TABLE OF CONTENTS

A. EXECUTIVE SUMMARY
B. MARKET DATA
C. HIGH-IMPACT STORIES (5)
D. MODERATE-IMPACT STORIES (7)
E. ECONOMY WATCH (5)
F. EARNINGS WATCH (2)
G. WHAT’S NEXT
H. CHART OF THE DAY

A. EXECUTIVE SUMMARY -> TOP

B. MARKET DATA -> TOP

Jensen Huang’s resignation as Nvidia’s chief executive set the tone: Nvidia fell 4.34%, though well off its intraday low, while rivals Broadcom, AMD and Alphabet rallied, leaving the S&P 500 down a modest 0.35%. Beneath the headline the selloff was broad, with nine of eleven sectors lower, the Russell 2000 down 1.66% and decliners outnumbering advancers 3.4-to-1 on the NYSE, per Reuters. The sharper signal came from rates: the 2-year and 10-year yields each rose about 14 bps, the dollar posted its highest close since at least April 15 and gold fell to its lowest close over the same span. Energy was the exception, as crude climbed on attacks on Saudi energy sites.

CLOSING PRICES – Thursday, November 12, 2026:

MAJOR INDICES

The headline indices each fell about a third of a percent, but breadth was far weaker: the Russell 2000 dropped 1.66% and the NYSE Composite 0.74%. With the Dow and the Transports both within 2% of their 10-session highs, the Dow Theory bull confirmation extends into a second session. Over the past 10 sessions the S&P 500 has beaten the Nasdaq 100 by 2.13 points, a broadening rotation now in its ninth session.

VOLATILITY & TREASURIES

The 2-year and 10-year yields each rose about 14 bps in the first cash session since Tuesday, a parallel shift that left the 2s10s spread unchanged at about 25 bps. Bonds sold off alongside stocks rather than catching a haven bid, while the VIX rose 6.86% and the dollar posted its highest close since at least April 15.

COMMODITIES

Every metal fell: gold dropped 2.97% to its lowest close since at least April 15 and silver 3.94%, with copper and platinum lower too. Investing.com tied gold’s slide to rising Fed rate-hike bets and a firmer dollar. Bitcoin’s 3.25% drop came alongside the selloff in AI-linked stocks, with no crypto-specific catalyst found.

ENERGY

Brent outpaced WTI, widening the spread to $7.32, while Henry Hub closed at its highest level since at least April 15 and Dutch TTF jumped 8.14%. Crude’s gain had a named driver: Yemen’s Houthis said they attacked Saudi oil facilities as shipping disruptions in the Strait of Hormuz continued, per Reuters. Energy rose against a falling equity tape.

S&P 500 SECTORS

An 82% breadth sweep: nine of 11 sectors fell, and the holdouts were Energy (+1.15%), lifted by crude, and Communication Services (+0.13%), home to Alphabet’s gain. Basic Materials (-2.13%) fell most on a day gold, silver and copper all declined. Healthcare (-0.92%) was among the weaker sectors despite leading over three and six months.

TOP MEGA-CAP MOVERS:

GAINERS

DECLINERS

C. HIGH-IMPACT STORIES -> TOP

1. Nvidia’s Jensen Huang Resigns Effective Immediately; CFO Colette Kress Becomes Interim CEO and the Shares Fall 4.34%

The core facts:Nvidia said on Thursday that Jensen Huang, its co-founder, had resigned as president, chief executive and a director, effective immediately. Chief Financial Officer Colette Kress will serve as interim CEO and remain CFO until a permanent successor is named, and Harvey C. Jones becomes the company’s first-ever Chair of the Board. The board will consider internal and external candidates. “The Board has full confidence in Colette and the leadership team,” Jones said, adding that operations, customer commitments and the product roadmap would continue “without interruption.” Third-quarter results stay on Tuesday, November 17. The resignation follows Huang’s November 8 admission of an affair and the board’s investigation into reports that he was the target of a foreign intelligence effort. The shares closed at $166.19, down 4.34%, well off an earlier drop of nearly 12%, per Reuters, and the S&P 500 fell 0.35%.

