S&P 500 Heads for 3% Weekly Gain as Markets Shrug Off Nvidia Turmoil and Higher Rates
Updated
Updated · The New York Times · Nov 13
S&P 500 Heads for 3% Weekly Gain as Markets Shrug Off Nvidia Turmoil and Higher Rates
3 articles · Updated · The New York Times · Nov 13
Summary
More than 3% gains in the S&P 500 and Nasdaq have put Wall Street on track for its best week since early August, ending a run of losses tied to doubts about AI growth.
Nvidia’s upheaval failed to drag down the broader market even after Jensen Huang’s resignation; the stock is still about 30% below its recent peak, though it rebounded roughly 2% in premarket trading Friday.
Rival chipmakers and other AI stocks rose instead, reinforcing analysts’ view that Nvidia’s leadership scandal has not materially changed the sector’s underlying demand outlook.
Treasury yields also jumped sharply after hotter-than-expected inflation data, with the 10-year up more than 0.2 percentage points this week and the 2-year posting its biggest weekly rise in over four years.
Fed expectations have shifted fast: investors now price in at least 0.75 percentage points of rate hikes over the next 12 months, versus just 0.25 points a week ago.