Market Brief — November 13, 2026

US equities weakened as higher US yields and Fed hike expectations pressured growth stocks: the S&P 500 fell 0.6% and the Nasdaq Composite lost 1.1%, while the Dow (DJIA) finished nearly flat. Europe was mixed, with the FTSE 100 (UKX) up 0.4% and the CAC 40 (FRA40) up 0.1%, while the DAX slipped 0.1% as investors absorbed firmer French inflation and steady ECB policy signals. In Asia, the Shanghai Composite was unchanged at 0.0% as markets digested a stronger dollar (DXY) and yen volatility with USDJPY trading near 160.

October US producer prices were firm, with PPI for final demand up 0.3% month-on-month and 6.5% year-on-year versus a prior 1.3% print and calendar consensus around 0.4%, while core PPI rose 0.5% month-on-month and 5.0% year-on-year, reinforcing expectations for a December Fed rate hike and further tightening into 2027. Hawkish Fed remarks after the CPI and PPI data pushed US 10-year Treasury yields above 5%, to about 5.10%, and lifted the US Dollar Index (DXY) to roughly 103.2 as G4 central-bank balance-sheet liquidity stayed restrictive and the ECB kept key rates unchanged. Higher US yields and dollar strength drove USDJPY close to 160, pressured gold (XAUUSD) to the $3,880-$3,915/oz range, and left Brent crude (UKOIL) in the mid-$90s and WTI (USOIL) near $88-$89/bbl even as the IEA reported a return to a global oil supply surplus, a roughly 52 million-barrel October inventory build, and plans for 71 million barrels of emergency reserve releases through February 2027.

NVIDIA (NVDA) said CEO Jensen Huang resigned effective November 12 and named CFO Colette Kress interim CEO while commissioning an independent probe, driving choppy semiconductor trading as Advanced Micro Devices (AMD) rose about 3%, Broadcom (AVGO) gained over 5%, Qualcomm (QCOM) added around 1%, and Intel (INTC), Marvell (MRVL) and Micron (MU) fell more than 2%. AI infrastructure and networking sentiment stayed in focus as Cerebras (CBRS) raised its 2026 revenue outlook to $940-$960 million from $880-$890 million and guided fourth-quarter revenue to $310-$330 million on 70% year-on-year third-quarter growth, while Cisco (CSCO) reported 24% fiscal Q1 revenue growth to $18.5 billion and record non-GAAP EPS of $1.40 alongside higher FY27 AI revenue targets. Index and IPO news also drove flows as MSCI said it will delete Strategy (MSTR) from the MSCI USA and linked indexes after the close on November 30, a change tied to estimated passive selling of up to $28 billion after shares had dropped about 6.8% to $114.03, while Anthropic and Nscale advanced large US AI-related IPO plans. H.I.G. announced the formation of creator-economy platform Waveborn through the acquisition of JRE, while Wolters Kluwer (WKLa) agreed to acquire AI-powered clinical decision support provider AgileMD. GridAI Technologies signed a definitive agreement to acquire Pronghorn Resources to build a Wyoming-based natural-gas and multi-gigawatt AI power infrastructure platform targeting initial power delivery in 2027, and Cerrado Gold agreed to acquire the past-producing Manantial Espejo mine in Santa Cruz, Argentina, from Pan American Silver. Additional activity included a proposed merger linked to a new ProVen VCT offer and changes to Fnac Darty's governance following the takeover bid initiated by EP Group.