U.S. stocks finished lower Thursday, November 12, 2026, as rising Treasury yields, renewed inflation concerns and a major leadership transition at Nvidia (NVDA) pressured sentiment. The S&P 500 declined 0.35%, the Dow Jones Industrial Average lost 0.36% and the Nasdaq Composite slipped 0.39%. Small-cap stocks suffered a steeper setback, with the Russell 2000 falling 1.66%. The session’s central tension was the collision between enthusiasm for artificial intelligence and a less forgiving macroeconomic backdrop. The 10-year Treasury yield closed at 5.10%, December crude oil futures were up 2.57% and Bitcoin down 3.76%. Meanwhile, Nvidia (NVDA) confirmed that co-founder Jensen Huang had resigned as chief executive, introducing a new layer of uncertainty around one of the AI economy’s most consequential companies.

November 12 Stock Market Closing Performance

The Russell 2000’s substantially larger decline made small-cap weakness a defining feature of the session. Rising yields, falling stocks and a higher volatility index collectively pointed to a more cautious market tone, even though the major large-cap benchmarks finished with relatively modest percentage losses.

Why Stocks Fell Thursday: Higher Yields Meet AI Uncertainty

Thursday’s decline followed a strong Wednesday rebound, when the S&P 500 advanced approximately 1.3% and the Nasdaq Composite gained about 1.6%. That recovery had benefited from renewed enthusiasm around AI infrastructure spending, including better-than-expected results and an improved revenue outlook from CoreWeave (CRWV). The reversal Thursday showed how quickly that optimism could be challenged by company-specific developments and rising interest rates. The latest market coverage identified two major pressures: Treasury yields moving above 5% and selling in Nvidia (NVDA) following Huang’s departure. Shares of Nvidia (NVDA) were reported down approximately 4% after recovering some earlier losses, although the supplied screenshots do not establish an official closing performance for the stock. For many, the distinction now is between confidence in long-term AI demand and confidence in the prices paid for that growth. Thursday’s combination of higher yields and leadership uncertainty made that distinction more consequential.

Macroeconomic Report: Inflation Remains Persistent

October CPI Slowed, but Price Pressures Remained Broad

The latest Consumer Price Index report, released November 10, showed that consumer prices increased 0.4% in October after rising 0.6% in September. Core CPI, which excludes food and energy, increased 0.3% for the third consecutive month. The report showed several continuing sources of household cost pressure:

• Shelter prices rose 0.3%, accounting for more than 30% of the monthly increase in the overall index.
• Food prices increased 0.5%, including a 0.4% rise in grocery prices.
• Energy prices advanced 0.7%, following September’s much larger 5.2% increase.
• Transportation services increased 0.8%.
• Motor vehicle insurance rose 0.7%.

The macroeconomic message was mixed. Headline inflation moderated from September, but the repeated 0.3% monthly core increases offered limited evidence of a decisive cooling in underlying prices. Energy was not the only source of pressure, with shelter, medical care and other services also contributing to October’s increase. An important qualification applies to annual comparisons: the Bureau of Labor Statistics could not publish the usual October year-over-year changes for many CPI series because comparable October 2025 survey data were unavailable following a lapse in federal appropriations. A monthly inflation reading should therefore not be presented as an official annual inflation rate.

Jobless Claims Rose, but Layoffs Remained Limited

Thursday’s labor-market report showed initial unemployment claims increasing by 9,000 to a seasonally adjusted 200,000 for the week ended November 7. That exceeded the 195,000 consensus forecast, but claims remained at a historically low level. Continuing claims fell by 20,000 to 1.697 million for the week ended October 31. The report did not provide a clear signal of a broad deterioration in employment. At the same time, low claims require context: workforce size, eligibility rules and the exhaustion of benefits can affect the figures. The data support a picture of limited layoffs more directly than they establish the strength of new hiring. Taken together, persistent monthly inflation and low unemployment claims leave the Federal Reserve facing a difficult balance. The economic backdrop offers neither a clean inflation victory nor an unmistakable labor-market downturn, helping explain why interest-rate expectations remained a major market concern.

