The S&P 500 ended Thursday at 7,592.40, marking a decline of 26.98 points, or 0.35%. The stock market faced significant pressure from the sudden departure of Nvidia's chief executive and rising energy costs. While the index recovered from an early 1% drop, it could not sustain its momentum, with the Dow and Nasdaq also finishing the session down roughly 0.4%.

By the numbers

  • S&P 500: 7,592.40, down 26.98 points (-0.35%)
  • Dow Jones Industrial Average: 52,297.09, down 189.40 points (-0.36%)
  • Nasdaq Composite: 25,366.09, down 100.10 points (-0.39%)
  • Russell 2000: 2,799.06, down 47.20 points (-1.66%)
  • 10-year Treasury yield: 5.10%, up from 5.00%
  • WTI crude oil: US$88.74 a barrel, up 2.55%
  • Gold: US$3,885.30 an ounce, down 2.88%
  • VIX volatility index: 18.70, up 1.21 points

Closing figures for Thursday, November 12, 2026. Oil and gold are front-month futures prices. Market data: Yahoo Finance.

Read also Nvidia Board Turmoil Sinks Nasdaq, S&P 500 Futures

Why did Nvidia's leadership shake-up rattle investors?

Nvidia announced that Jensen Huang has stepped down as CEO, effective immediately, and has appointed CFO Colette Kress as the interim leader, according to the company. The resignation follows reports that the company's board was investigating Huang regarding personal relationships, including one involving a woman suspected of being a Chinese intelligence operative. Nvidia shares tumbled as much as 14% during early trading before eventually closing 4.3% lower, according to Reuters.

The fallout from this leadership change has created uncertainty regarding the artificial intelligence boom. Because Nvidia is a central figure in the AI sector, its internal stability affects many connected firms. While competitors like AMD and Broadcom both gained nearly 6% as investors bet on continued chip demand, other AI-linked companies struggled. Nebius shares plummeted 16.8% following its quarterly results, CoreWeave dropped 6.9%, and Super Micro Computer fell 11% amid news of a Department of Justice investigation.

Oil and yields add pressure

Energy prices climbed after President Donald Trump suggested that a peace agreement with Iran was unnecessary, fueling concerns about the ongoing conflict. WTI crude oil rose 2.55% to US$88.74 per barrel. Simultaneously, the 10-year Treasury yield increased to 5.10%, up from 5.00%, as investors weighed the possibility of further interest rate hikes by the Federal Reserve. Gold prices saw a significant decline, falling 2.88% to US$3,885.30 an ounce.

Which sectors led and lagged?

Sector performance was mixed as the market searched for direction. Energy was the strongest performer, with its sector fund rising 1.51%. In contrast, the materials sector saw the deepest decline, falling 1.28%. Other notable movements included:

  • Communication services and industrials both finished lower.
  • The Russell 2000 index lagged significantly, dropping 1.66%.
  • The VIX volatility index climbed to 18.70.

What to watch next

  • Nvidia's upcoming earnings report, which is expected to be closely scrutinized for signs of AI demand.
  • The planned public debut of Anthropic next week.
  • New economic data that might influence Federal Reserve interest rate decisions.

FAQ

How did the S&P 500 close on Thursday?

The S&P 500 finished the session at 7,592.40, which was a loss of 26.98 points, or 0.35%.

Why did the stock market fall?

Major indexes declined as investors reacted to the news of Nvidia's CEO resignation and rising oil prices following comments regarding Iran, according to Reuters.