Stock Market Today, Nov. 12: Nvidia shares fall 7.96% premarket after board reportedly weighs CEO Huang's ouster

Update, 8:35 a.m. ET

As of 8:35 a.m. ET on Nov. 12, index ETFs are lower premarket after yesterday's gains: the S&P 500 ETF (SPY) is down 0.67% after rising 1.32%, and the Nasdaq-100 ETF (QQQ) is down 1.22% after rising 2.31%. Oil rose and erased earlier losses after President Donald Trump said the US doesn't need a deal with Iran, leaving the Middle East conflict unresolved. NIQ shares fell 11.92% premarket despite raised 2026 guidance, while CoreWeave shares fell 10.11% premarket after raising its 2026 revenue guidance.

Markets at 8:35 a.m.

Late news

Oil jumps after Trump says US doesn't need deal with Iran

Oil rose and erased earlier losses after President Donald Trump said the US doesn't need a deal with Iran, Bloomberg reported. The comment leaves the conflict that has roiled Middle East supplies unresolved. CNBC reported that Trump directed Vice President JD Vance to focus instead on corruption and crime in Democratic cities and states.

Source: Bloomberg, CNBC

NIQ shares fall 11.92% premarket despite raised 2026 guidance

NIQ shares fell 11.92% premarket as of 8:29 a.m. ET, after rising 0.19% the previous session. Third-quarter revenue grew 6.3% to $1,119.1 million, or 5.8% in organic constant currency, while Adjusted EBITDA rose 17.8% to $263.6 million. Net income attributable to NIQ was $35.8 million, or $0.12 per share, the first positive GAAP EPS since the IPO. NIQ raised its full-year 2026 guidance to 5.5% to 5.7% OCC revenue growth and $1.16 to $1.20 of Adjusted EPS, and authorized up to $150 million in share repurchases.

Source: NIQ 8-K exhibit

CoreWeave shares fall 10.11% premarket after raising 2026 revenue guidance

CoreWeave shares fell 10.11% premarket as of 8:34 a.m. ET, after rising 24.71% the previous session. Third-quarter revenue was $3,661 million, up from $1,365 million a year earlier, and operating income was $207 million. The company reported a third-quarter net loss of $709 million, or $1.27 per share, and Adjusted EBITDA of $2,256 million. CoreWeave raised its full-year 2026 revenue guidance to $13.0 billion to $13.3 billion and its adjusted operating income guidance to $1.275 billion to $1.375 billion. It also expects full-year 2026 capital expenditures of $37 billion to $39 billion and exit-2026 annualized run-rate revenue of $20 billion to $21 billion.

Source: CRWV 8-K exhibit

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The S&P 500 ETF (SPY) is down 0.47% pre-market after gaining 1.32% yesterday, and the Nasdaq-100 ETF (QQQ) is down 0.98% after a 2.31% gain. The lead story is Nvidia, whose shares fell 7.96% premarket as reports said the board is weighing CEO Jensen Huang's ouster, with a Megaspeed probe over Nvidia chip sales to China also in focus.

Markets

The S&P 500 ETF (SPY) is down 0.47% pre-market after gaining 1.32% yesterday, and the Nasdaq-100 ETF (QQQ) is down 0.98% after a 2.31% gain. The US dollar ETF (UUP) is up 0.69% yesterday and 0.02% pre-market, while the VIX futures ETF (VIXY) is up 2.24% pre-market. The Technology ETF (XLK) is the weakest sector pre-market at -1.69%, after the strongest move yesterday at +3.23%, while the Health care ETF (XLV) leads pre-market at +1.08%.

Top stories

Nvidia shares fall 7.96% premarket after board reportedly weighs CEO Huang's ouster

Nvidia shares fell 7.96% in premarket trading as of 7:29 a.m. ET, after rising 2.87% the previous day. The Wall Street Journal reported that the board is preparing to oust CEO Jensen Huang, and Bloomberg reported that the board is working with an outside firm to identify replacements. The New York Times reported that Huang had a second affair, with a senior executive who reports to him, and Axios said he is already under investigation over an affair with a woman US intelligence reportedly believes is a Chinese spy. CNBC and Fortune also reported the board's deliberations.

On WSB: 5,290 mentions in 24 hours, 2.8× its usual pace, 39% bullish.

Source: Bloomberg, Wall Street Journal, New York Times, Axios, CNBC, Fortune

Megaspeed at center of US probe over Nvidia chip sales to China

CNBC reported that Singapore-based Megaspeed is at the center of a U.S. probe over its role in sending billions of restricted Nvidia chips to China. Fortune reported that the company moved $7.5 billion of Nvidia chips to Chinese companies through networks in Singapore and Malaysia. Bloomberg reported that US intelligence has reportedly identified Alice Huang, a former Megaspeed executive, as a Chinese intelligence asset. MarketWatch reported that Megaspeed issued its first public statement since the scandal erupted on Nov. 12.