Why it matters:Nvidia is one of the world’s largest companies, at roughly $4.0 trillion, and the heaviest single weight in the AI trade, so losing its founder-CEO without a named successor is a key-person shock to the whole complex. The market’s reaction was a rotation rather than an exit: Broadcom, AMD and Alphabet each rose and were among the biggest boosts to the S&P 500, per Reuters, which held the index’s loss to about a third of a percent. Nvidia recovered most of its intraday loss, a sign that buyers see the franchise as intact even as the leadership question stays open. Reuters also flagged possible consequences for US chip-export policy toward China, where the company’s conduct was already under scrutiny.

What to watch:The November 17 results and call (2 p.m. PT), the first under interim leadership: whether the board reaffirms guidance and customer commitments, and whether it gives any timetable for naming a permanent CEO.

2. Hammack and Daly Say Rates Must Go Higher as Two- and 10-Year Yields Jump About 14 bps and a December Hike Is Fully Priced

The core facts:Cleveland Fed President Beth Hammack, a 2026 voter, said at Ohio State University that the Fed “needs to move rates higher to get to restrictive rate policy” and “has been missing on the inflation mandate for years,” while favoring modest, steady increases and saying she does not think the Fed is behind the curve. San Francisco Fed President Mary Daly told a Stanford audience that “further tightening will be needed” and that “inflation pressure is up, not down.” Chicago’s Austan Goolsbee said the Fed is “failing on the inflation side of its mandate,” per investingLive. CME FedWatch shows a December 9 hike fully priced, with an 85.5% chance of 25 bps and 14.5% of 50 bps. In the first cash session since Tuesday, the 10-year yield rose 13.7 bps to 5.133% and the 2-year 13.6 bps to 4.884%. The dollar index rose 0.28% to 103.19, its highest close since at least April 15, and gold fell 2.97% to $3,881.70, its lowest close over the same span.

Why it matters:The move was a parallel shift, with the 2s10s spread steady at about 25 bps, so the long end is repricing alongside the policy path instead of flattening toward a slowdown. Bonds sold off with stocks rather than providing a haven, and the rate-sensitive Russell 2000 fell 1.66%, the most of the major indices. Hammack’s preference for gradual moves argues against a 50 bp step in December, but the speakers agreed on direction, and none offered a case for pausing. With the 10-year back above 5.1%, financial conditions are tightening on their own, which Daly’s remarks suggest the Fed welcomes rather than resists.

What to watch:October producer prices on Friday, November 13, and the FOMC minutes on Wednesday, November 18; a 10-year close above 5.315%, its highest since at least April 15, would mark a new high for the move.

3. Brent Jumps 3.51% as the Houthis Claim Strikes on Saudi Oil Sites and Trump Says the US Does Not Need an Iran Deal

The core facts:Brent closed at $96.02 a barrel, up 3.51%, and WTI at $88.70, up 2.51%; on the futures settlement, Brent settled up $3.06 at $95.82 and WTI up $2.21 at $88.74, per Reuters. Trade was volatile, with crude selling off early and then rebounding after Yemen’s Houthis said they had attacked a pumping station on the Saudi East-West oil pipeline, an oil facility in Yanbu and an Aramco building in Riyadh; the Saudi-led coalition later said it had intercepted two drones. President Trump wrote that the US did not need a deal with Iran: “Those days have long since passed.” Iran’s military said four tankers had been hit by explosions in the Strait of Hormuz after ignoring warnings, which Reuters could not immediately verify, and Ukraine said its drones hit Russia’s Ust-Luga port. Pulling the other way, EIA data showed commercial crude stocks rising 4.657 million barrels, and OPEC+ output rose in October. Both benchmarks were still down about 2.5% for the week, per Reuters.

Why it matters:The East-West pipeline to Yanbu is Saudi Arabia’s main route for exporting crude without passing through Hormuz, so a credible threat to it targets the supply buffer the market has relied on through the Gulf disruptions. Trump’s reversal from talk of a negotiated end to the conflict removes a source of downside pressure on prices. Energy (+1.15%) was the session’s best sector, but costlier oil also feeds the inflation pressure the Fed’s hawks cited on the same day.

What to watch:The IEA Oil Market Report on Friday, November 13, and any confirmed damage at Yanbu or on the East-West line; Brent’s $100 level is the threshold for a renewed inflation scare.

