberg said the outage paralyzed government offices, traders and businesses, and Microsoft said it was making progress restoring access. BBC reported that Microsoft apologized for the outage, and experts called it a stark reminder of reliance on a small group of big tech providers. MarketWatch reported that a widespread Outlook outage delayed a corporate earnings report. Microsoft shares rose 0.17% on Nov. 13 and fell 0.24% after hours as of 4:59 p.m. ET.
Source: Bloomberg, BBC, MarketWatch
FAA orders nationwide ground stop for flights across the United States
The Federal Aviation Administration issued a nationwide ground stop on Nov. 13, citing extraordinary circumstances and reasons of safety, NYT reported. FT reported that airports across the country were ordered to close and that departing flights were grounded. Fox Business reported the same extraordinary circumstances rationale. MarketWatch published live coverage of the stop covering all U.S. airports.
Source: CNBC, FT, Fox Business, MarketWatch, NYT
Goolsbee says Fed must restore inflation credibility
Chicago Fed President Austan Goolsbee said the Fed must take more action to bring down inflation, Bloomberg reported. He told CNBC the central bank has more work to do on inflation and will likely need to act. CNBC reported that Goolsbee expressed concern about the latest inflation data.
Source: Bloomberg, CNBC
Movers
Modine Manufacturing (MOD) gained +27.86% and Fermi (FRMI) rose +26.70% among regular-session leaders, while Advanced Micro Devices (AMD) fell -8.75% and Fabrinet (FN) dropped -7.31% among laggards.
| Company | Today | Volume |
|---|---|---|
| Modine Manufacturing Co (MOD) | +27.86% | 8,416,155 |
| Fermi Inc. Common Stock (FRMI) | +26.70% | 73,859,452 |
| Nu Holdings Ltd. (NU) | +11.75% | 152,420,449 |
| Shift4 Payments, Inc. (FOUR) | +7.85% | 2,900,316 |
| Almonty Industries Inc. Common Shares (ALM) | +7.73% | 8,129,520 |
| Advanced Micro Devices (AMD) | −8.75% | 48,921,714 |
| Fabrinet (FN) | −7.31% | 1,182,126 |
| Dell Technologies Inc. (DELL) | −7.18% | 9,575,782 |
| IREN Limited Ordinary Shares (IREN) | −6.72% | 69,206,199 |
| IonQ, Inc. (IONQ) | −6.42% | 21,647,034 |
What's next
Aramark (ARMK) and Tyson Foods (TSN) report before the next open.
- Reporting before the next open: Aramark (ARMK), Tyson Foods (TSN)
Prices are ETF and stock prices as of 5:00 p.m. ET, Nov. 13.