Stocks Up as PPI Cools, Nvidia Attempts Rebound
Published as of: November 13, 2026, 9:25 a.m. ET
Listen to this article
Listen here or subscribe to the Schwab Market Update in your favorite podcast app.
| The markets | Last price | Change | % change |
|---|---|---|---|
| S&P 500® Index | 7,592.40 | -26.98 | -0.35% |
| Dow Jones Industrial Average® | 52,297.09 | -189.40 | -0.36% |
| Nasdaq Composite® | 25,366.09 | -100.09 | -0.39% |
| 10-year Treasury yield | 5.13% | +0.02 | -- |
| U.S. Dollar Index | 103.17 | -0.01 | -0.01% |
| Cboe Volatility Index® | 17.76 | -0.85 | -4.55% |
| Gold | $3,890.50 | +$5.90 | +0.15% |
| WTI Crude Oil | $89.09 | +$0.35 | +0.35% |
| Bitcoin | $69,885 | -$1,620 | -2.48% |
(Friday market open) After a week of turmoil, today's October Producer Price Index (PPI) provided some unexpected calm, showing prices rose 0.3% monthly versus a 0.4% consensus. CorePPI, which excludes food and energy, met consensus at 0.3%. Major indexes, already up before the data, extended their early gains, while the 10-year Treasury note yield retreated from earlier highs but remained up for the day.
Nvidia (NVDA) rose about 2% before the bell but is down 11% this week. Its earnings report looms late Tuesday after the departure of CEO Jensen Huang. "While Nvidia still has a great product and the stock's valuation is cheap, there is a lot of uncertainty around future leadership and whether there is any disruption to customer relationships," said Nathan Peterson, director of derivatives research and strategy at the Schwab Center for Financial Research (SCFR). Some uncertainty could get addressed on next week's call, but it might take months for investors to understand the complete ramifications.
Major indexes fell across the board Thursday, as Nvidia's 4% drop, double-digit climbs in Treasury yields, a stronger dollar, and rising crude posed stiff headwinds. Besides Nvidia earnings, next week features Nike's (NKE) investor day, retail sales data, and earnings from the largest U.S. retailers.
To get the Schwab Market Update in your inbox every morning, subscribe on Schwab.com.
Three things to watch
PPI deeper dive: Though monthly PPI was in check, the annual rate of 6.5% in October was the highest since November 2022 while the core of 5% was the highest since early 2023. Food prices in October saw the biggest advance since February, though energy prices fell. With data in hand, Fed speakers are expected to make remarks today, and their thoughts on the next rate move could help shape trading. "We expect a rate hike next month at the December meeting," said Collin Martin, head of fixed income research and strategy at SCFR, in this week's OnInvesting podcast, recorded after Tuesday's higher-than-expected Consumer Price Index (CPI) but before PPI. "And then we expect another hike in early 2027. The CPI print supports that view. Inflation's just too hot right now." This means the bias is likely higher for Treasury yields, he added. The dollar has also been on the rise on rate hike worries, though it fell slightly today after PPI. Chances of at least a 25-basis point rate hike remain 100% for December, according to the CME FedWatch Tool, with odds of the Fed executing a 50-basis point hike at 15%.
Nvidia fallout assessed across industry: CEO Jensen Huang's departure in some ways is just the beginning. Continued investigations into his relationship with the alleged Chinese spy could overhang shares, especially now that Congress plans to dive in. There might be ramifications for Nvidia's business if the U.S. government enforces tighter restrictions on sales of its products—not only to China but to other parts of Asia. Stronger industry-targeted regulation could also hurt competitors like Broadcom (AVGO) and Advanced Micro Devices (AMD). Their stocks initially benefitted from the controversy. AMD is considered Nvidia's closest competitor in the advanced AI chips market. Another challenge is if Huang's replacements can't run the company as smoothly as he did or if more executives leave. In chips, supply chains are complex and extremely important, making efficient operations by experienced leaders more important than in most industries. Huang, who had led the company for 33 years, could be hard to replace on those matters, and with the influence he had on governments in the U.S. and Taiwan, where most of Nvidia's chips are made.
- Nvidia aside, markets resilient: Broader markets held up relatively well late this week, given the volatility and decline for Nvidia shares. For the week, S&P advancers were outpacing decliners by a four-to-one margin as of midday Thursday. The market's somewhat muted reaction could reflect that leadership was already broadening prior to the scandal. In fact, Nvidia isn't even a top 10 contributor to this year's S&P 500 return, even though it ranks second in market cap, trailing only Apple (AAPL). The rotation away from Nvidia also continued to lift the shares of competitors Advanced Micro Devices and Broadcom, which rose more than 5% each Thursday. The PHLX Semiconductor Index (SOX) is down about 29% from its June 22 peak, but remains up 48% this year. And tech stocks were having their best week since May. "The negative correlation Nvidia has within the semiconductor index has softened significantly," said Kevin Gordon, head of macro research and strategy at SCFR, in a CNBC appearance Thursday. Gordon added that beyond Nvidia, the consumer backdrop remains relatively positive and robust recent jobs growth hasn't relied on the AI data center buildout. Economic fundamentals haven't changed due to the Nvidia developments.
