Weekly Market Update

Detailed summary

Friday, November 13, 2026 S&P 500, Nasdaq sink as chip stocks sell off. Major U.S. benchmark indexes closed mostly lower Friday as investors sold off technology stocks in the wake of artificial-intelligence chip giant Nvidia announcing the resignation of CEO Jensen Huang. The S&P 500 on Friday fell 31 points, or 0.4%, to close at […]

S&P 500, Nasdaq sink as chip stocks sell off. Major U.S. benchmark indexes closed mostly lower Friday as investors sold off technology stocks in the wake of artificial-intelligence chip giant Nvidia announcing the resignation of CEO Jensen Huang. The S&P 500 on Friday fell 31 points, or 0.4%, to close at 7562, as the information technology sector saw a sharp loss. The tech-heavy Nasdaq Composite Index dropped 230 points, or 0.9%, to finish at 25,136. The Dow Jones Industrial Average eked out a gain of 50 points, or 0.1%, ending the session near 52,348. Still, the S&P 500 and Nasdaq Composite Index each snapped four straight weeks of losses.

The co-founder of the chip company resigned, effective immediately, the company said Thursday. Chief Financial Officer Colette Kress will take over as chief executive on an interim basis.

Over the weekend, Huang admitted to an affair with Alice Huang, an alleged Chinese spy and an executive at Singapore-based data-center business Megaspeed, prompting Nvidia to launch an investigation. Then, on Wednesday night, The Wall Street Journal reported that the company’s board was preparing to oust Huang after a report emerged of another extramarital affair—allegedly with Kimberly Powell, a senior executive at Nvidia who runs the company’s healthcare business and reported directly to Huang.

Inflation proved stronger than expected in October, strengthening the case for a December interest rate increase and potentially a larger hike or further tightening next year.

The consumer price index rose 0.4% month over month in October, the Bureau of Labor Statistics reported Tuesday. That’s stronger than the 0.3% economists surveyed by FactSet were expecting and follows a 0.6% monthly advance in September.

Americans’ credit card debt hit a record in the third quarter, although the number of borrowers falling behind on payments showed signs of stabilizing.

Credit card balances increased by $22 billion to $1.29 trillion, according to a report released…

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Opening of the article, excerpted from Dow Jones Newswires. To read the rest, open the article on the publisher's site.