Week In Perspective | Winning Week, Wobbly Finish: Nvidia Shake-Up Meets Hot Inflation 16-November-26 — TCM

Key Takeaways

Stocks snapped a four-week losing streak: the S&P 500 had its first winning week since early October, even though it slipped on Friday.
For the week, the S&P 500 rose 2.51%, the Nasdaq Composite 2.27% and the Dow 2.07%.
October consumer prices rose 0.4%, hotter than economists expected, and producer prices rose 6.5% from a year earlier, the fastest pace since November 2022.
Nvidia dominated headlines as its board opened an investigation, and CEO Jensen Huang resigned on Thursday; the Nasdaq still finished the week higher.
The Federal Reserve held rates at 3.75% to 4.00% on October 28, and the minutes of that meeting arrive Wednesday.
This week brings Nvidia earnings on Tuesday, Fed minutes on Wednesday and Walmart on Thursday; U.S. markets close for Thanksgiving on November 26.

The Week on Wall Street

Stocks recovered much of the prior week's AI-related selloff, and all three major U.S. averages finished higher. The Standard & Poor's 500 Index rose 2.51%, its first winning week since early October and its biggest weekly gain since August. The Nasdaq Composite Index gained 2.27%, and the Dow Jones Industrial Average added 2.07%.^1,2,3,4 The MSCI EAFE Index, which tracks developed overseas markets, rose about 2.24%, based on the iShares MSCI EAFE ETF (EFA).⁵

The S&P 500 and the Nasdaq both ended four straight weekly declines.^3,4

Index	Weekly Change
S&P 500	+2.51%
Nasdaq Composite	+2.27%
Dow Jones Industrial Average	+2.07%
MSCI EAFE (developed overseas, EFA proxy)	about +2.24%

A Rebound Week Interrupted by Hot Inflation and an Nvidia Shake-Up

Stocks surged on Monday as oil prices fell, and the S&P 500 recovered most of the prior week's loss. Advanced Micro Devices rebounded, while Nvidia fell about 4% after its board opened an investigation into reports concerning CEO Jensen Huang.^6,7,8

Tuesday brought a pullback. October consumer prices rose 0.4% for the month, with core prices up 0.3%, and the report came in hotter than economists expected.^9,10,11 The S&P 500, Dow and Nasdaq all closed lower, Treasury yields rose, and Nvidia fell more than 5%.^10,11,12 After the close, CoreWeave topped revenue estimates.¹²

Wednesday saw AI stocks rebound. The S&P 500 gained 1.3% to close within 2.6% of its record as CoreWeave's results eased some concerns about the AI industry; the bond market was closed for Veterans Day.¹³ After the close, The Wall Street Journal reported that Nvidia's board was preparing to remove Huang, and the shares fell about 8% in after-hours trading.¹⁴

On Thursday, Nvidia said Huang had resigned. The shares closed down 4.3% after a much larger early drop, the S&P 500 slipped 0.35%, and rival chipmakers AMD and Broadcom gained as Treasury yields climbed.^15,16,17

Friday's producer price report showed wholesale prices up 0.3% in October, less than expected, but 6.5% above a year earlier, the fastest annual pace since November 2022.^18,19,20 The S&P 500 fell 0.4% and the Nasdaq 0.9%, while the Dow edged up 0.1%. Nvidia fell again, though more than 60% of S&P 500 stocks rose, and yields rose.^1,4

What the Nvidia Shake-Up Meant for Markets

Nvidia's leadership turmoil was the week's defining company story. Its board opened an investigation on Monday, The Wall Street Journal reported Wednesday that the board was preparing to remove Huang, and he resigned Thursday, with Chief Financial Officer Colette Kress named interim CEO.^8,14,4 The fallout erased nearly $600 billion of Nvidia's market value, according to the Associated Press, and came as the stock had already been weakening for weeks on doubts that AI spending would pay off.⁴ Rival chipmakers gained on Monday and Thursday as investors shifted toward competitors.^8,16

Even so, the broader market held up. The S&P 500 ended the week higher, and more than 60% of its stocks rose on Friday, even as large AI-focused companies pulled back.⁴ Nvidia reports quarterly results on Tuesday, its first since the CEO change.²⁴

The Week in Charts

All three major U.S. averages gained for the week, with the S&P 500 posting the largest increase and the Dow the smallest.^1,2

Bar chart of weekly changes for the week ended November 13, 2026: S&P 500 up 2.51%, Nasdaq Composite up 2.27%, MSCI EAFE up about 2.24%, Dow Jones Industrial Average up 2.07%.

