- Stocks are edging higher before the open, with the S&P proxy up about 0.2% and long Treasuries still slipping after Thursday's drop.
- Nvidia is up about 2.8% on its first morning under an interim CEO, while Microsoft is down about 2.2% after an outage.
- October producer prices land at 8:30 AM ET, forecast at +0.4% after +1.3% in September, and San Francisco Fed President Mary Daly speaks at noon.
Key numbers
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Friday, November 13 opens with Nvidia's first morning without Jensen Huang. Wires confirm finance chief Colette Kress is interim CEO and that the board has not named a permanent successor. The bigger test comes at 8:30 AM ET, when October producer prices show whether Thursday's jump in yields was justified.
Setup into the open
Thursday closed Choppy: the S&P proxy fell about 0.3% and small caps about 1.6% as long Treasuries dropped about 1.5%. As of about 6:23 AM ET, the S&P proxy is +0.22%, the Nasdaq proxy +0.14%, small caps +0.13% and the Dow proxy +0.15%. Nvidia is +2.83% and the chip ETF +0.63%, but Microsoft is −2.17% and AMD −1.87%. Long Treasuries are −0.23%, the vol proxy −0.82%, crude −0.76%, gold +0.46% and the dollar flat. Bitcoin is near $69,400, about +1.5% since midnight.
What to watch
After Thursday's close, Cisco raised its full-year sales outlook, yet it is down about 2.2% premarket against a calendar estimate of $1.33 a share and an implied move of about 7.1%. Applied Materials is up about 0.9% against $4.06. Cerebras is up about 17.6% against an expected −$0.13 loss and an implied move of about 11.9%.
Producer prices come at 8:30 AM ET: headline forecast +0.4% after +1.3%, core +0.3% after +0.7%. Mary Daly speaks at 12:00 PM ET. No major companies report after the close.
What X is saying
Wires report House Speaker Mike Johnson sees growing consensus in Congress on limiting chip exports to China, and that Commerce Secretary Howard Lutnick reportedly agreed to testify on China chip sales. Posts say Cerebras printed its first adjusted profit, and some traders frame it as a winner from Nvidia's turmoil.
Insight
Nvidia's bounce looks like relief at an interim answer, not a verdict on the growing export risk. The bigger driver for the broad market is rates: Thursday's damage came from long bonds, not chips. A hot producer price print would put that pressure back on small caps, while a cool one gives them room.
Desk stance
The mood stays Choppy from Thursday's close: the gains are small and long Treasuries are still slipping. It would move to Grinding at the 9:45 AM ET refresh if long Treasuries turn green and small caps lead, and to Spooked if the S&P proxy falls below about −1% with the vol proxy up more than 5%.
- HeatingNvidia's CEO shake-upNvidia is up about 2.8% premarket under interim CEO Colette Kress, ahead of the chip ETF's about +0.6%, but wires report Congress is moving toward tighter chip export limits.
- HeatingHike bets weigh on long bondsLong Treasuries are down another about 0.2% premarket after Thursday's drop of about 1.5%, with October producer prices at 8:30 AM ET forecast at +0.4%.
- HeatingThe AI spending boomCerebras is up about 17.6% premarket after a forecast above estimates, and Cisco raised its outlook on AI networking demand, though it is down about 2.2%.
SOURCES ›
- Economic calendar 2026-11-13: PPI (Oct) 8:30 AM ET, prior +1.3%, forecast +0.4%; core PPI m/m prior +0.7%, forecast +0.3%; PPI y/y prior 6.3%, forecast 6.6%; SF Fed President Mary Daly 12:00 PM ET; Fed Vice Chair Philip Jefferson 7:00 PM ET
- Earnings premarket 2026-11-13: SMFG (EPS est 0.24, implied ~3.9%), MFG (0.21, ~4.7%); no notable afterhours reports listed for 2026-11-13
- Earnings afterhours 2026-11-12: CSCO (EPS est 1.33, implied ~7.1%), AMAT (4.06, ~5.9%), NU (0.22, ~6.4%), CBRS (−0.13, ~11.9%)
- Premarket quotes as of about 6:23 AM ET vs Nov 12 close: SPY 758.80 (+0.22%), QQQ 689.15 (+0.14%), IWM 278.80 (+0.13%, 6:20 AM ET), DIA 523.23 (+0.15%, 6:22 AM ET), SMH 504.90 (+0.63%), TLT 79.54 (−0.23%, 6:21 AM ET), VXX 18.16 (−0.82%, 6:14 AM ET), UUP 29.42 (0.00%, 3:30 AM ET), USO 144.96 (−0.76%, 6:04 AM ET), GLD 356.51 (+0.46%, 6:12 AM ET), NVDA 170.90 (+2.83%), MSFT 511.66 (−2.17%, 6:22 AM ET), AMD 574.35 (−1.87%), CSCO 99.75 (−2.22%), AMAT 384.49 (+0.93%), NU 12.27 (+3.72%), CBRS 114.97 (+17.62%)
- BTC mark about $69,441 at 6:23 AM ET (+1.52% vs ET midnight open 68,404)
- Thursday Nov 12 closing mood Choppy and closes (S&P proxy −0.34%, small caps −1.64%, long Treasuries −1.47%) from recap-2026-11-12 and data/market/hero.json
- @CNBC — “Nvidia Chief Financial Officer Colette Kress, a 13-year company veteran, is taking the helm of the world’s most valuable chipmaker on an interim basis after Jensen Huang’s sudden resignation.”
- @business — “Nvidia’s tumultuous week ended with Jensen Huang’s resignation, creating uncertainty over the company’s long-term leadership”
- @Reuters — “US House Speaker Mike Johnson said there was growing consensus in Congress on limiting chip exports to China after a spy scandal forced out Nvidia CEO Jensen Huang”
- @CNBC — “Nvidia scandal draws in Commerce Secretary Lutnick, who reportedly agrees to testify about China chip sales”
- @FirstSquawk — “MICROSOFT ON OUTAGE SAYS TRAFFIC IS BEING GRADUALLY RESTORED, AND WE'RE SEEING IMPROVEMENTS IN KEY CUSTOMER SCENARIOS”
- @Reuters — “Cisco lifts annual revenue forecast on strong AI networking demand”
- @business — “Cisco gave a sales forecast for the current quarter that exceeded Wall Street estimates and raised its annual outlook”
- @business — “Cerebras gave a sales forecast for the current quarter that exceeded analysts’ estimates”
- @ZueAi_ — “$CBRS printed its first adjusted profit ever.”
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