4. Trump Threatens to “IMMEDIATELY” Double Tariffs on Mexico Unless It Stops Migrant Caravans

The core facts:President Trump posted on Thursday that Mexico “MUST STOP THEM, NOW” and that tariffs on Mexico would be doubled “IMMEDIATELY” if it did not, adding “there will be no leniency!” He named no specific tariffs, rate or deadline, and no order was issued. The post followed the departure on Tuesday of an estimated 1,500 migrants, mostly from Central America, from Tapachula near the Guatemalan border. At her morning press conference, President Claudia Sheinbaum said, “Since President Trump came into government, no migrant caravan has reached the northern border,” and that one of two current caravans had shrunk to fewer than 100 people. The two countries are negotiating a trade deal after Trump chose in July not to extend the USMCA.

Why it matters:Mexico is one of the largest US trading partners and is woven into North American auto, electronics and food supply chains, so doubling its tariffs would raise costs for US manufacturers and add to goods inflation at a moment when the Fed is already tightening. Without a legal instrument or a target the threat reads as negotiating leverage over a trade deal still in talks, but it shows that trade escalation remains a live tool after the midterms.

What to watch:Any executive order or Federal Register notice specifying which Mexican goods would be affected, and the peso as the market’s gauge of how seriously the threat is taken.

5. SpaceX-Tesla Merger Talks Progress Toward What Would Be the Largest Corporate Merger in History, With an Announcement Possible in December

The core facts:Talks to combine SpaceX and Tesla, Elon Musk’s two largest companies, are progressing, and a deal could be announced as soon as December, Bloomberg reported on Thursday afternoon, citing people familiar with the matter. Boards and advisers are negotiating the terms and how the combined company would be organized, and Bloomberg described the combination as “marking the largest corporate merger in history.” Tesla rose as much as 1.9% to $398.35 during the session and SpaceX 0.6% to $140.63, per a Dow Jones report. Neither company responded to requests for comment.

Why it matters:A combination would merge a top-ten S&P 500 weight with a newly listed space and AI-infrastructure business, raising questions about the exchange ratio, governance and related-party conflicts that Tesla holders will have to vote on. It would also fold Tesla’s capital into SpaceX’s AI build-out, which on the same day added more than $74 billion of planned supercomputing campuses (Story 9). The muted share reaction suggests investors want terms before pricing it in.

What to watch:Board statements or filings from either company, and whether Tesla’s board forms an independent special committee to negotiate, a standard requirement for a deal with this much related-party overlap.

D. MODERATE-IMPACT STORIES -> TOP

6. At Least Six Firms Cut Nvidia to the Equivalent of Hold as William Blair Upgrades AMD and the Rivals Rally More Than 5%

The core facts:Evercore ISI’s Mark Lipacis cut Nvidia to In Line from Outperform and his target to $186 from $465, and Bernstein’s Stacy Rasgon cut to Market Perform with a $200 target, down from $400, writing: “Our gut tells us that we probably haven’t yet fully probed the depths of what might be found here.” Oppenheimer’s Rick Schafer moved to Perform, calling Huang’s exit a “material, potentially thesis-changing event,” and William Blair, KeyBanc and Melius also cut to Hold-equivalent ratings. William Blair, the same morning, upgraded AMD to Outperform from Market Perform. AMD closed up 5.86% at $585.30, Broadcom 5.54% at $364.36 and Alphabet 1.79% at $298.70, and Reuters named all three among the biggest boosts to the S&P 500. Nvidia’s intraday low was $148.80.

Why it matters:A cluster of downgrades on one day means Nvidia now faces a ratings overhang as well as a leadership vacuum, which can weigh on flows into the stock for longer than the headline shock. The simultaneous AMD upgrade and the rally in Broadcom and Alphabet show the street repositioning within AI hardware rather than abandoning it, which kept the Nasdaq 100’s loss to 0.30%.

What to watch:Further target cuts or reinstatements after Nvidia’s November 17 results, and whether AMD and Broadcom hold their gains once the results are out.

