MetraviseNvidia slide trims a winning week as hot inflation lifts the dollar
In brief
- Week ends higher: The S&P 500 gained +2.59% over five sessions, though Friday's -0.41% dip tempered the week's advance.1
- Nvidia slides: Nvidia extended its losses after CEO Jensen Huang stepped down, and the Nasdaq Composite fell -0.92% on Friday.1,2
- Inflation runs hot: Producer prices posted their largest 12-month rise since November 2022, lifting the dollar and Fed tightening bets.1,3
What it means
Hotter-than-expected inflation earlier in the week raised expectations of further Fed tightening and sent the dollar index to its highest level since April 2025.1 The 10-year yield rose +0.05 pts to 5.15%, keeping the rate debate at the center of pricing. A growing number of Fed officials say the AI boom may mean higher rates for longer, while Chair Kevin Warsh has argued AI would help tame prices.4
The week in review and where money is flowing
Over the past month, Consumer Discretionary led Metravise's sector map at +7.4 pts versus the S&P 500, followed by Financials at +4.4 pts and Industrials at +4.1 pts. Within Consumer Discretionary, Recreational Vehicles (+22.4 pts), Specialty Retail (+16.6 pts) and Leisure (+16.4 pts) showed the strongest relative gains, a sign of money favoring consumer-facing names. Energy was the weakest sector at -6.2 pts, and the Metravise Portfolio fell -2.44% in Friday's session.
Tech: a demanding bar
Nvidia shares extended Thursday's drop after CEO Jensen Huang stepped down and were on pace for their worst week since January 2025.2 Cisco Systems fell on Friday even though its results beat estimates and its current-quarter outlook came in ahead of expectations. Declines after solid reports point to a high bar for large technology names after a strong run.
Market mood
The VIX edged up +0.70% to 18.82, still within its normal zone. The equity put/call ratio rose to 0.72 against a 5-day average of 0.65, showing somewhat more hedging while staying in an average range.
What to watch this week
Times are US Eastern (ET).
Reported last night
- INBXInhibrx Biosciences, Inc.EPS below the estimate (-4.4%)
- BFRIBiofrontera Inc.EPS above the estimate (+274.3%)
- Mon 12:00Fed Chairman Kevin Warsh speaks — Opening RemarksWarsh has argued AI would help tame prices, while a growing number of Fed officials see AI meaning higher rates for longer.4
- Tue 09:15Industrial production and capacity utilizationA stronger-than-expected reading is generally read as a sign of firm factory activity, which can add to rate pressure.
- Wed 14:00FOMC minutes (Meeting of October 27-28)Minutes that lean toward tightening are generally read as supportive of yields and the dollar.
- Thu 08:30Initial jobless claims (weekly)Lower-than-expected claims are generally read as a sign of a tight labor market, keeping attention on Fed policy.
Metravise Portfolio
- PortfolioFriday change−2.44%
- —No entries or exits in the last session.
Metravise is an educational research platform — this bulletin is not investment advice. News summaries are based on the footnoted sources; numbers are Metravise data. Past performance is not indicative of future results.
Sources
- Stock market news for Nov. 13, 2026 — CNBC · Nov 14
- Stocks moving the most today: Live updates — CNBC · Nov 14
- Producer Price Index News Release summary - 2026 M10 Results — BLS · Nov 14
- As more top Fed officials say AI is fueling inflation, Kevin Warsh is an outlier — The Washington Post · Nov 14