Market Summary

U.S. equities were modestly higher at midday on November 12, 2026, recovering from a weak open. As of 12:00 ET, the Dow was at 52,652.05 (+165.35, +0.32%), the S&P 500 at 7,635.59 (+16.14, +0.21%), and the Nasdaq Composite at 25,527.79 (+41.22, +0.16%). Futures had pointed sharply lower before the open, with S&P futures down 45 points and Nasdaq 100 futures down 353 points. Technology staged a sizable comeback: the S&P 500 information technology sector fell as much as 3.0% before turning flat, and the Nasdaq swung from -1.6% to positive.

The central story was NVIDIA. Jensen Huang resigned effective immediately as president, CEO, and director, following reports of an affair involving an NVIDIA employee. CFO Colette Kress is interim CEO while the board searches for a permanent successor. NVDA was trading at 165.61 (-8.12, -4.68%) at 11:30 ET, recovering from a 10.2% premarket decline. Concerns over AI buildout financing also resurfaced after Nebius issued disappointing FY26 revenue guidance and raised its capex plan. Yesterday’s rally had been driven by CoreWeave’s results. The disruption at NVIDIA also lifted perceived competitors: AMD, Broadcom, and Alphabet gained.

Breadth was poor, and the headline gains were concentrated in large caps. Decliners led advancers by better than 2-to-1 at both the NYSE and Nasdaq. Rising Treasury yields, with the 10-yr at 5.10%, were another headwind. Strong sectors were Consumer Discretionary, Utilities, Energy, Consumer Staples, and Communication Services; Materials and Real Estate were weak.

Market Snapshot

Dow: 52,652.05, +165.35 (+0.32%)
S&P 500: 7,635.59, +16.14 (+0.21%)
Nasdaq: 25,527.79, +41.22 (+0.16%)
NYSE: Advancers 883, Decliners 1,782, volume 236 million
Nasdaq: Advancers 1,341, Decliners 3,116, volume 5.87 billion
Intraday: Dow peaked at +234.84 (52,721.54) at 11:30 ET; at 10:30 ET the indices were lower (S&P 7,594.57, -24.88; Nasdaq 25,345.76, -140.81).
Russell 2000: -0.5% at 11:30 ET (-1.2% at 10:30 ET). S&P 400: -0.1%. Equal-weighted S&P 500: flat.

WaveFinder breadth:

Primary sentiment: Bearish (735 bulls vs. 982 bears)
4% sentiment: Bearish (52 bulls vs. 199 bears)
40 SMA sentiment: Bullish
Above 20 SMA: 62.55%
Above 40 SMA: 62.77%
9M: 6 bulls vs. 19 bears; bull follow-through 12.07%

Sector Performance

Briefing.com did not provide numeric sector returns for midday, so sectors are grouped by its Industry Watch designation and paired with WaveFinder ATR readings (percentile in parentheses). The WaveFinder feed lists the Technology and Energy ATR values as negative; I report them as given.

Strong (Briefing.com):

Consumer Discretionary: ATR 1.65%, flat (P68)
Utilities: ATR 3.48%, falling (P95)
Energy: ATR -0.37%, falling (P32)
Consumer Staples: ATR 2.79%, flat (P63)
Communication Services: ATR 1.27%, rising (P95)

Weak (Briefing.com):

Materials: ATR 0.77%, falling (P32)
Real Estate: ATR 1.35%, rising (P74)

Not specified at midday:

Technology: flat after falling as much as 3.0%; ATR -1.39%, rising (P74)
Financials: ATR 0.63%, rising (P84)
Industrials: ATR 0.34%, falling (P84)
Health Care: ATR 2.28%, flat (P42)

An exact performance ranking cannot be provided from the data given.

Key Earnings & Movers

NVIDIA (NVDA): 165.61, -8.12 (-4.68%) at 11:30 ET, after trading as low as 161.57 (-7.0%) at 10:00. Huang’s resignation; CFO Kress is interim CEO.
AMD: 589.03, +36.13 (+6.54%). William Blair upgraded to Outperform from Market Perform.
Broadcom (AVGO): 367.18, +21.96 (+6.36%). Custom-silicon exposure.
Alphabet (GOOGL): 299.17, +5.72 (+1.95%). TPU platform seen as an alternative to NVIDIA hardware.
Apple (AAPL): 358.09, +2.73 (+0.8%) at 11:00 ET.
Microsoft (MSFT): 526.17, +5.04 (+1.0%) at 11:00 ET.
Amazon (AMZN): 269.47, +3.30 (+1.2%) at 11:00 ET.
Nebius (NBIS): Down heavily after Q3 results, reduced outlook, and higher capex. Premarket decline was about 17%.
CoreWeave (CRWV): Down about 13% premarket on a reported $4 billion investment-grade loan offering. It closed at 60.77 (+24.7%) yesterday.
Corteva (CTVA): Down nearly 23% on a revenue miss. After hours yesterday it was -6.2%.
Yesterday’s after-hours movers: AEVEX (AVEX) +10.0%, Tetra Tech (TTEK) +9.8%, Digi International (DGII) -12.5%.