7. The Fed’s 2027 Calendar Turns October Into a Strategy-Only Meeting and Has No December Meeting, Leaving Seven Policy Decisions

The core facts:The Federal Reserve released its tentative 2027 FOMC schedule at 12:45 p.m. ET on Thursday: January 26-27, March 16-17, April 27-28, June 8-9, July 27-28, September 14-15, October 26-27 and November 16-17, followed by January 25-26, 2028. The Committee will announce its policy decision on the second day of each meeting “except the October 26-27 meeting,” which “will be dedicated to the discussion of broad monetary policy strategy issues.” No December meeting is listed, and the release gave no reason for the changes.

Why it matters:The FOMC normally announces eight scheduled decisions a year; this calendar has seven, with a nine-week gap from September 15 to November 17 and a ten-week gap from November 17 to January 26, 2028. In a tightening cycle, fewer decision points mean larger or less frequent moves, or a greater reliance on guidance between meetings. The calendar is tentative and a year out, but it sets the cadence markets will price 2027 policy against.

What to watch:Whether the minutes of the October 27-28 meeting, due Wednesday, November 18, explain the change.

8. China Approves Eli Lilly’s Orforglipron, the First GLP-1 Weight-Loss Pill Cleared in the Country

The core facts:China’s medicines regulator approved Eli Lilly’s orforglipron, sold as Foundayo in the US, for weight loss, making Lilly the first drugmaker to win Chinese approval for a GLP-1 weight-loss pill, Reuters reported on Thursday; until now Chinese approvals in the category covered only injectables. J.P. Morgan’s head of China healthcare research expects annual GLP-1 weight-management sales in China to reach 30 billion yuan (about $4.5 billion) within five to seven years, from 3 billion to 4 billion yuan now. Lilly did not comment on price. Its shares rose 1.2% in premarket trading but were later quoted 0.70% lower at $1,427.28, while Novo Nordisk’s Danish shares rose more than 2%, per Reuters.

Why it matters:An oral GLP-1 avoids the cold-chain and injection barriers that have limited uptake in China, giving Lilly first-mover access to what J.P. Morgan sees as a roughly tenfold market expansion. The premarket gain faded on a day Healthcare fell 0.92%, so the approval reads as a long-dated growth driver rather than a near-term earnings event.

What to watch:Lilly’s China pricing and any move toward national reimbursement listing, and the outcome of the separate type 2 diabetes review.

9. SpaceX Plans More Than $74 Billion of AI Supercomputing Campuses in Arizona and Texas

The core facts:SpaceX announced on Thursday more than $74 billion of planned investment in two supercomputing campuses: about $50 billion in Cochise County, Arizona, with roughly 5,500 construction jobs and 1,000 ongoing roles, and $24 billion on SpaceX-owned land near the Port of Brownsville at Starbase, Texas, which will train frontier models and generate its own electricity off the public grid. It also committed $220 million to expand Brownsville-area water and sewage capacity. In Arizona it is working with local electric cooperatives on existing renewable resources and says the project could cut members’ bills by up to 20%. A Starbase hearing notice describes a SpaceX-owned natural-gas power station for the Texas site, with a tax-abatement vote set for December 9. The Arizona plan had been discussed at a public meeting the previous week; Thursday’s announcement combined both sites.

Why it matters:The commitment adds to the AI capital-spending pipeline that supports chip, power-equipment and construction demand, on a day Nvidia’s leadership crisis put that trade in question. Self-generated power at Starbase shows large AI builders working around grid constraints, and SpaceX’s call for “stable, competitive policies” points to the political risk from a Texas governor-elect who campaigned on a data-center moratorium.

What to watch:The Starbase City Commission’s December 9 vote on the tax-abatement agreement.

10. FDA Has Shelved Its National Priority Voucher Fast-Review Pilot, Reuters Reports; HHS Says the Program Is Ongoing

The core facts:The FDA has shelved the Commissioner’s National Priority Voucher pilot, Reuters reported on Thursday: according to one source, leadership told companies the agency is not moving forward with it, and while applications remain open, submitted ones do not advance. No new vouchers have been awarded since Commissioner Marty Makary left in May, and the agency has had no commissioner since. Of 22 drugs that received vouchers, 12 have been approved, five of them since Makary’s departure, and career scientists have resumed overseeing the review timelines of the nine still in the program. HHS spokesperson Emily Hilliard disputed the account, saying the pilot is ongoing and that the FDA is reviewing feedback from a June 2026 public hearing.

