The S&P 500 and Nasdaq closed lower on Friday, November 13, 2026, as concerns about Nvidia pressured technology shares. The uncertainty stems from CEO Jensen Huang’s resignation following revelations of extramarital affairs, including a relationship with a businesswoman suspected of spying for China. Nvidia’s shares fell 2%, marking their sixth straight week of declines, the longest streak since October 2012. The Financial Times reported that the company’s board has approached British chipmaker Arm Holdings CEO Rene Haas as a potential successor.
The tech sector faced broader challenges, with the Philadelphia Semiconductor Index dropping 3.4%. Advanced Micro Devices and Broadcom were among the biggest drags, falling 8.8% and 4.8%, respectively. The S&P 500 technology index shed 1.7%, making it the worst-performing sector. Despite these losses, Microsoft ended 0.2% higher after recovering from earlier declines caused by a global outage affecting its Outlook and Teams products.
On the economic front, U.S. producer prices rose 6.5% year over year in October, the largest annual gain since November 2022. This data reinforced expectations for a rate hike of at least 25 basis points at the Federal Reserve’s December meeting, with a roughly 10% chance of a 50-basis-point increase. Fed officials, including San Francisco Federal Reserve President Mary Daly and Boston Federal Reserve President Susan Collins, echoed the sentiment for tighter monetary policy due to high inflation.
Domestically, Canada’s main stock index, the S&P/TSX Composite, ended lower, also pressured by technology stocks. The TSX’s technology sector fell 1.3%, with shares of electronic equipment company Celestica down 5.4%. Most other sectors notched gains, including energy, which added 0.9%. Despite the recent volatility, the major indexes recorded weekly gains, with the S&P 500 up 2.51%, the Nasdaq rising 2.27%, and the Dow climbing 2.07%.