Wall Street shakes with swings for Nvidia and oil prices but recovers
most of its early losses
[November 13, 2026] By
STAN CHOE
NEW YORK (AP) — The U.S. stock market shook Thursday, but it largely
absorbed big swings for Nvidia and oil prices and finished with
relatively modest losses. The moves suggested Wall Street sees limited
fallout for the artificial intelligence industry, which carries immense
influence on the market, despite the sudden fall of one of its biggest
evangelists.
After dropping nearly 1% at the start of trading, the S&P 500 quickly
erased all of the loss before finishing with a dip of 0.4%. The Dow
Jones Industrial Average fell 189 points, or 0.4%, while the Nasdaq
composite sank 0.4% after trimming an early drop of 1.6%.
Stocks broadly felt pressure from a rise in oil prices after President
Donald Trump said he’s no longer interested in a deal with Iran to end
their war. Instead of that, Trump said he asked his vice president to
investigate U.S. cities and states run by Democrats.
On a typical day, that could be the main driver of action on Wall
Street. But little has been typical recently for the yo-yoing stock
market.
The focus instead was on Nvidia’s stock. It plunged 14% at the start of
trading following the resignation of Jensen Huang, its CEO, co-founder
and face of the brand. The chip company’s stock has been sinking since
its board announced an investigation into Huang for a relationship with
a woman suspected of being a Chinese government agent.
It’s a stunning fall for Huang and for Nvidia, which had become Wall
Street’s most valuable and influential stock because of its central role
in the AI boom. Its stock price set a record last month after soaring an
astounding 1,722% in four years. That compares with the already healthy
gain of nearly 109% for the overall S&P 500 over the same time.
But Nvidia’s price dropped 27% from then through Wednesday. At first,
the drop was because of worries about too-high prices for stocks across
the AI industry.
More recently, it's been due to worries about whether Huang would remain
as CEO and how Nvidia would navigate a future without him. Nvidia’s
board answered the first question Thursday morning, when it said Huang
resigned, and it named Chief Financial Officer Colette Kress as its
interim CEO.
The second question remains unanswered. And it looms over the entire
market because Nvidia and the broader AI industry have been the main
reasons the U.S. stock market has set so many records in recent years.
Nvidia, to be sure, is still selling AI chips at a quick rate regardless
of who stands on a stage and talks them up, and analysts said it remains
the industry’s leader. That helped Nvidia quickly halve its early loss
Thursday, and its stock finished with a fall of 4.3%. That paring helped
the broader market to recover.
Outside of Nvidia, stocks across the AI industry swung in the
uncertainty.
CoreWeave, which buys Nvidia chips and then rents out access to them to
customers over the cloud, fell 6.9%. Micron Technology, which sells
memory for computers that’s been getting gobbled up in the AI frenzy,
sank 1.6%.
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A screen on the floor of the New York Stock Exchange displays news
about Nvidia's stock price in New York, Monday, Nov. 9, 2026. (AP
Photo/Yuki Iwamura)
 But Broadcom rose 5.5%, and Advanced
Micro Devices added 5.9% on hopes the rival chip companies will gain
a competitive advantage. Those two gains came close to offsetting
the drop for Nvidia, which was the single heaviest weight on the S&P
500. That suggests investors see the AI business expanding to other
players rather than depending solely on Nvidia.
Also helping to limit the U.S. market’s losses were gains for stocks
in the oil and gas industry. Marathon Petroleum climbed 2.5%, and
ExxonMobil added 1.8%.
They benefited from a rise in oil prices after Trump said on his
social media platform, “We don’t need a deal with Iran. Those days
have long since passed. We’ve got their money, Hundreds of Billions
of Dollars, and we’ve got their Strait!”
The price for a barrel of Brent crude climbed 3.3% to $95.82.
The price for the most actively traded contract in the Brent market
has been veering sharply since the United States and Israel began
the war with Iran in late February, bouncing between roughly $70 and
$120.
Higher oil prices push up worries about inflation, and the yield on
the 10-year Treasury jumped to 5.12% from 4.98% late Tuesday.
Trading in the bond market had been closed Wednesday for Veterans
Day.
Higher yields make borrowing money more expensive for everyone, from
the U.S. government to companies building AI data centers to regular
people buying houses. High mortgage rates helped send sales of
previously occupied U.S. homes in October to their slowest pace in
more than 16 years.
The housing industry has been slowing the U.S. economy but not
upending it. A separate report on Thursday said that slightly more
U.S. workers applied for unemployment benefits last week, but the
number remains relatively low compared with history.
All told, the S&P 500 fell 26.98 points to 7,592.40. The Dow Jones
Industrial Average dipped 189.40 to 52,297.09, and the Nasdaq
composite sank 100.10 to 25,366.09.
In stock markets abroad, indexes were mixed in Europe following a
weaker finish in Asia.
Hong Kong’s Hang Seng fell 1.3% for one of the world’s biggest
moves.
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AP Business Writer Yuri Kageyama contributed to this report.
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