Source: CNBC, Fortune, Bloomberg, MarketWatch

UK economy grows 0.7% in third quarter, in line with estimates

The UK economy grew 0.7% in the three months to September, according to official figures, as expected by City analysts, CNBC and the Guardian reported. The Guardian said the Office for National Statistics recorded GDP rising 0.2% month on month in September. Bloomberg reported that the growth was the strongest since 2024, despite an energy shock caused by the Iran war, and that high oil and gas prices did not derail businesses and consumers.

Source: BBC, CNBC, Guardian, Bloomberg

Burberry returns to profit as sales rise in China and US

Burberry has returned to profit, the Guardian reported, as its back-to-basics strategy drove strong sales of coats, jackets and handbags over the summer. Chief executive Joshua Schulman said the brand outperformed a challenging luxury market to achieve sales growth of 6%, with big rises in China and the US. The FT reported that sales continue to rise in both markets as the refocus on core products pays off.

Source: Guardian, FT

UK drone maker Uforce valued at $6 billion with UK wealth fund backing

Bloomberg reported that drone startup Uforce was valued at $6 billion after a $700 million financing round, in which the UK National Wealth Fund made its largest defense investment. The Guardian reported the same round at a £4.5bn valuation after more than £500m was raised from investors including the UK government, with £113m coming from the national wealth fund. The Guardian said the London-based company makes military drones for land, air and sea, and was founded by Ukrainians.

Source: Bloomberg, Guardian

Stock stories

Fermi shares jump 18% premarket after investment-grade hyperscaler signs deal

Fermi shares rose 18.40% premarket as of 7:29 a.m. ET, after gaining 17.53% yesterday. Fermi said an undisclosed investment-grade hyperscaler agreed to a $200 million prepayment and a $15 million early construction and site development agreement to advance an initial 600 MW of power capacity at Project Matador beginning in 2027. A $90 million structural steel and building materials purchase agreement is being finalized, and the parties continue working toward a definitive long-term lease. Third-quarter net loss was $141.6 million, or $0.22 per share, and cash and restricted cash totaled $315.5 million at Sept. 30. TensorWave terminated its Data Center Lease and Services Agreement signed in August.

Source: FRMI 8-K exhibit

Figure shares rise 10% premarket after record Q3 revenue

Figure shares rose 10.09% premarket as of 7:29 a.m. ET, after gaining 3.64% yesterday. Third-quarter net revenue was $287.1 million, up 84% from a year earlier, and adjusted EBITDA rose 91% to $163.6 million. Loan Marketplace volume reached $5.8 billion, up 135%, including $677 million contributed by Kiavi, which was acquired effective Sept. 1. Net income was flat at $89.3 million, and gross take rate fell to 3.9% from 5.2%. For the fourth quarter, the company guided to Loan Marketplace volume of $6.2 billion to $6.7 billion and a gross take rate of 3.1% to 3.4%.

Source: FIGR 8-K exhibit

Tetra Tech shares rise 9% premarket after record fourth-quarter EPS

Tetra Tech shares rose 9.47% premarket as of 7:29 a.m. ET, after falling 7.48% yesterday. Fourth-quarter fiscal 2026 results, released Nov. 11, included record EPS of $0.51 and adjusted EPS of $0.49, with revenue of $1.34 billion and net revenue of $1.15 billion. Backlog reached $4.67 billion, up 13% year over year. For fiscal 2027, the company expects EPS of $1.65 to $1.80 and net revenue of $4.425 billion to $4.625 billion. The board approved a quarterly dividend of $0.072 per share, an 11% increase.

Source: TTEK 8-K exhibit

YETI shares fall 8% premarket as company trims sales growth outlook

YETI shares fell 7.72% premarket as of 7:29 a.m. ET, after falling 4.42% yesterday. Third-quarter sales rose 4% to $509.4 million, and adjusted sales rose 6% to $517.9 million, while adjusted EPS rose 49% to $0.91. The company now expects adjusted sales growth of about 6%, down from 7% to 8%, and adjusted EPS of $2.90 to $2.95, down from $2.94 to $3.00. US sales rose 1% to $390.3 million, and the CEO said the consumer environment will remain cautious and pressure fourth-quarter demand.

Source: YETI 8-K exhibit

What WSB is talking about

Mentions across Reddit, Discord and WSB in the last 24 hours.

Heating up: AVGO (3.0× usual, +0.77%); META (2.3× usual, −0.54%); MSFT (2.2× usual, −0.16%).

Today ahead

Weekly jobless claims are released at 8:30 AM ET by the Labor Department. Before the open, Fermi (FRMI), Figure Technology Solutions (FIGR), YETI (YETI) and X-Energy (XE) are scheduled to report, and after the close Applied Materials (AMAT) and Cisco Systems (CSCO) are scheduled to report.

• 8:30 AM ET: Weekly jobless claims (Labor Department)
• Reported before the open: Ascendis Pharma (ASND), Figure Technology Solutions (FIGR), Forgent Power Solutions (FPS), SOLV Energy (MWH), NIQ Global Intelligence (NIQ), X-Energy (XE), YETI (YETI), Fermi (FRMI)
• Reporting after the close: Applied Materials (AMAT), Cisco Systems (CSCO), Nu (NU), Arrowhead Pharmaceuticals (ARWR)

Prices are ETF and stock prices as of 7:30 a.m. ET, Nov. 12.