Market Briefing, Nov 13 2026: Nvidia Interim CEO, PPI Report and Rate Hike Odds

Market Briefing, Friday, November 13, 2026

Futures are edging higher after a rough week. Nvidia named Colette Kress interim CEO after Jensen Huang's exit , and Nvidia gained nearly 3% in premarket trading to recoup some of the losses that followed Huang's departure. Microsoft is pulling the other way: its shares fell about 2.6% before the bell as disruptions affecting Outlook, Teams and Copilot continued into Friday. The open depends on the 8:30 PPI report. With consensus at 0.4% after September's 1.3% surge, it decides whether December pricing tips toward 50bp.

Market setup

S&P 500 futures ( 7,636.75 )	+0.28%
Nasdaq 100 futures ( 28,464.50 )	+80 pts
Dow futures ( 52,458.00 )	+0.13%
Russell 2000 futures ( 2,813.40 )	+0.22%
10-year Treasury yield: reached 5.10% on Thursday, its highest level since October	5.10% (+0.10)
WTI crude ( down 0.59% at $88.18 per barrel )	-0.59%
Bitcoin: after dropping to $68,000, bitcoin recovered to around $69,265, leaving it down more than 10% so far in November	~$69,265
Gold futures ( 3,899.50 ), bouncing after Thursday's drop	+0.37%

Key levels (dealer gamma)

SPY (spot ~757)	Call wall 775 · Put wall 750
QQQ (spot ~680)	Call wall 696 · Put wall 685

Call walls show where dealer positioning may slow a rally. Put walls show where dealer hedging may cushion a dip. Second-tier walls weren't available today. SPY dealers are short gamma: "We've been in negative gamma since 14 October - that's 22 straight sessions." QQQ is trading below its 685 put wall, so that level may act more like overhead resistance than a floor. These are positioning estimates, not guarantees.

Today's market calendar (ET)

8:30 AM	PPI m/m: fc 0.4% (prior 1.3%)
8:30 AM	Core PPI m/m: fc 0.3% (prior 0.7%)
8:30 AM	PPI y/y: fc 6.6% (prior 6.3%)
12:00 PM	SF Fed's Daly speaks
7:00 PM	Fed VC Jefferson speaks

Notable earnings

Already reported: Cisco reported quarterly revenue of $18.5 billion, up 24%, and adjusted earnings of $1.40 a share. Applied Materials posted fourth-quarter revenue of $10.41 billion, beating analyst estimates of $10.30 billion, and adjusted earnings of $4.16 per share, beating estimates of $4.05. Cerebras (CBRS) rose 18.19% after Q3 revenue exceeded forecasts and its cloud business surged 272%. Overnight in Tokyo, Sumitomo Mitsui Financial Group and Mizuho Financial Group raised their annual profit forecasts to 1.9 trillion yen and 1.6 trillion yen, respectively, and each set its share buyback programme at 400 billion yen. Mitsubishi UFJ approved a share buyback of up to JPY 200 billion.

Still ahead before the open: Only a light small-cap slate remains: BFRI, BKYI, BRAG, CNTY, ECC, EIC, MIST, NDLS, OWLT, PAVM .

After the close: BBGI and FSI report after the close. Options-implied expected moves aren't available for either name today. The bigger catalyst comes next week: investors are looking toward Nvidia's 17 November results for reassurance about strategy, customer relationships and continued demand for AI processors.

Congress corner

• Rep. Ro Khanna (D): buy, MSFT, $15K-$50K, traded 2026-10-28, filed 2026-11-05
• Rep. Gilbert Cisneros (D): sell, Tokyo Electron (TOELF), $1K-$15K, traded 2026-10-30, filed 2026-11-10
• Rep. Josh Gottheimer (D): buy, AMAT, $1,001 - $15,000, traded Oct 26, 2026, filed Nov 5, 2026
• Rep. Maria Elvira Salazar (R): buy, NVDA, $1K-$15K, traded Oct 23, 2026; also sold CSCO, $1K-$15K, same date
• Sen. Sheldon Whitehouse (D): sell, AMGN, $15K-$50K, traded Oct 15, 2026 (spouse)

These are delayed STOCK Act disclosures, filed days or weeks after the trade date. They are not real-time trades.

