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Wall Street ended lower on Thursday as NVIDIA's CEO departure, rising Iran tensions and expectations of a Fed rate hike weighed on market sentiment. Investors also assessed third-quarter earnings results and economic data. The Nasdaq Composite, the Dow and the S&P 500 ended in negative territory.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.4%, or 189.40 points, to close at 52,297.09. Nineteen components of the 30-stock index ended in negative territory, while 11 ended in positive territory.
The tech-heavy Nasdaq Composite declined 0.4% to close at 25,366.09.
The S&P 500 lost 0.4% to end at 7,592.40. Out of the 11 sectors of the broad-market index, nine ended in negative territory while two ended in positive territory. The Materials Select Sector SPDR (XLB), the Industrials Select Sector SPDR (XLI) and the Financials Select Sector SPDR (XLF) fell 1.5%, 0.9% and 0.7%, respectively. The Energy Select Sector SPDR (XLE) rose 1.5%.
The fear gauge, the CBOE Volatility Index (VIX), increased 6.9% to 18.70. A total of 19.18 billion shares were traded on Thursday, lower than the last 20-session average of 18.61 billion. The S&P 500 posted 18 new 52-week highs and two new lows, and the Nasdaq Composite recorded 55 new highs and 267 new lows.
NVIDIA CEO Jensen Huang Resigns
NVIDIA Corporation (NVDA - Free Report) announced today that Jensen Huang is stepping down as president and CEO, and from the board of directors, effective immediately. Colette Kress, senior vice president and CFO, will serve as Interim CEO while the board searches for a permanent CEO.
Colette Kress will remain the company’s CFO during the search for a permanent CEO. Harvey C. Jones will become the company’s first independent chairman. The company expects its operations, customer commitments and product roadmaps to continue uninterrupted.
Iran Tensions and Fed Outlook
U.S. President Donald Trump, in a Truth Social post, stated that Washington no longer needed a deal with Iran. Tensions around the region could have a disruptive effect on the global supply of oil with the continued implementation of the U.S. blockade on exports of Iranian oil.
Meanwhile, markets are awaiting Friday's Producer Price Index (PPI) report for fresh inflation signals. According to CME FedWatch, traders are pricing in an 89% probability of a 25-basis-point Federal Reserve rate hike in December, with the target range expected to reach 4-4.25%.
Q3 Earnings Results
Merck KGaA (MKKGY - Free Report) reported third-quarter 2026 adjusted earnings per share of 24 cents per share, missing the Zacks Consensus Estimate of 50 cents. Total revenues of $6.48 billion surpassed the consensus estimate by 5.32% compared with $6.22 billion in the year-ago quarter.
Figure Technology Solutions, Inc. (FIGR - Free Report) reported third-quarter 2026 adjusted earnings of 36 cents per share, beating the Zacks Consensus Estimate of 31 cents. Total revenues of $283.35 million beat the consensus mark by 13.57% and increased from $156.03 million in the prior-year quarter.
Wolverine World Wide, Inc. (WWW - Free Report) reported third-quarter 2026 adjusted earnings of 79 cents per share, beating the Zacks Consensus Estimate of 46 cents. Total revenues of $505.4 million beat the consensus mark by 1.71% and increased from $470.3 million a year ago.
For the week ending Nov. 7, initial jobless claims came in at 200,000, an increase of 9,000 from the previous week's revised level. The prior week's level was revised up by 2,000 from 189,000 to 191,000. The four-week moving average was 195,250, unchanged from the previous week's revised average. The prior week's average was revised up by 500 from 194,750 to 195,250.
Continuing claims for the week ending Oct. 31 were 1,718,000, unchanged from the previous week's revised level. The prior week's level was revised down by 1,000 from 1,718,000 to 1,717,000. The four-week moving average was 1,707,750, a decrease of 1,500 from the previous week's revised average. The previous week's average was revised down by 250, from 1,709,500 to 1,709,250.
Per a government report, for the week ended Nov. 6, 2026, Commercial crude oil inventories (excluding the Strategic Petroleum Reserve) increased 4.7 million bpd to 414.4 million bpd.
Per the National Association of Realtors, existing-home sales declined 5.5% in October to a seasonally adjusted annual rate of 3.75 million compared with 3.99 million in September.
