Wall Street Erases Early Losses After Nvidia's Jensen Huang Resigns; 10-Year Treasury Yield Tops 5%

U.S. stocks recovered from an early drop on Thursday, Nov. 12, 2026, after Nvidia said Chief Executive Jensen Huang had resigned, while the 10-year Treasury yield climbed back above 5%. Losses in Nvidia and companies tied to it were offset by gains in rival chipmakers and other large technology stocks.

Indexes turn higher by late morning

In late-morning trading Eastern time, the Dow Jones Industrial Average was up 210.10 points, or 0.40%, at 52,696.65. The S&P 500 had gained 21.99 points, or 0.29%, to 7,641.10, and the Nasdaq Composite had added 79.16 points, or 0.31%, to 25,545.34, Reuters reported.

The S&P 500 dropped nearly 1% at the start of trading before erasing the loss, and the Nasdaq eliminated an early drop of 1.6%, the Associated Press reported.

The indexes were coming off a gain on Wednesday, when the Dow rose 0.49% to 52,486.49, the S&P 500 rose 1.31% to 7,619.38 and the Nasdaq rose 1.6% to 25,466.19, Anadolu Agency reported.

Nvidia names an interim CEO

Nvidia's board said Huang had resigned as president, chief executive and board member, effective immediately, according to a company statement. Chief Financial Officer Colette Kress agreed to serve as interim CEO while remaining CFO until a permanent successor is named. The board said it will consider internal and external candidates. It also named Harvey C. Jones, a former chief executive and executive chairman of Synopsys, as its first-ever chair.

"The Board has full confidence in Colette and the leadership team, and we expect the company's operations, customer commitments and product roadmap to continue without interruption," Jones said in the statement.

The resignation followed reports this week about Huang's personal relationships, including one with a businesswoman alleged to be a Chinese spy, which had prompted a board investigation, Investopedia reported. The Wall Street Journal reported late Wednesday that the board was preparing to dismiss him.

Nvidia shares were down about 4% in late-morning trading, off their lows, after trading down 8% before the opening bell, according to Investopedia. The company said it will still report third-quarter fiscal 2027 results on Tuesday, Nov. 17.

Rivals gain, partners slide

Advanced Micro Devices rose 7% and Broadcom gained 5.4%, while Intel was flat, according to Reuters. Shares of Chinese technology companies that use Nvidia chips fell, with Alibaba down 7.1% in U.S. trading.

Companies in which Nvidia has invested also fell. CoreWeave, which surged on Wednesday after its quarterly report, was down 11% before the open, and Coherent and Lumentum Holdings each fell more than 4%, Investopedia reported. Amazon rose 2%, and Apple gained 1% after closing at a record high on Wednesday.

"The market's absorbed this reasonably well. You notice some of Nvidia's losses have been offset by gains in competitors," Peter Tuz, president of Chase Investment Counsel, told Reuters.

Yields climb on Fed and oil

The yield on the 10-year Treasury note rose more than 7 basis points to 5.068%, and the 2-year yield, which is more sensitive to Federal Reserve policy, jumped more than 11 basis points to 4.843%, CNBC reported. The bond market had been closed Wednesday for Veterans Day.

Traders were pricing in a 100% chance of a Fed rate increase at the Dec. 8-9 meeting, with about a 13% chance of a half-point move, according to the CME Group's FedWatch tool cited by CNBC. Goldman Sachs on Wednesday added a further quarter-point increase in March to its forecast.

Yields also rose after President Donald Trump wrote on Truth Social that "We don't need a deal with Iran." West Texas Intermediate crude rose 0.32% to $86.81 a barrel and Brent gained 1.14% to $93.82, according to Reuters.

Jobless claims and what comes next

Initial claims for state unemployment benefits rose 9,000 to a seasonally adjusted 200,000 in the week ended Nov. 7, the Labor Department said, above the 195,000 economists polled by Reuters had expected, Investing.com reported. Continuing claims fell 20,000 to 1.697 million.

Separately, the National Association of Realtors said existing-home sales fell 5.5% in October to a 3.75 million annual rate, the lowest since August 2010.

The October producer price index is due Friday, Nov. 13. New York Fed President John Williams was scheduled to speak on a panel later Thursday. Anthropic's planned initial public offering is expected next week, Yahoo Finance reported.