On the move
- Nvidia (NVDA) climbed 1.45% early but remained below $170 per share. It fell to around $150 at yesterday's low a level to watch if more selling ensues. There was a big buy-the-dip move in shares at times Thursday, but shares are down 11% this week and 19% this month.
- For the most part, chip and AI-related stocks retreated early today, but, like major indexes, are on pace for weekly gains despite all the turmoil.
- Microsoft (MSFT) dropped 1% early after a global outage affected its Teams, Outlook, and CoPilot products across more than 70 countries. Shares had already been under pressure on news that Anthropic could provide competition for those products.
- Applied Materials (AMAT) inched lower after reporting better-than-expected earnings and revenue late Thursday. The chip equipment manufacturer also raised guidance. With shares up 48% year to date, there may be some profit taking at work.
- Cisco (CSCO) dropped around 3% early after getting an initial pop overnight from earnings that topped estimates and the company lifting its guidance for the rest of the year. Adjusted gross margin was down from a year ago, possibly hurting shares.
- Crypto-related shares fell early as bitcoin dropped 2.5% to below $70,000. It's down about 20% from its October 5 close above $86,000.
- The PHLX Semiconductor Index (SOX) ended Thursday up 12% from the previous Friday's close, helped by gains in chip giants Broadcom and Advanced Micro Devices. Both could benefit from Nvidia's struggles but were down more than 2% each early today.
- Palo Alto Networks (PANW) added nearly 3% early on an upgrade from KeyBanc, which raised its rating to overweight from sector weight. Palo Alto has "strong product offerings in key areas" to secure AI and defend against the accelerated AI threat environment, the analyst wrote.
- Palo Alto's cybersecurity competitor CrowdStrike (CRWD) jumped 3% and Zscaler (ZS) rose 2%. The Microsoft outage, which Microsoft said wasn't caused by malicious activity, still raised the profile of internet security services.
- Cerebras Systems (CBRS) spiked 10% in early trading on the semiconductor and supercomputer developer's solid results and guidance.
- The S&P 500 Index closed below key support at 7,600 yesterday. Closing above that today might be viewed positively from a technical angle.
- Gold dropped 3% Thursday to its lowest close since late September 2025 on rate hike concerns and a rising dollar. Mining stocks fell. Gold inched up this morning but remained below $3,900 an ounce.
More insights from Schwab
Reviewing a volatile week: The latest Schwab OnInvesting podcast looks back at a volatile week across stocks and bonds and focuses on why shifts in market leadership are happening so fast. Also discussed are expectations for further rate hikes and the latest CPI report, as well as what to watch next week.
Where the shorts headed: The latest Schwab Short Interest Monitor finds a complex mix of firms seeing rising short interest, including a software provider, a fertilizer producer, and multiple pharmaceutical companies.
Chart of the day
Data source: S&P Dow Jones Indices, Nasdaq. Chart source: thinkorswim® platform.
Past performance is no guarantee of future results.
For illustrative purposes only.
The S&P 500 Index (SPX—purple line) and Nvidia (NVDA-candlesticks) have detached, with the SPX down just 2.8% from October 6, the day Nvidia posted its all-time high, and Nvidia down about 30% from that date. Nvidia has also lost some of its influence on the PHLX Semiconductor Index over the last few weeks due to its falling market capitalization.
The week ahead
Friday, November 13: October PPI and core PPI.
Monday, November 16: Expected morning earnings from Baidu (BIDU) and Tyson Foods (TSN).
Tuesday, November 17: October retail sales, October industrial production and capacity utilization, and expected morning earnings from Home Depot (HD) and Walt Disney (DIS), and afternoon earnings from Nvidia (NVDA).
Wednesday, November 18: October housing starts and building permits, FOMC minutes, and expected morning earnings from TJX (TJX), PDD Holdings (PDD), Lowe's (LOW), Target (TGT), and Williams-Sonoma (WSM). Expected afternoon earnings from Palo Alto Networks (PANW).
Thursday, November 19: Leading Economic Indicators for October from Conference Board, and expected morning earnings from Walmart (WMT), Alibaba (BABA), and NetEase (NTES). Expected afternoon earnings from Intuit (INTU), Ross Stores (ROST), and The Gap (GAP).
Friday, November 20: University of Michigan final November Consumer Sentiment and expected earnings from BJ's Wholesale Club (BJ).