I. Today's Market: All Three Indexes Fell, and the Nasdaq Lost 0.39%Unit: %, single-day change on November 12; all three readings are negative, so the zero line sits at the right edge and every bar ruI. Today's Market: All Three Indexes Fell, and the Nasdaq Lost 0.39%Unit: %, single-day change on November 12; all three readings are negative, so the zero line sits at the right edge and every bar ru
Pre-Market Briefing on Nov 13: AMD Rose 5.86% as Data Center Revenue Grew 97%, and October PPI Arrives Today With Energy in Focus
I. Today's Market: All Three Indexes Fell, and the Nasdaq Lost 0.39%
Unit: %, single-day change on November 12; all three readings are negative, so the zero line sits at the right edge and every bar runs left on one shared scale. The Nasdaq reads −0.39%, the S&P 500 −0.36% and the Dow −0.36%.
All three indexes fell, with the Nasdaq closing at 25,366, the S&P 500 at 7,592 and the Dow at 52,297, the S&P 500 and the Dow each losing the same 0.36%. Nvidia closed at $166.19, down 4.34%, after dropping more than 10% at one point, on 740M shares, 5.7 times its recent average; the 10-year yield rose to about 5.1% during the session, a second weight on the indexes.
The indexes fell only a little, but the pressure came from two directions. One was personnel news at a single company, the other was a rising yield: the higher the yield, the harder the discounting on growth stocks with the highest valuations and the most distant cash flows. On a day of small index losses, check first who pulled them down and why, because company news and rate pressure are two different sources of pressure.
II. Stock in Focus: Large Chip Stocks Split Three Up and Three Down, and AMD Rose Most
Unit: %, single-day change on November 12. All six are large semiconductor stocks; the set spans positive and negative, so a zero line is drawn and all six share one scale. AMD sits at one end on +5.86% and Nvidia at the other on −4.34%, 10.20 percentage points apart.
AMD rose most in the set, but this was not a day the whole industry rose together. Two averages have to be kept apart: these six averaged +0.37%, while the semiconductor industry averaged +3.08%, so the denominators differ; Broadcom in the same set also rose 5.54% and Qualcomm 0.32%, while Micron, Applied Materials and Nvidia fell. AMD closed at $585.30, adding about $53.1B of market value in a day, on 55.01M shares, 2.2 times its 20-day average, with the price back at 84% of its 52-week range. Last quarter's revenue was $13.4B, up 45%, with data center revenue of $8.5B, up 97%, and revenue guidance for this quarter is about $17B. The same day, Nvidia announced that its chief executive had resigned, with the chief financial officer serving in the interim. ⚠ But the leadership change is an interim arrangement and a permanent pick is still being sought; Nvidia reports quarterly results on November 17. Alongside it, Arista Networks rose 5.06% with no news of its own, slightly less than its hardware sector's 5.84%.
Five Dimensions: Peer Rank Full, and Volatility Control Weakest at 20.3
Unit: 0 to 100, 0 at the centre and 100 at the rim, all five axes on one scale. Peer rank reads 100, valuation heat 96.8, trend position 84.4 and relative strength 63.9, and the weakest is volatility control at 20.3.
Read a full peer rank against a relative strength of only 63.9. Relative strength is 50 plus five times the excess over the industry, and AMD beat the semiconductor industry by only 2.78 percentage points, which works out to 63.9, not capped; a full peer rank says it rose most within its set. Volatility control 20.3 matches a beta of 2.49. Rank says whom a stock beat, and strength says by how much, so the two scores have to be read together.
III. What to Watch Today: October PPI, and Whether Energy Stays Near 10.8%
- At 13:30｜October PPI The producer price index sits upstream of consumer prices; the market expects a 0.4% monthly rise
- During the session｜Four Fed officials speak The vice chair speaks after the close; the policy rate range is 3.75%–4.00%
- Next Tuesday, November 17, after the close｜Nvidia (NVDA) quarterly earnings Its first report since the leadership change
- Next Wednesday at 19:00｜Fed minutes from the October meeting Retail sales and results from Walmart and Alibaba come the same week
- December 8–9｜Fed policy meeting Today's PPI is the last significant inflation reading before it
Unit: %, seasonally adjusted month-on-month change in final demand PPI; the readings span positive and negative, so a zero line is drawn and all four share one scale. June reads −0.1%, July 0.2%, August 0.5% and September 1.3%.
- From −0.1% to 1.3% in three months September's 1.3% was the fastest month this year, and the market expects 0.4% for October, a cooling that would still leave it above the summer level; the monthly rate is used because data for October last year was not collected during a funding lapse, leaving no base for a year-on-year comparison
- Energy did the lifting In September energy rose 10.8% in a single month and transportation and warehousing services 3.4%, while goods overall rose 2.6%, services overall 0.8% and core goods only 0.3%; upstream pressure sat in energy and transport and had not spread to manufactured goods themselves
- ⚠ One number, two effects Power is a direct cost for AI data centers, and after the November 10 CPI, futures markets put the odds of a 25-basis-point December hike at about 88.8%; so whether energy stays near 10.8% moves both data center costs and the rate path at once
IV. Frequently Asked Questions
Q: AMD rose 5.86%. Why is its relative strength only 63.9?
A: Because relative strength measures the excess, not the gain itself. The semiconductor industry averaged +3.08% that day, so AMD's excess was only 2.78 percentage points, which gives 63.9 at 50 plus five times the excess. Nvidia, in the same industry, fell 4.34%, 7.42 percentage points below the industry average. How much a stock moves and how much its industry moves are two different numbers: if a stock rises 8% and its industry also averages 8%, the excess is 0, and the day's story belongs to the industry.
Q: Why read today's PPI month on month rather than year on year?
A: Data for October last year was not collected during a funding lapse, so the year-on-year comparison lacks a base, while the monthly rate is unaffected by that gap and is the cleanest measure available. September's 1.3% monthly rise was the fastest this year, and the market expects 0.4% for October. The other line to watch is the core measure that strips out food, energy and trade services, running 5.0% year on year, which does not move with oil prices. When inflation data lands, check first which basis you are reading, and when part of the basis is missing, do not fill the gap with a figure from elsewhere.
Q: Why does the energy component of PPI matter for technology stocks?
A: Power is a direct cost for AI data centers, so energy prices that stay high eat into margins; and if inflation readings do not cool, rates cannot come down, with the 10-year yield rising to about 5.1% in the latest session. The higher the discount rate, the harder the repricing on stocks with the highest valuations and the most distant cash flows. When reading upstream prices, check first which lines they touch at once, because one component can move both costs and valuations.
The data in this article is as of the November 12 close and all times are UTC; guidance and expectations are company or market statements, not published figures.
Disclaimer: This article is compiled and written by the MEXC Stocks team. The data in this article is based on the market close on November 12, 2026. The content is a compilation of public market information, and individual stocks are publicly discussed targets, which do not represent the recommendation or opinion of MEXC and do not constitute any investment advice. More stock content: @MEXC | @Alpha_MEXC | @MEXC_Research
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