Stocks slip as Nvidia falls, oil rises and yields climb
Thursday's close: the major indexes lose about 0.4%, chip stocks split and higher oil keeps inflation in focus before Friday's producer-price report.
U.S. stocks finished lower Thursday as Nvidia's decline and rising Treasury yields weighed on the market, while energy shares gained with oil. The major indexes ended down about 0.4%, a smaller retreat than their early losses suggested.
The close
| Index | Close | Day |
|---|---|---|
| S&P 500 | 7,592.40 | -0.4% |
| Nasdaq Composite | 25,366.09 | -0.4% |
| Dow Jones | 52,297.09 | -0.4% |
The losses followed Wednesday's AI-led rebound. Thursday's close was less a uniform exit from technology than a split between companies: Nvidia, Intel and Micron fell, while AMD and Broadcom rose.
A leadership change, not a uniform chip selloff
Nvidia closed down about 4%, recovering much of its early decline after Jensen Huang's resignation. Our leadership-transition report covers the appointment of Colette Kress as interim CEO and the search for a permanent successor.
The different directions among chip stocks matter. Weakness in the industry's largest name did not mean every competitor lost ground. At the same time, a gain for a rival's shares does not establish that customer orders have shifted.
Energy gains keep the rate question open
January Brent crude settled at $95.82 a barrel, up $3.06, or 3.3%. December WTI settled at $88.74, up $2.21, or about 2.6%. Renewed concern about Middle East supply and the outlook for an Iran agreement supported prices.
The 10-year Treasury yield moved above 5% as bond trading resumed after the Veterans Day holiday. Higher yields and higher energy costs kept inflation concerns in view. Neither market move is itself a new Federal Reserve rate decision.
Bitcoin also weakened below $72,000 in afternoon reports. Today's Chain, Crude & Chips separates those crypto observations from settled oil contracts and the stock-market close.
What to watch Friday
The October Producer Price Index is scheduled for Friday, November 13 at 8:30 AM ET. It will provide another reading on inflation after this week's consumer-price report. The New York Fed's staff nowcast is scheduled for 12:45 PM ET.
The next test is whether inflation data and energy prices ease the pressure on financing costs, and whether the split within AI shares persists. Thursday's modest index losses do not settle either question.