Social-media trends

NVDA is still the most crowded name. A recent Stocktwits poll shows 58% of retail traders buying Nvidia's dip, citing its strong position in the AI market and the lower stock price. Options flow points the other way, with NVDA showing about -$53.1M in net premium yesterday. Retail is also leaning into Nvidia's rivals: retail sentiment around AVGO rose to 'extremely bullish' from 'bullish', while sentiment around AMD remained in the 'bullish' zone . AVGO drew about +$20.6M in net premium. MSFT has also been at the top of the trending list as the outage adds to the tech-sector stress.

What matters today

1. PPI at 8:30 AM ET. October producer prices are expected to rise 0.4% m/m, down from 1.3% in September. Core is expected at 0.3%, down from 0.7%, and the annual rate is expected to climb to 6.6% from 6.3%. The 6.6% annual forecast is partly due to a low base in October 2025. One preview says an annual reading like that would be the highest since November 2022 . Trading impact: a core reading at or above 0.3% would back up the case for a bigger December hike, so the first 30 minutes after the release could set the tone for rate-sensitive stocks.
2. Fed Hike Fully Priced, 10-Year Above 5%. Traders are pricing in 100% odds of a rate hike at the Dec. 9 meeting, with nearly 87% odds of a quarter-point move and about 13% odds of a half-point move. On Thursday the 10-year yield rose more than 13 basis points to 5.125%, and the 2-year jumped more than 15 basis points to 4.879%. San Francisco Fed President Mary Daly speaks at noon and Vice Chair Philip Jefferson at 7 PM ET, after Daly said "further tightening will be needed." Trading impact: any sign of support for a half-point move from either speaker could push yields higher and weigh on growth stocks into the weekend.
3. Nvidia Leadership Shock. Nvidia fell 4.34% after Jensen Huang resigned effective immediately, with CFO Colette Kress named interim CEO and Harvey Jones as the company's first-ever chair. The stock had been down as much as 14% before buyers cut the loss. Separately, Semafor reported that the DOJ is pursuing an antitrust probe of the company. AMD and Broadcom rallied on hopes of winning market share. Our flow data shows NVDA at -$53.1M in net premium and AVGO at +$20.6M. Trading impact: chip stocks are likely to stay headline-driven, and money may keep moving out of NVDA and into its rivals.
4. Oil and Iran Risk Lift Energy. Brent settled at $95.82 a barrel, up 3.3%, after attacks on Saudi energy infrastructure escalated. Prices rose further after President Trump said the US "doesn't need a deal with Iran." XLE (+1.51%) was the only sector ETF to close higher, while XLB (-1.28%) and XLC (-0.96%) were the weakest. Early Friday, Brent futures had slipped to $95.64 and WTI to $88.18. Trading impact: Middle East headlines could move crude, energy stocks and yields together, which means they also affect the Fed outlook.
5. Defensive Options Flow, Weak Breadth. In options, net put premium was $133.7M and net call premium was -$43.0M. QQQ (-$37.3M) and NVDA drove most of the bearish flow, while SPY (+$20.8M), GOOG (+$18.8M) and TSLA (+$17.3M) saw call buying. On the NYSE, decliners outnumbered advancers 3.4 to 1, and 3.18 to 1 on the Nasdaq. Dealer gamma positioning data is unavailable today. As of 5:42 a.m. ET, Nasdaq-100 futures were down 0.13%, while S&P 500 futures were up 0.12%. Trading impact: heavy put buying going into a data-packed Friday leaves room for sharp swings in either direction after PPI.

Options flow

Strike, expiry and fill-side data for single contracts is unavailable today. The rows below show the prior session's largest net premium by ticker.	n/a
NVDA: the largest net-negative name and the biggest driver of the put-heavy tide.	-$53.1M net
QQQ: bearish index flow while the Nasdaq led the tape lower.	-$37.3M net
SPY: net-positive premium even though the broad index finished lower.	+$20.8M net
AVGO: a bullish lean that went against the bearish semis flow led by NVDA.	+$20.6M net
GOOG: call-leaning premium while communication services was one of the weakest sectors.	+$18.8M net

Alertsify is copy trading software for options and stocks, not an RIA or broker-dealer. This post is for information only and is not investment advice.