Why it matters:The vouchers promised review in a fraction of the usual timeline, and drugmakers have built launch plans around them. If the program has stalled, sponsors of the nine pending drugs face standard timelines and the sector loses one of the few regulatory tailwinds of the past year, at a time when the FDA is operating without a confirmed leader.

What to watch:Whether the FDA issues any new voucher or a formal statement on the pilot, and progress on nominating a permanent commissioner.

11. ExxonMobil Approves the $12.5 Billion Longtail Project, Its Eighth Development Offshore Guyana

The core facts:ExxonMobil said after the close on Thursday (3:30 p.m. CT) that it will invest an additional $12.5 billion in Longtail, in the southeastern part of the Stabroek block, with start-up expected in 2030. Its floating production vessel is designed to process 1.2 billion cubic feet of gas a day and up to 250,000 barrels of condensate, capacity figures outlined before today’s decision. ExxonMobil operates the project with a 45% stake, alongside Hess Guyana (30%) and CNOOC (25%). Longtail is Stabroek’s eighth development: four are producing, Uaru is expected to start in the fourth quarter, and Whiptail and Hammerhead are under construction.

Why it matters:Longtail is a gas-and-condensate project, not another oil vessel, which extends Guyana’s growth into gas and gives ExxonMobil and Chevron, through its Hess stake, a visible pipeline of production into the next decade. A $12.5 billion commitment at a time of Gulf supply disruption signals confidence in long-cycle, non-Middle East supply. ExxonMobil rose 1.84% during the session, before the announcement, with the Energy sector.

What to watch:Uaru’s start-up in the fourth quarter, which would take Stabroek to five producing developments.

12. Louisiana Sues Ten Prediction-Market Platforms, Including Robinhood, Coinbase and Kalshi, Seeking an Immediate Restraining Order

The core facts:Louisiana Attorney General Liz Murrill sued Kalshi, Robinhood, Polymarket, Forecastex, Crypto.com, Coinbase, Novig, Underdog, Gemini and Prophetx on Thursday, seeking an immediate restraining order and an injunction on the grounds that their event contracts break state law. “For too long, they have violated our laws with impunity,” she wrote. Louisiana is the 11th state to sue one or more prediction markets, per The Block. Robinhood said its event contracts are regulated by the CFTC, Coinbase called the suit “fragmented enforcement” that Congress sought to prevent, and Kalshi had prepared an emergency restraining-order filing of its own.

Why it matters:Event contracts, mostly on sports, have become a growth line for Robinhood and Coinbase, and a rising count of state suits turns the question of whether the CFTC’s jurisdiction pre-empts state gambling law into a revenue risk. The suit comes the same week a federal judge ruled that sports event contracts are not swaps, letting New York apply its gambling law, which weakens the platforms’ main pre-emption defense.

What to watch:Whether a Louisiana court grants the restraining order, and any CFTC statement on its jurisdiction over sports contracts.

E. ECONOMY WATCH -> TOP

Thursday’s data sharpened the split between a rate-sensitive economy under strain and an inflation pulse that keeps the Fed on a tightening path. Existing-home sales fell to 3.75 million, the slowest pace since August 2010, and October’s $404.0 billion federal deficit overshot forecasts by about $105 billion, on a day the 10-year yield rose 13.7 bps to 5.133%. The labor market held: claims rose to 200,000, but the four-week average was unchanged and continuing claims fell. NFIB’s survey showed a net 37% of small firms planning price increases, the most since July 2022, the kind of pricing power that strengthens the case for a hike at the December 9 meeting.

F. EARNINGS WATCH -> TOP

YESTERDAY AFTER THE BELL (Markets Reacted Today)

No major earnings yesterday after the bell from companies with >$100B market cap.

TODAY BEFORE THE BELL (Markets Already Reacted)

No major earnings before the bell from companies with >$100B market cap.

TODAY AFTER THE BELL (Markets React Tomorrow)

WEEK AHEAD PREVIEW:

G. WHAT’S NEXT -> TOP

UPCOMING RELEASES:

KEY QUESTIONS:

H. CHART OF THE DAY -> TOP

Market Intelligence Brief (MIB) Ver. 20.05
For professional investors only. Not investment advice.

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