Stock Spotlight

Nebius (NBIS) is the most significant stock-specific story tied to the AI financing theme. The Q3 results beat expectations: revenue rose 571.3% year over year and 68.4% sequentially to $980.8 million, with a GAAP loss of $0.13 per share. Adjusted EBITDA nearly doubled sequentially to $465.8 million, and margin expanded to 47.5% from 40.6%. However, management expects FY26 revenue at the low end of its $3.0-3.4 billion range and pushed back its $7 billion ARR target to February 2027. FY27 revenue guidance of $12-13 billion was roughly in line. FY26 capex was raised to about $27 billion from $20-25 billion, with $40-45 billion forecast for FY27. Third-party colocation delays pushed more than half of the Microsoft-contracted New Jersey capacity to year-end, with the remainder in Q2 2027. Q3 interest expense was $112.5 million and operating cash flow was negative $273 million.

Briefing.com notes that shares gained sharply on CoreWeave’s results yesterday but have now more than given back those gains. Offsetting factors include more than $12 billion in new contract value since the start of Q3 and GPU-hour pricing on new deals up more than 20% sequentially. Customer prepayments covered more than 100% of associated capex on Q3 agreements, up from 50-60% in Q2, and $17-20 billion in prepayments are expected in 2027. Even so, delays and higher spending keep the focus on execution and financing.

Bond Market & Treasuries

Yields rose throughout the session.

10-yr: 5.10% at midday, up 12 bps (5.07% at 10:30 ET; 5.01% overnight). Price was -18/32 at 5.085% as of 11:33 ET.
2-yr: 4.84%, up 10 bps (as of 10:14 ET).
Other yields at 10:14 ET:

- 3-yr: 4.89% (+12 bps)
- 5-yr: 4.92% (+11 bps)
- 30-yr: 5.40% (+5 bps)

Drivers: Underwhelming auctions earlier this week, geopolitical uncertainty after President Trump’s comment that “we don’t need a deal with Iran,” and a weak housing report. The U.S. Treasury market was closed Wednesday for Veterans Day.
30-yr auction: $25 billion, results at 1:00 p.m. ET. The prior auction had a 5.618% high yield, 2.54 bid-to-cover, 68.0% indirect and 21.7% direct. The 12-auction averages are a 5.005% high yield, 2.43 bid-to-cover, 68.3% indirect and 21.3% direct.
Currencies: USD/JPY 159.98, EUR/USD 1.1058. The Dollar Index was flat at 102.95 in the overnight update.

Commodities

No midday commodity quotes were provided. The latest figures are:

Overnight (Nov 12, 08:02 ET):

- WTI crude: -0.9% to $85.76/bbl
- Gold: -1.5% to $3,941.30/oz
- Copper: -1.4% to $6.205/lb

Premarket (Page One): WTI +0.8% to $87.19. Crude was below its 200-day moving average of 87.72.
Nov 11 settlements:

- Crude oil: +0.29 to 86.40
- Natural gas: -0.08 to 3.21
- Gold: -30.90 to 3,999.90
- Silver: +0.78 to 52.00
- Copper: +0.06 to 6.29

No current silver quote was given.

Overseas Markets

No Nov 12 index performance was provided for Asia or Europe. These are the Nov 11 results.

Europe: DAX +1.2%, FTSE +0.8%, CAC +0.7%
Asia: Nikkei +1.3%, Hang Seng -1.0%, Shanghai +0.5%

Overnight drivers:

The People’s Bank of China pledged to safeguard stable stock market operations.
Japan’s October PPI rose 0.7% m/m (expected +0.3%) and 7.1% y/y (expected +6.5%).
India’s October CPI was +6.09% y/y (expected +5.93%).
U.K. Q3 GDP was +0.7% q/q, in line, supporting expectations for a December Bank of England rate hike.

Economic Data

Initial jobless claims (week ending Nov 7): 200,000, up 9,000 (consensus 195,000). Continuing claims were 1.697 million, down 20,000. The takeaway is a solid demand environment.
October existing home sales: 3.75 million SAAR, down 5.5% m/m (consensus 3.94 million; prior revised to 3.97 million). Sales fell 8.8% y/y to the lowest level since August 2010, with declines in all four regions as higher mortgage rates curtailed demand.
Also scheduled today: EIA crude oil inventories (prior -0.865M) at 12:00 ET and the October Treasury Budget (consensus -$300.0B; prior -$26.9B) at 2:00 PM ET. Results were not provided.
Macro backdrop: The Big Picture (Nov 6) cited September CPI of 3.7% overall and 2.6% core, PCE inflation of 3.6% overall and 3.1% core, and a personal savings rate of 3.8%, near a 15-year low.

Looking Ahead

Today: The 30-yr bond auction result at 1:00 p.m. ET is the key near-term catalyst given rising yields. The EIA inventories and Treasury Budget releases are also due.
NVIDIA: Watch for updates on the CEO search and on whether the AI trade stabilizes. Nebius and CoreWeave financing concerns remain in focus.
Geopolitics: Watch Iran headlines after President Trump’s comments.
Anthropic (ANT): Its debut is planned for November 20.
Earnings: Reports from the Nov 11 after-hours calendar included Alcon, B&G Foods, BrightView, CGI, and Core & Main. No upcoming-session earnings calendar was provided.