Friday, November 13, 2026 | 3 min read
Top 3 Takeaways
- Nvidia's CEO is out: Jensen Huang resigned and the stock closed down 4.3% after plunging 14% at the open.
- Rates and oil are the pressure: the 10-year yield hit 5.12% and Brent jumped 3.3% to $95.82.
- PPI is the data test today: producer prices land at 8:30 AM ET after a warm October CPI.
Markets Snapshot
As of about 5:45 AM ET Fri, Nov 13 for futures and oil; index and 10-year levels are Thursday's close; bitcoin as of 6:10 AM ET, 24-hour change
| S&P 500 futures (Thu close shown) | 7,592.40 | +0.12% |
| Dow futures (Thu close shown) | 52,297.09 | +0.21% |
| Nasdaq-100 futures (Nasdaq Composite Thu close shown) | 25,366.09 | -0.13% |
| 10-year Treasury (Thu close, vs. Tue) | 5.12% | +14 bp |
| Brent crude | $95.64 | -0.21% |
| WTI crude | $88.18 | -0.59% |
| Bitcoin (BTC-USD) | $69,319 | -5.5% |
Biggest movers
| AMD (S&P 500) | Thu close | +5.9% |
| Broadcom (S&P 500) | Thu close | +5.5% |
| Nvidia (S&P 500) | $166.19 | -4.3% |
Deals & IB
- Anthropic set terms for a $61 billion IPO aimed at a $1.2 trillion valuation, with pricing reported for about Nov 18 (Nov 10) Read more
Banks Goldman Sachs and Morgan Stanley reported as leads; not disclosed yet in the sources found today
Disclosure: Anthropic makes Claude, the assistant that wrote this brief. - Swiss biotech Windward Bio priced its US IPO at $17, the midpoint, raising $175 million (Nov 12) Read more
Banks Jefferies, TD Cowen, Piper Sandler and UBS (joint bookrunners) - BCP Investment agrees to absorb Investcorp Credit Management BDC at about a 126% premium to its last close (Nov 11) Read more
Banks Houlihan Lokey (advising Investcorp's special committee); no adviser named for BCP Investment - American Barrick Gold filed for an estimated $6 billion IPO of the gold-mining carve-out (Nov 10) Read more
Banks not disclosed yet
Why it matters for IB
Mega-IPOs and carve-outs are lining up even with yields above 5%, a sign the equity capital markets window is open for big, well-known issuers.
Macro & Policy
- Yields keep climbing: the 10-year closed at 5.12%, and traders are leaning toward more Fed tightening rather than cuts. Read more
- Oil jumps on Iran: Brent rose 3.3% to $95.82 after Trump said the US does not need a deal with Iran, feeding inflation worries. Read more
- Data watch: October CPI ran +0.4% overall and +0.3% core; PPI is due at 8:30 AM ET, and weekly jobless claims held low at 200,000. Read more
- Nvidia shake-up: CFO Colette Kress is interim CEO after Huang's exit, while AMD and Broadcom rallied as investors bet on rival chips. Read more
Earnings & Coming Up
- Today: Producer Price Index for October, 8:30 AM ET.
- Sat-Mon, Nov 14-16: markets closed over the weekend; no major releases found for Monday.
- Tue Nov 17: retail sales and import/export prices, 8:30 AM; business inventories, 10:00 AM; Nvidia fiscal Q3 results.
- Wed Nov 18: housing starts, 8:30 AM; Fed minutes of the Oct 27-28 meeting are due around now; Anthropic IPO pricing reported for about this date.
- Thu Nov 19: advance services report, 10:00 AM.
- Fri Nov 20: state employment data, 10:00 AM.
Finance in a Line
Circuit breaker. an automatic trading halt triggered when a stock or index falls past a preset threshold, giving traders time to reset. Why it matters: it limits panic selling on days like Nvidia's 14% plunge.
Fun Friday
Finance history: In 1792, 24 brokers signed the Buttonwood Agreement under a buttonwood tree on Wall Street, setting the trading rules that grew into the New York Stock Exchange.
What to know cold this week
- Biggest deal: Anthropic's $61 billion IPO terms; for a closed deal, BCP Investment's merger with Investcorp Credit, where Houlihan Lokey advised Investcorp's committee.
- Fed: no rate-cut odds found; markets lean toward further tightening as the 10-year hit 5.12%.
- Macro theme: oil and Iran tensions plus rising yields are driving inflation worries.
“I hated every minute of training, but I said, 'Don't quit. Suffer now and live the rest of your life as a champion.'”
Muhammad Ali
Sources: AP via sfntoday.com, Renaissance Capital, GlobeNewswire via Manila Times, BLS, Census Bureau, Federal Reserve, TipRanks, Seeking Alpha, Gemini.