What moved markets the week ended November 13, 2026?
Stocks ended a four-week losing streak even as inflation and interest rates moved against them. The S&P 500 rose 2.5% and small caps 1.4%, helped by a 2.3% jump in the index on Monday, its best day since April, and a midweek rebound in AI stocks after strong results from CoreWeave. Nvidia lagged after announcing that Jensen Huang had resigned as chief executive. The October consumer price index rose 0.4% and core prices 0.3%, both above forecasts, and the CME FedWatch Tool now shows a December rate hike as nearly fully priced. Treasury yields jumped, with the 10-year rising to 5.15% from 4.86%, and bonds fell broadly. Brent crude slipped to $95.84 as talks with Iran stalled, and the national average price of gasoline fell below $4 a gallon for the first time since July.
Key numbers for the week ended November 13, 2026
- S&P 500: +2.5% for the week, +11.5% year to date
- Russell 2000 (small caps): +1.4% for the week, +13.6% year to date
- MSCI EAFE (developed international): +2.1% for the week, +9.7% year to date
- MSCI Emerging Markets: +3.2% for the week, +12.3% year to date
- U.S. aggregate bonds: -1.5% for the week, -1.6% year to date
- Gold: -4.6% for the week, -10.3% year to date
- Bitcoin: -9.9% for the week, -23.1% year to date
Total returns. Full tables under Market Performance below.
Stocks Snap a Losing Streak as Nvidia Changes Leaders
The S&P 500 rose 2.5% for the week, ending a four-week losing streak, as investors returned to many of the stocks sold in last week's AI selloff. The index jumped 2.3% on Monday, its best day since April, and gained 1.3% on Wednesday after CoreWeave reported third quarter revenue of $3.66 billion, up 168% from a year earlier, raised its full-year outlook, and lifted its contract backlog to $132.5 billion from $104 billion.
Nvidia was the main exception. On Thursday the company announced that Jensen Huang, its co-founder, had resigned as chief executive following a board investigation, and it named chief financial officer Colette Kress interim CEO. The shares lost just under $600 billion in market value over the week, according to the Associated Press. Chip stocks slipped again on Friday, when AMD fell 8.8% and Broadcom 4.8%, and the S&P 500 gave back 0.4%.
Even so, the rally reached well beyond technology. More than 60% of S&P 500 stocks rose on Friday despite the index's decline, and mid-cap growth stocks gained 4.2% for the week. Nvidia reports quarterly results on Tuesday, its first since the leadership change, and the report will be closely watched as a test of whether demand for AI computing remains as strong as CoreWeave's results suggest.
Inflation Runs Hot for Consumers and Producers
Inflation came in above forecasts in October. The Bureau of Labor Statistics reported that the consumer price index rose 0.4% for the month and core prices, which exclude food and energy, rose 0.3%, compared with economists' forecasts of 0.3% and 0.2%. Core prices have now risen 0.3% for three straight months. Energy prices rose 0.7%, led by gasoline and electricity, and food prices rose 0.5%.
BLS did not publish 12-month rates for October, because prices were not collected in October 2025 during the government shutdown, so September's 3.7% remains the latest annual reading. Producer prices rose 0.3% in October, slightly below the 0.4% expected, but September's gain was revised up to 1.4%, and producer prices were 6.5% higher than a year earlier, the largest annual increase since November 2022.
The labor market remained firm. Initial jobless claims were 200,000 for the week ended November 7, a low level by historical standards. With growth solid, hiring steady, and price pressures building in the pipeline, the data gave the Fed little reason to hold off on another rate increase.
Yields Jump as a December Hike Becomes the Base Case
Treasury yields rose sharply as inflation data and Fed officials pointed toward a December rate increase. The 10-year yield ended Friday at 5.15%, up from 4.86% a week earlier, and the 2-year yield rose to about 4.9% from about 4.5%. According to the CME FedWatch Tool, futures on November 13 priced a hike at the December 9 meeting as nearly certain, with about an 89% chance of a quarter-point increase and about 11% for a half point.
Several Federal Reserve officials signaled support for further increases. Governor Christopher Waller said he leans toward a quarter-point hike in December and would consider a larger move if core inflation stayed near 0.3% a month, Dallas Fed President Lorie Logan said at least two more increases may be needed, and Boston Fed President Susan Collins said additional firming would likely be appropriate soon. The Fed's target range remains 3.75% to 4.00%.