Weekly changes in major U.S. stock indexes, week ended November 13, 2026. Source: Associated Press closing data; changes computed from closing levels.

The S&P 500's path through the week shows the swings: a sharp Monday rebound, a Tuesday dip on inflation, a Wednesday rally and a small decline over the final two sessions. Friday's close of 7,561.67 left the index about 3.3% below its October 6 record close.^{1,6,7,9,13,16}

Line chart of S&P 500 daily closing levels from November 6 to November 13, 2026: 7,376.86; 7,549.94; 7,520.93; 7,619.38; 7,592.40; 7,561.67.

S&P 500 daily closing levels, November 6 through November 13, 2026. Sources: Associated Press; Zacks; CappNotes. Record close from the 09-November-26 post.

Inflation Runs Hot Ahead of the Fed Minutes

October consumer prices rose 0.4% for the month, and producer prices rose 0.3%, below forecasts but up 6.5% from a year earlier, the biggest annual gain since November 2022.^12,18,19 The Federal Reserve held its benchmark rate at 3.75% to 4.00% on October 28.²¹ The minutes of that meeting, due Wednesday, will show how officials weighed the inflation data.

What to Watch This Week

Nvidia reports Tuesday after the close, and the minutes of the Fed's October meeting arrive Wednesday afternoon. Fed Chair Kevin Warsh speaks Monday at noon at a Fed conference on productivity and jobs, and several other Fed officials speak during the week.^22,23 October retail sales come Tuesday, and Home Depot, Target, Lowe's and Walmart report across the week, giving a read on the consumer.^22,24 Anthropic, an AI developer, plans to price its initial public offering on November 18 and begin Nasdaq trading on November 19 under the ticker ANT, subject to regulatory clearance.^25,26 These are market expectations, not a forecast of what will happen.

THIS WEEK: KEY ECONOMIC DATA

Monday: Empire State Manufacturing Index (November). Federal Reserve speakers.

Tuesday: Retail Sales (October). Import Prices (October). Industrial Production and Capacity Utilization (October). Business Inventories (September). NAHB Housing Market Index (November). Federal Reserve speakers.

Wednesday: Building Permits and Housing Starts (October). Pending Home Sales (October). FOMC Meeting Minutes. Federal Reserve speakers.

Thursday: Initial Jobless Claims. Philadelphia Fed Manufacturing Index (November). Leading Indicators (October). Federal Reserve speakers.

Friday: University of Michigan Consumer Sentiment (revised, November).

Source: Kiplinger; Morningstar; American Banker. The forecasts or forward-looking statements are based on assumptions and may not materialize.^22,23,27

This Week: Major Companies Reporting Earnings

Monday: Baidu (BIDU), Tyson Foods (TSN), Aramark (ARMK), AECOM (ACM).

Tuesday: Home Depot (HD), The Walt Disney Company (DIS), Nvidia (NVDA).

Wednesday: Target (TGT), Lowe's (LOW), TJX Companies (TJX), Palo Alto Networks (PANW).

Thursday: Walmart (WMT), Alibaba (BABA), Intuit (INTU).

Friday: No major U.S. companies are scheduled to report.

Source: Earnings Whispers; StockTi; Morningstar; CNBC. Companies mentioned are for informational purposes only. Companies may reschedule their earnings reports without notice.^27,28,29,24

A Note on Staying Disciplined

After four losing weeks, a winning one can feel like relief, and a few days of headlines can feel like a verdict. Neither changes the goals, time horizon, and near-term cash needs your plan is built around. If last week raised questions about your own situation, please reach out and we will walk through it together.

Questions about your own plan? Contact our team to schedule a conversation, or explore our free retirement and financial planning guides.

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