US stocks ended November 9–13, 2026, with their first winning week since early October, even as another inflation report underscored the Federal Reserve’s policy challenge. October’s Producer Price Index rose 0.3% month over month, less than economists expected, but the annual increase reached 6.5%. The S&P 500 climbed 2.5% for the week while a technology selloff pushed the Nasdaq lower on Friday.
What the October PPI report actually says
The Bureau of Labor Statistics released October’s Producer Price Index at 8:30 a.m. Eastern on Friday, November 13. Final-demand producer prices increased 0.3% on a seasonally adjusted monthly basis, compared with a 0.4% forecast in the Reuters economist survey. September’s monthly increase was revised to 1.4%, making the October figure a pronounced slowdown but not a decline in prices.
The annual PPI rate accelerated to 6.5%, up from 6.3% in September and its highest reading since November 2022. Goods prices increased 0.5% month over month, services rose 0.2%, and food prices gained 1.3%. Energy prices within final-demand goods edged down 0.1%. These components explain why the softer headline monthly reading does not settle the broader inflation debate.
Importantly, the index excluding foods, energy and trade services rose 0.5% for the month and 4.9% over 12 months. That underlying measure is not interchangeable with the conventional consumer core CPI or the Fed’s preferred core personal-consumption expenditures index. It does, however, indicate that price pressure remains present outside the most volatile categories.
Friday’s market pullback did not erase a positive week
The Associated Press closing report recorded a 0.4% Friday decline for the S&P 500 and a 0.9% drop in the Nasdaq Composite. The Dow managed a 0.1% gain. Despite that divergence, all four major US indexes finished the week higher, with smaller companies participating in the rebound more modestly.
| US index | Friday close | Friday change | Weekly change |
|---|---|---|---|
| S&P 500 | 7,561.67 | −0.4% | +2.5% |
| Nasdaq Composite | 25,136.27 | −0.9% | +2.3% |
| Dow Jones | 52,347.55 | +0.1% | +2.1% |
| Russell 2000 | 2,790.49 | −0.3% | +1.3% |
A positive weekly index return is not evidence that every sector is recovering. Technology stocks were Friday’s biggest drag, and the sudden exit of Nvidia CEO Jensen Huang created a separate company-specific shock. In Thursday’s Treasury and Nvidia market recap, the previous session’s decline highlighted how leadership risk, energy prices and rising Treasury yields can converge even when broad market damage is limited.
Producer prices versus consumer inflation: the Fed’s difficult trade-off
The PPI report followed Tuesday’s October CPI release, which showed headline consumer prices increasing 0.4% month over month and core prices excluding food and energy rising 0.3%. The BLS did not publish annual changes for many October 2026 CPI series because the October 2025 government funding lapse prevented collection of the required comparative data. Consequently, investors should not confuse the available CPI monthly rates with the independently measured 6.5% annual PPI rate.
The distinction matters for policy. Producer prices measure what domestic businesses receive for goods and services; consumer prices reflect what households pay. Changes in PPI can pass through into retail prices or corporate margins, but the relationship varies with competition, contracts, exchange rates and demand. A below-consensus monthly PPI release does not automatically mean consumer inflation will fall at the same pace.
US Treasury yields moved sharply higher earlier in the week, with the benchmark 10-year yield exceeding 5.1% on Thursday. The producer-price report brought some initial relief to Treasuries, but the market remained focused on further tightening. Our the earlier CPI-driven Treasury selloff examined the earlier move in the two-year yield after CPI surprised on the upside.
Higher bond yields reduce the relative appeal of equities by offering investors greater income from government securities and raising the discount rate applied to expected corporate cash flows. The effect can be especially powerful for businesses valued on earnings projected years into the future. However, strong earnings or robust cash generation can offset part of that valuation pressure. Market outcomes depend on several forces, not just the latest inflation surprise.
Why Nvidia is the most important earnings event next week
Nvidia is due to release quarterly results on Tuesday, November 17, at approximately 4:20 p.m. Eastern, followed by a 5 p.m. conference call, according to its official investor-relations announcement. The report will be the first since the company’s abrupt leadership transition, with Chief Financial Officer Colette Kress serving as interim CEO.
Investors will be watching data-center revenue, gross margins, new computing-platform demand and capital-spending commentary from major customers. The immediate issue is not simply whether Nvidia beats an earnings estimate; it is whether the company can demonstrate operational continuity and credible forward guidance after a major governance disruption. The market also needs to evaluate the financing demands of data centers that depend on advanced accelerators and high-performance networking.
That makes Nvidia an important test of the AI trade, but not a comprehensive proxy for the entire stock market. Financials, industrials and energy businesses face a different mix of economic drivers. A broad equity index can rise even when a heavily weighted chipmaker and its suppliers are under pressure.
What global markets reveal about risk appetite
Beyond Wall Street, global equities also had a generally positive week. Europe’s STOXX 600 finished Friday at 664.14, up more than 2% on the week, according to Reuters. The Nikkei 225 closed at 61,142.35 and advanced 6.46% during the five sessions, according to Reuters’ Tokyo market review. These are local-currency benchmark returns, not returns to a US investor after foreign-exchange conversion.
Europe’s relative resilience illustrates the role of index composition. The STOXX 600 has a smaller technology weight than the US market, and its banks gained more than 4% on the week. Economic data showed euro-area GDP rising 0.4% quarter on quarter in the third quarter, according to Eurostat. Meanwhile, annual consumer inflation in France reached 3.4% in October, according to INSEE. A stronger equity tape does not eliminate macroeconomic risks.
Oil declined despite geopolitical uncertainty. Reuters reported Friday settlements of $95.84 per barrel for Brent and $88.56 for West Texas Intermediate, with both benchmarks losing approximately 2.5% over the week. Traders weighed a potential global supply surplus against continuing threats to Middle Eastern infrastructure and shipping. For US investors, oil-price changes can have opposite effects on energy producers, transport companies and consumer purchasing power.
Three questions to guide the next trading week
- Will producer-price moderation carry into the next data releases? The BLS is scheduled to report October import and export prices on Tuesday, November 17, at 8:30 a.m. ET, according to its published calendar.
- Can Nvidia restore confidence? Tuesday’s earnings and 5 p.m. ET management call will provide an operating update at a sensitive point for the semiconductor and data-center industries.
- Will bond yields remain near recent highs? The next Federal Open Market Committee meeting is December 8–9. The decision will depend on incoming data, and the precise size or direction of the next policy move should not be treated as certain.
Bottom line: A 0.3% monthly PPI reading offered some relief, but 6.5% annual producer inflation and elevated Treasury yields remain important headwinds. US stocks recorded solid weekly gains despite Friday’s tech weakness. Nvidia’s results and the path of inflation will be key tests of whether the rebound can broaden.
Data as of November 13, 2026, 5:06 p.m. ET (11:06 p.m. Paris time).
This article is for financial information only and does not constitute investment advice.