Demand at this week's Treasury auctions was soft. The 10-year note sold at a yield of about 5.02%, and the 30-year bond, at about 5.44%, drew below-average demand. Because bond prices fall when yields rise, the move hurt bond returns, and longer maturities fell the most.
Earnings Growth Nears 32% as Reporting Season Winds Down
Third quarter earnings season is nearly complete, and results remain strong. As of FactSet's November 13 update, with 91% of S&P 500 companies reporting, 84% had beaten earnings estimates and 74% had beaten revenue estimates. Blended earnings growth stood at 31.9%, up from 30.2% as of October 30, and revenue growth was 14.4%. The forward price-to-earnings ratio was 18.3, below its five-year average of 19.8.
Results from AI suppliers were strong, but their stocks fell. Cisco's quarterly revenue rose 24% to $18.5 billion, and the company expects revenue from large cloud and AI customers of about $9 billion in fiscal 2027, more than double this year's level. Applied Materials reported fourth quarter revenue of $10.41 billion, up 53%, and guided to about $11.1 billion for the current quarter. Both stocks fell about 6% on Friday as investors focused on margins and on how much good news was already in the price.
Outlooks for the fourth quarter lean positive, with 45 S&P 500 companies issuing positive earnings guidance and 33 negative, according to FactSet, and analysts expect earnings growth of 16.2% in 2027. Retailers report next week, giving a fresh read on consumer spending heading into the holidays.
Oil Eases as Iran Talks Stall and Supply Grows
Oil prices fell for a second straight week as signs of ample supply outweighed the lack of progress toward ending the war with Iran. Brent crude settled at $95.84 a barrel on Friday, down about 2.5% from $98.32 a week earlier, and West Texas Intermediate ended at $88.56, also down about 2.5%. The International Energy Agency's monthly report on Friday pointed to a growing supply surplus.
Diplomacy made little headway. Qatar's prime minister met with the President and Vice President at the White House on Monday to discuss a new Iranian proposal, but Secretary of State Marco Rubio dismissed Iran's conditions, and on Thursday the President said the United States no longer needs a deal with Iran, citing its control of the Strait of Hormuz. The U.S. naval blockade of Iranian ports continues. Yemen's Houthis claimed attacks on Saudi oil facilities, including a pumping station on the East-West pipeline, while the Saudi-led coalition said it intercepted two drones.
Lower crude prices continue to reach consumers. AAA reported a national average gasoline price of $3.87 a gallon on November 13, down about 20 cents in a week and below $4 for the first time since July. OPEC+ meets on November 29.
Stocks Rebound While Bonds, Gold, and Bitcoin Fall
Stocks gained across regions and styles while most other assets fell. The S&P 500 rose 2.5% and small caps 1.4%. Large-cap growth gained 2.8% and mid-cap growth 4.2%, while large-cap value rose 2.3%, leaving large-cap value up 26.7% this year against a 2.5% loss for large-cap growth. Developed international markets gained 2.1% and emerging markets 3.2%. Bonds fell as yields rose, with the Aggregate down 1.5%, long-term Treasuries down 3.1%, TIPS down 1.6%, and municipal bonds down 0.6%, while Treasury bills gained 0.1%. Gold fell 4.6% and Bitcoin 9.9%, leaving Bitcoin down 23.1% this year. Real estate rose 0.8%, and the dollar gained 1.3%.