Treasury Yields Reach 5.10% as Small Caps Underperform

The 10-year Treasury yield closed at 5.10%, up approximately 10 basis points. The Russell 2000 declined 1.66%, compared with losses of less than 0.40% for each of the three major large-cap indexes. That performance gap was one of the session’s clearest signals of caution. While the closing data alone cannot prove why small caps fell more sharply, their weakness was consistent with the broader concern about borrowing costs and tighter financial conditions described in Thursday’s market coverage. The volatility index rose 6.92% to 18.70, reinforcing the shift toward caution without, by itself, establishing that the market had entered a period of extreme stress.

Nvidia Leadership Transition Resets the AI Conversation

Nvidia (NVDA) announced that Jensen Huang had resigned as president, chief executive officer and a director, effective immediately. Chief Financial Officer Colette Kress became interim CEO and will retain her finance responsibilities while the board searches for a permanent successor. The company also appointed Harvey C. Jones as its first board chair. The company said it expected operations, customer commitments and its product roadmap to continue without interruption. That assurance is important because the central business question is whether the leadership change affects execution, customer relationships or the delivery of future products. For many evaluating the pullback, a lower share price does not settle that question. Commentary published Thursday emphasized the need to distinguish between a temporary sentiment shock and a lasting change in a company’s earnings prospects. The same analysis noted that uncertainty over leadership does not automatically mean demand for AI computing has weakened. The next major checkpoint is November 17, when Nvidia (NVDA) is scheduled to report third-quarter fiscal 2027 results. Its earnings call will provide an opportunity for management to address business performance and continuity following the transition.

Other Stock Movers: AMD, Tetra Tech and Corteva

Several company-specific developments stood out in early trading. These reported moves are premarket figures, not verified closing returns:

• Advanced Micro Devices (AMD) rose approximately 2.8% after an analyst upgrade highlighted potential market-share gains for its Instinct AI accelerators.
• Tetra Tech (TTEK) jumped nearly 10% after reporting adjusted quarterly earnings of $0.49 per share, above the $0.47 consensus estimate. Net revenue of approximately $1.15 billion matched expectations.
• Corteva (CTVA) fell more than 9% after quarterly revenue of $1.59 billion missed the approximately $1.77 billion consensus estimate.

The contrast underscored a market that was still differentiating among companies. AI competitive positioning, earnings execution and revenue shortfalls remained meaningful drivers even as macroeconomic concerns weighed on the broader indexes.

Oil Climbs as Iran and Strait of Hormuz Risks Return to Focus

December crude oil futures rose $2.22, or 2.57%, to $88.75/bbl. The advance came as President Donald Trump said the United States no longer needed a deal with Iran, adding uncertainty around the outlook for diplomacy and the Strait of Hormuz. Thursday’s reporting linked the prolonged conflict to higher global energy prices and renewed inflation concerns. The economic connection is particularly important after October’s CPI report. Energy prices were already rising before Thursday’s oil advance, so another sustained increase would complicate efforts to reduce household cost pressures. The immediate market concern is not simply the price of crude, but whether geopolitical uncertainty keeps energy costs elevated for longer.

Microsoft Outage Puts Cloud Reliability in the Spotlight

Microsoft (MSFT) experienced a service disruption affecting products including Outlook, Teams and Microsoft 365. Users of Amazon (AMZN) Web Services and Alphabet’s (GOOGL) Google services also reported problems, although user reports alone did not establish a common cause across the platforms. Microsoft (MSFT) said unexpectedly unavailable servers had placed additional strain on remaining infrastructure. The company reported taking steps to prevent further server impacts while restoring affected capacity. The disruption introduced an operational issue into a session already dominated by questions about technology leadership and AI infrastructure. However, the available reporting did not quantify the outage’s financial impact or establish that it materially drove the broader market decline.

