Wall Street awaits PPI after S&P 500 slips 0.34% and Nvidia shakes tech

US stocks ended Thursday, November 12, slightly lower, with the S&P 500 at 7592.06, down 0.34%. Before Friday's open, attention turns to Nvidia and to the October producer price report.

What happened

The S&P 500 fell 25.78 points to 7592.06 at the close on Thursday, a decline of 0.34% from the previous close of 7617.84. The Nasdaq 100 lost 85.06 points, or 0.30%, to finish at 28289.19.

The US Dollar Index stands at 103.1500 in early trading on Friday. That is up 0.24% from the previous close of 102.9080.

Wall Street futures were taking a breather at the end of a dramatic week, with significant moves expected in several stocks ahead of the open. Names in focus include Nvidia, AMD, Microsoft and Broadcom.

Why it matters

Nvidia is the center of the week's debate. Its shares fell after the ouster of its chief executive, Jensen Huang. One report said the drop had not spread to the broader market, as artificial intelligence stocks have broadly risen. Another report said Nvidia shares are set to recoup some losses before the bell.

Asia told a less settled story. A tentative rebound in the region's technology stocks faded on Friday afternoon, as bearish sentiment overpowered the initial lift and uncertainty around Nvidia lingered. The investing platform Vested reported a jump of up to 400% in trading activity in Nvidia shares among Indian investors.

On earnings, Citi strategists said profit surprises are normalizing. Most S&P 500 companies reported solid quarterly profits, but the surprises were significantly smaller than in recent quarters. The strategists view that as a signal of a healthier market.

For investors, the session combines a single-stock shock in the largest AI name with a key inflation print, so index moves may reflect both.

What to watch next

The October Producer Price Index MoM is due at 13:30 UTC, which is 08:30 in New York. The estimate is 0.4%, and the previous reading was 1.3%. The regular session on the New York Stock Exchange opens at 09:30 New York time.

Next week, the AI trade faces two major tests: Nvidia's earnings and the IPO of Anthropic. Both will show how investors weigh the leadership change at the chip giant against the broader strength in AI shares.