| Index | Last Week | YTD 2026 |
|---|---|---|
| Bloomberg US Treasury Bills 1-3 Month | +0.1% | +3.3% |
| Bloomberg US Government/Credit 1-3 Year | -0.5% | +1.2% |
| Bloomberg US Aggregate | -1.5% | -1.6% |
| Bloomberg Municipal 1-15 Year | -0.6% | +0.0% |
| Bloomberg Municipal Bond High Yield | -0.9% | +1.6% |
| Bloomberg US TIPS (Series-L) | -1.6% | -1.5% |
| Bloomberg Global Aggregate | -1.5% | -2.4% |
| Bloomberg US Corporate High Yield | -0.3% | +0.5% |
| ICE US Treasury 20+ Year Index Total Return | -3.1% | -5.4% |
| S&P/TSX North American Preferred Stock Index | -0.1% | -3.6% |
| Bitcoin | -9.9% | -23.1% |
| Invesco DB US Dollar Index Bullish Fund | +1.3% | +9.1% |
| SPDR Gold Shares | -4.6% | -10.3% |
| Index | Last Week | YTD 2026 |
|---|---|---|
| MSCI ACWI IMI Net Total Return | +2.4% | +11.0% |
| MSCI ACWI Net Total Return | +2.5% | +10.9% |
| Russell 3000 Total Return | +2.5% | +11.6% |
| S&P 500 Total Return | +2.5% | +11.5% |
| Russell 1000 Value Total Return | +2.3% | +26.7% |
| Russell 1000 Growth Total Return | +2.8% | -2.5% |
| Russell Midcap Total Return | +2.5% | +15.9% |
| Russell Midcap Value Total Return | +2.0% | +23.3% |
| Russell Midcap Growth Total Return | +4.2% | -5.2% |
| Russell 2000 Total Return | +1.4% | +13.6% |
| Russell 2000 Value Total Return | +0.9% | +18.8% |
| Russell 2000 Growth Total Return | +1.8% | +8.7% |
| MSCI EAFE Net Total Return | +2.1% | +9.7% |
| MSCI Emerging Markets Net Total Return | +3.2% | +12.3% |
| S&P 1500 Real Estate (Sector) Total Return | +0.8% | +13.5% |
Bitcoin weekly return from closes of $68,249.27 on November 13, 2026 and $75,746.93 on November 6, 2026. Bitcoin year-to-date return calculated by Vistamark from the November 13, 2026 close and the January 1, 2026 reference price of $88,722. All other figures are total returns through the November 13, 2026 close, sourced from Vistamark Bloomberg internal data systems.
Nvidia Earnings, Retail Sales, and Fed Minutes
The coming week brings Nvidia's first report under new leadership, October retail sales, minutes from the Fed's October meeting, and results from several large retailers, with talks on Iran still stalled.
What does this week mean for long-term investors?
This week reversed much of last week's pattern. Stocks recovered as investors looked past the AI selloff and the change at the top of Nvidia, while the inflation news was less welcome: consumer and producer prices both ran hot, a December rate hike is now close to fully priced, and the 10-year Treasury yield moved back above 5%. Bonds lost ground, and gold and Bitcoin fell as the dollar strengthened.
For long-term investors, the week was a reminder that stocks and bonds do not always offset each other when inflation is the main concern. Earnings growth near 32% supports stocks, and higher starting yields improve the long-run outlook for bonds even when prices fall in the short run. With Nvidia's results, the Fed minutes, and the standoff with Iran ahead, a portfolio diversified across asset classes, styles, and regions, and rebalanced as markets move, is built to handle a market in which leadership and risks can shift quickly.
- FactSet Earnings Insight
- CME Group FedWatch Tool
- Federal Reserve: FOMC meeting calendars and statements
- U.S. Bureau of Labor Statistics: Consumer Price Index
- AAA Fuel Prices
- OPEC
Market returns are from Vistamark Bloomberg internal data systems.
Staying Balanced as Rates Rise
Weeks when stocks rise and bonds fall test how a portfolio is built. VistaBuilder™ constructs allocations designed to hold up across inflation and interest rate environments rather than rely on any single asset class, and VistaBalancer™ keeps those allocations on target as markets move. If this week's jump in yields has you rethinking your bond holdings, we would welcome a conversation.
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The VistaWealth Office™ is the private wealth practice of Vistamark, an independent, employee- and partner-owned firm headquartered in Hinsdale, Illinois, in the Chicago area: investment management, family office services and planning for families, business owners and executives, coordinated with each family’s tax and estate advisors.
Founder and CIO of Vistamark; as CIO of Fiducient Advisors, oversaw investment strategy for more than $260 billion in client assets. More about Matthew →
This article is for informational and educational purposes only and does not constitute investment, legal, tax or accounting advice, or an offer or solicitation to buy or sell any security. Views are those of the author as of the publication date and are subject to change. Vistamark Investments is an SEC-registered investment adviser; see our disclosures.
