US stocks ended lower on Thursday 12 November 2026, giving back part of the previous day's rally as the resignation of Nvidia chief executive Jensen Huang revived doubts about the artificial intelligence trade and rising bond yields weighed on shares.

The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite each fell by 0.4%, according to preliminary FactSet data cited by MarketWatch. The Dow closed at 52,297.09, down 189.40 points from Wednesday's close of 52,486.49.

How the three indices finished

Thursday's fall followed a strong session on Wednesday, when the Dow rose 0.5% to 52,486.49, the S&P 500 gained 1.3% to 7,619.38 and the Nasdaq Composite climbed 1.6% to 25,466.19, with Apple reaching a record closing high.

Stocks came under pressure from the start of Thursday's session and, although the major averages recovered from their lows during the day, the Nasdaq and the S&P 500 remained in negative territory. At one point the Dow was up 0.1% at 52,535.55 while the S&P 500 was down 0.2% at 7,605.49 and the Nasdaq was down 0.4% at 25,362.06.

Nvidia and chip stocks lead the slide

Selling was concentrated in chip stocks. Nvidia, Micron Technology and Intel dragged down the information-technology sector of the S&P 500, the index's biggest sector, after Huang stepped down as Nvidia's chief executive with immediate effect.

Nvidia shares had already fallen sharply in after-hours trading on Wednesday after reports that its board could discuss Huang's future, and the resignation, confirmed before Thursday's open, kept the pressure on the wider AI trade. Rival chipmakers moved the other way: AMD and Broadcom both rose on Thursday, with AMD closing 5.9% higher at $585.30.

Rising yields add to the pressure

The stock market was also unsettled by rising interest rates in the bond market. Treasury yields climbed as investors weighed worries over higher oil prices after President Donald Trump indicated in a social-media post on Thursday morning that no deal with Iran was needed.

December crude oil closed at $88.74 a barrel, up $2.21 on the day, while December gold fell sharply, closing at $3,878.80, down $121.70. Higher yields tend to weigh on shares, particularly in fast-growing technology companies whose future earnings are valued less generously when borrowing costs rise.

What comes next

After the closing bell, attention turned to earnings from the chip supply chain. Applied Materials reported record quarterly revenue of $10.41 billion after the market closed, while Cisco was also due to report first-quarter results, with investors watching its orders for AI networking equipment.

Nvidia itself reports quarterly results on 17 November, which will be the first under interim chief executive Colette Kress and the next big test of whether demand for AI chips is holding up.

Sources: MarketWatch, Brownfield Ag News and Zacks.