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Stock Market News for Nov 13, 2026
Wall Street ended lower on Thursday as NVIDIA's CEO departure, rising Iran tensions and expectations of a Fed rate hike weighed on market sentiment. Investors also assessed third-quarter earnings results and economic data. The Nasdaq Composite, the Dow and the S&P 500 ended in negative territory.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.4%, or 189.40 points, to close at 52,297.09. Nineteen components of the 30-stock index ended in negative territory, while 11 ended in positive territory.
The tech-heavy Nasdaq Composite declined 0.4% to close at 25,366.09.
The S&P 500 lost 0.4% to end at 7,592.40. Out of the 11 sectors of the broad-market index, nine ended in negative territory while two ended in positive territory. The Materials Select Sector SPDR (XLB), the Industrials Select Sector SPDR (XLI) and the Financials Select Sector SPDR (XLF) fell 1.5%, 0.9% and 0.7%, respectively. The Energy Select Sector SPDR (XLE) rose 1.5%.
The fear gauge, the CBOE Volatility Index (VIX), increased 6.9% to 18.70. A total of 19.18 billion shares were traded on Thursday, lower than the last 20-session average of 18.61 billion. The S&P 500 posted 18 new 52-week highs and two new lows, and the Nasdaq Composite recorded 55 new highs and 267 new lows.
NVIDIA CEO Jensen Huang Resigns
NVIDIA Corporation (NVDA - Free Report) announced today that Jensen Huang is stepping down as president and CEO, and from the board of directors, effective immediately. Colette Kress, senior vice president and CFO, will serve as Interim CEO while the board searches for a permanent CEO.
Colette Kress will remain the company’s CFO during the search for a permanent CEO. Harvey C. Jones will become the company’s first independent chairman. The company expects its operations, customer commitments and product roadmaps to continue uninterrupted.
Iran Tensions and Fed Outlook
U.S. President Donald Trump, in a Truth Social post, stated that Washington no longer needed a deal with Iran. Tensions around the region could have a disruptive effect on the global supply of oil with the continued implementation of the U.S. blockade on exports of Iranian oil.
Meanwhile, markets are awaiting Friday's Producer Price Index (PPI) report for fresh inflation signals. According to CME FedWatch, traders are pricing in an 89% probability of a 25-basis-point Federal Reserve rate hike in December, with the target range expected to reach 4-4.25%.
Q3 Earnings Results
Merck KGaA (MKKGY - Free Report) reported third-quarter 2026 adjusted earnings per share of 24 cents per share, missing the Zacks Consensus Estimate of 50 cents. Total revenues of $6.48 billion surpassed the consensus estimate by 5.32% compared with $6.22 billion in the year-ago quarter.
Figure Technology Solutions, Inc. (FIGR - Free Report) reported third-quarter 2026 adjusted earnings of 36 cents per share, beating the Zacks Consensus Estimate of 31 cents. Total revenues of $283.35 million beat the consensus mark by 13.57% and increased from $156.03 million in the prior-year quarter.
Wolverine World Wide, Inc. (WWW - Free Report) reported third-quarter 2026 adjusted earnings of 79 cents per share, beating the Zacks Consensus Estimate of 46 cents. Total revenues of $505.4 million beat the consensus mark by 1.71% and increased from $470.3 million a year ago.
Consequently, the stock prices of Merck fell 3.5% while Figure Technology and Wolverine rose 6.1% and 4.3%, respectively.Merck currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
For the week ending Nov. 7, initial jobless claims came in at 200,000, an increase of 9,000 from the previous week's revised level. The prior week's level was revised up by 2,000 from 189,000 to 191,000. The four-week moving average was 195,250, unchanged from the previous week's revised average. The prior week's average was revised up by 500 from 194,750 to 195,250.
Continuing claims for the week ending Oct. 31 were 1,718,000, unchanged from the previous week's revised level. The prior week's level was revised down by 1,000 from 1,718,000 to 1,717,000. The four-week moving average was 1,707,750, a decrease of 1,500 from the previous week's revised average. The previous week's average was revised down by 250, from 1,709,500 to 1,709,250.
Per a government report, for the week ended Nov. 6, 2026, Commercial crude oil inventories (excluding the Strategic Petroleum Reserve) increased 4.7 million bpd to 414.4 million bpd.
Per the National Association of Realtors, existing-home sales declined 5.5% in October to a seasonally adjusted annual rate of 3.75 million compared with 3.99 million in September.