Stock Market Today, Nov. 13: Nvidia names CFO Kress interim CEO after Jensen Huang resigns

Update, 8:35 a.m. ET

The Bureau of Labor Statistics said the Producer Price Index for final demand rose 0.3% in October, seasonally adjusted, and rose 6.5% over the 12 months ended in October, slightly less than the 0.4% increase expected. Pre-market, the S&P 500 ETF (SPY) was up 0.71%, the Nasdaq-100 ETF (QQQ) was up 0.66%, the Dow Jones Industrial Average ETF (DIA) was up 0.67%, and the Russell 2000 ETF (IWM) was up 0.74%. The reading came in a touch softer than traders had priced in.

Economic data

• Producer Price Index: The Bureau of Labor Statistics said the Producer Price Index for final demand rose 0.3% in October, seasonally adjusted, and rose 6.5% over the 12 months ended in October. Source

Markets at 8:35 a.m.

Late news

US wholesale prices rise 0.3% in October, slightly less than expected

The producer price index rose 0.3% in October, slightly less than the 0.4% increase expected in the Dow Jones consensus, CNBC reported. The gain was below the forecast, so the reading came in a touch softer than traders had priced in.

Source: CNBC

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The S&P 500 ETF (SPY) is up +0.27% pre-market after a -0.35% session yesterday, with the Nasdaq-100 ETF (QQQ) at +0.15% and the Dow Jones Industrial Average ETF (DIA) at +0.21%. The lead story is Nvidia naming CFO Colette Kress interim CEO after Jensen Huang resigned, with Nvidia shares up 1.84% premarket after falling 4.34% on Nov. 12. Treasury yields surged on bets for more Fed rate hikes, and a Microsoft global outage is disrupting Outlook, Teams and Copilot.

Markets

The S&P 500 ETF (SPY) is up +0.27% pre-market after a -0.35% session yesterday, with the Nasdaq-100 ETF (QQQ) at +0.15% and the Dow Jones Industrial Average ETF (DIA) at +0.21%. The Treasury ETF (IEF) is up +0.06% pre-market, which moves opposite to yields, after falling -0.80% yesterday. Energy ETF (XLE) leads at +0.25% pre-market after gaining +1.51% yesterday, while Materials ETF (XLB) is the weakest yesterday at -1.28%, though it is up +0.39% pre-market.

Top stories

Nvidia names CFO Kress interim CEO after Jensen Huang resigns

Nvidia shares rose 1.84% premarket as of 7:29 a.m. ET, after falling 4.34% on Nov. 12. Founder Jensen Huang resigned as president, chief executive and board member, effective immediately. CFO Colette Kress will serve as interim CEO while remaining executive vice president and CFO until a permanent successor is named. Harvey C. Jones was appointed the board's first-ever chair. BBC reported US lawmakers now want to question Huang over whether one of his alleged relationships was with a Chinese spy. Nvidia will report third-quarter fiscal 2027 results Nov. 17.

On WSB: 6,162 mentions in 24 hours, 2.3× its usual pace, 43% bullish.

Source: NVDA 8-K exhibit

Microsoft global outage disrupts Outlook, Teams and Copilot services

Microsoft shares fell 1.44% premarket as of 7:29 a.m. ET, after the company's rose 0.36% on Nov. 12. The FT reported Microsoft said the Outlook and Teams disruption was not caused by malicious or cyber activity. Fox Business reported the outage affecting Outlook, Copilot and Exchange Online stretched into a second day. MarketWatch reported the stock slumped in premarket trade as the outage included Copilot. Bloomberg reported the outage left traders using phones and alternative channels to communicate.

On WSB: 414 mentions in 24 hours, 3.7× its usual pace, 17% bullish.

Source: FT, Fox Business, MarketWatch, Bloomberg

Commerce Secretary Lutnick faces Congress scrutiny over Nvidia China chip sales

CNBC reported Commerce Secretary Howard Lutnick reportedly agrees to testify before the Senate Banking Committee about China chip sales. The NYT reported Senator Tim Scott requested that Jensen Huang and Lutnick appear before the committee. The FT reported lawmakers want Lutnick to explain why he allowed chip sales to a company linked to an alleged Chinese spy. Bloomberg reported scrutiny over whether his department did enough to keep advanced AI chips out of China.

Source: CNBC, NYT, FT, Bloomberg

Treasury yields surge on Fed rate-hike bets

MarketWatch reported Treasury yields just saw their biggest surge since 2022 as expectations grow for more Fed rate hikes. CNBC reported investor expectations for a December Fed rate hike are gaining strength. The FT reported US Treasuries are set for their worst week since Trump's liberation day, after higher-than-expected inflation and hawkish Fed remarks. Bloomberg reported the surge shattered hopes that the worst of the global bond rout was over.

Source: MarketWatch, CNBC, FT, Bloomberg

Global oil market swings to surplus as Gulf exports recover, IEA says

Bloomberg reported the International Energy Agency said global oil markets will swing to a supply surplus for the first time since the start of the Iran war. CNBC reported Russia's crude output rose to 8.73 million barrels a day in October as recovering Gulf exports pushed global supply above demand. The FT reported IEA analysts warn it will take months to rebuild stockpiles depleted by the conflict.

Source: Bloomberg, CNBC, FT

Stock stories

Nu stock rises 3.8% premarket on Q3 profit growth

Nu shares rose 3.76% in premarket trading as of 7:29 a.m. ET, after falling 3.98% in the prior session. Third-quarter net income was $1,091.6 million, up from $782.7 million a year earlier, on total revenue of $6,258.5 million against $4,317.2 million. Credit income rose to $3,795.1 million from $2,489.2 million, while cost of credit was $1,788.7 million versus $1,035.8 million a year earlier. Gross profit reached $2,597.6 million, compared with $1,811.2 million. These are managerial P&L figures, reconciled to IFRS by the company.

Source: NU 6-K, NU 6-K

Almonty stock rises 3.9% premarket after tungsten prices lift Q3 revenue

Almonty shares rose 3.88% in premarket trading as of 7:27 a.m. ET, after falling 6.50% in the prior session. Third-quarter revenue rose 382% to C$41.9 million from C$8.7 million a year earlier, driven by a European APT tungsten price of US$2,800 per MTU against US$615. Net income was C$50.2 million, or C$0.17 per diluted share, including C$47.9 million in non-cash derivative and warrant revaluation gains. Adjusted EBITDA was C$14.6 million, against a loss of C$2.3 million a year earlier. Cash totaled $1.15 billion as of Sept. 30.

Source: ALM 6-K exhibit

What WSB is talking about

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

Heating up: CSCO (5.7× usual, −3.59%); AMAT (4.4× usual, −0.34%); CBRS (4.4× usual, +16.78%).

Today ahead

At 8:30 AM ET, the BLS releases the Producer Price Index covering 2026-10.

• 8:30 AM ET: Producer Price Index (BLS), covering 2026-10

Prices are ETF and stock prices as of 7:30 a.m. ET, Nov. 13.