Market Open: Stocks Mixed, Wholesale Inflation at Four-Year High, Nvidia Fallout • 11/13/26

0:01CNBC Business News Update. Market open. I'm Jessica Ettinger. Wall Street's in the green on lighter than expected inflation at the wholesale level and a rebound for NVIDIA shares as investors scoop up the company on sale. Out of the gate, the Dow is up 139 points. It's being led higher by shares of Google Parent Alphabet. Those are up almost 2 % this morning. The S &P 500 index up 14. The Nasdaq up three points now, dipping into the red, down three. NVIDIA shares were higher in pre-market trading. They are now ticking lower. Wholesale prices rose three-tenths of a percent in October, putting the annual rate of inflation at six and a half percent, the highest in nearly four years.

0:48We still have this pressure coming from wholesale prices into consumer prices. We've said several times it doesn't pass through one for one. There are barriers. There's margin. There's all kinds of things holding the line. Businesses can can spread out the pass along of these costs. But that's been a reason why there have been people concerned about inflation, not just because of what's happening now, but because of the pressure up the pipeline to come through. CNBC senior economics reporter Steve Leisman. NVIDIA shares have dipped into the red this morning. And Jones Trading's Mike O 'Rourke is cautioning buyers today that NVIDIA is going to be a different company without CEO Jensen Wong.

1:28A lot of people were seeing Jensen's exit as maybe a potential clearing event for the stock. A lot of people were waiting for that to buy the stock. And that's what we saw. And I think anyone who wanted to buy NVIDIA probably bought it yesterday. But I'm not sure that that paints a, you know, a real proper outlook for where we're going. Is a NVIDIA without Jensen Wang worth as much, you know, is a 10 % discount, 11 % discount enough for investors? I don't think so, because obviously the whole complexion of the company is going to change going forward here. Investors are waiting for a permanent replacement for Jensen Wang.

2:04The CFO, Colette Kress, is now temporarily in the role. Wong stepped down after admitting an extramarital affair with a woman some believe to be a Chinese spy or asset. This week, it's been reported Wong had affairs with two other women. Author Tae Kim wrote the book The NVIDIA Way. He's here with CNBC's Becky Quick. Been talking to NVIDIA employees all week and they're disappointed, they're angry and it's utter disbelief. One of the greatest CEOs in American history for his tenure to end in this way is just incredible and it's unbelievable. Yeah, 33 years as a co-founder of the company, the only CEO that the company's ever known.

2:43In your book in 2024, you said that this company would be lost without Jensen. I think you've changed your mind at this point. Yeah, it's been two and a half years since I've written the book. And I've evolved my thinking. The company is in a different stage at this point. And a take on NVIDIA and its board governance from CNBC's Steve Sedgwick in London. The company has also announced its first ever board chair. Think about that. Just one second. Just one second. Let's all hold off for two seconds. A company which is arguably one of the most two or three important on the planet didn't have a chair.

3:22I know some of you out there think ESG is absolute balderdash, but the G of ESG seems to be quite important at this moment, isn't it? The company's announced its first ever board chair after Huang had long resisted such a role. Now, the former Synopsys CEO, Harvey Jones, has been appointed to the role after having sat on the NVIDIA board since 1993. Microsoft this morning says email is almost back to normal after an outage that also affected 365 and Teams and slammed hundreds of millions of businesses and personal accounts globally. The company said it did not suspect malicious activity was the cause.

3:58The Toronto Maple Leafs NHL team is the league's most valuable in a new analysis by CNBC. For the first time, hockey team valuations have crossed the$4 billion mark. The Leafs are valued now at$5.4 billion, followed by the New York Rangers at$4.7 billion, and the Montreal Canadiens, Les Habitants, at$4.1 billion. dollars, the average NHL team, now worth$2.7 billion. That's up 23 % from a year ago. It's Friday the 13th. I'm Jessica Ettinger, CNBC. Hey, Fidelity. Can I get a second opinion on stocks in the Fidelity app? With Fidelity, it's easy to get an outside opinion from independent experts in a single score.

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