United Airlines Highlights Starlink as a Competitive Differentiator

United Airlines (UAL) CEO Scott Kirby highlighted onboard Spacex’s (SPCX) Starlink connectivity as a major competitive advantage, arguing that faster Wi-Fi was helping attract customers and support revenue. The report described approximately 600 equipped aircraft, split between regional and mainline fleets.United Airlines (UAL) expected roughly half of its mainline fleet to have the service by year-end, approximately 87% by the end of the following summer and full fleet coverage by the end of 2027. Those figures are rollout targets rather than completed milestones. The story offered a company-level counterpoint to the day’s macro concerns: differentiated service can still create opportunities to win customers. For airlines, however, that competitive effort is unfolding alongside renewed uncertainty over energy prices.

Market Outlook: What Matters After Thursday’s Decline

Three issues emerge from the session. First, inflation remains a constraint. October’s slower headline increase was encouraging relative to September, but persistent core inflation left the broader picture unresolved. Second, Thursday’s low jobless-claims level did not provide a clear recessionary signal that would automatically offset inflation concerns. Third, Nvidia’s (NVDA) leadership transition created a new test for confidence in the AI trade ahead of its November 17 earnings report. The closing performance captured that uncertainty: large-cap stocks slipped, small caps fell more sharply, Treasury yields rose and oil advanced. For many, the next stage of the market will depend on whether earnings growth and operational execution can withstand a higher-rate environment without another sustained acceleration in inflation.

Updates From the VP Watchlist

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL), a leading provider of technology-enabled care, closed at $12.03. Amwell reported after the close Nov. 3 the company’s Third Quarter 2026 Highlights: Recorded Total Revenue of $49.0 million, exceeding the previously provided financial guidance range for Q3, Achieved subscription revenue of $23.9 million, Recorded Amwell Medical Group (“AMG”) visit revenue of $23.7 million, Reported gross margin of 53%, Net loss was ($11.0) million, compared to ($9.6) million in the second quarter of 2026, Adjusted EBITDA of ($3.6) million compared to ($1.2) million in the second quarter of 2026, & Total visits on the platform were 0.8 million. Financial Outlook: The Company is raising its 2026 revenue outlook, and adjusted EBITDA outlook, and reaffirming its AMG visit guidance., Revenue in the range of $204 million to $206 million increased from $200 million to $205 million. AMG visits between 1.32 million and 1.37 million Adjusted EBITDA in the range between ($8) million to ($7) million increased from ($9) million to ($7) million.

The Company also provided financial guidance for Q4 2026 Revenue and adjusted EBITDA:

• Q4 revenue in the range of $48 million to $50 million
• Q4 adjusted EBITDA expected to in the range of $0 million to $1 million.

The Company also reiterated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Serina Therapeutics (NYSE: SER)

Serina Theraeuptics (NYSE: SER, $1.41) is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology.

On Thursday, November 12, Serina reported its financial results for the third quarter ended September 30, 2026, along with key business updates. Steve Ledger, Chief Executive Officer of Serina stated, “We are excited about the achievement of important clinical milestones for SER-252 in Parkinson’s disease, advancing from the initial evaluation of our lowest-dose cohort into the next stage of dose escalation. Importantly, the blinded pharmacokinetic observations from Cohort 1 showed the sustained drug exposure SER-252 was designed to achieve, and the independent Safety Monitoring Committee recommended proceeding with continued development. Dosing in Cohort 2 is currently underway and focuses on demonstrating SER-252’s potential as a differentiated treatment option for patients with advanced Parkinson’s disease to improve the significant challenge of consistent symptom control.”

On Thursday, September 24, 2026, Serina CEO Steve Ledger discussed discuss Serina’s programs’ progress during Tribe Public’s “A New Approach to Advanced Parkinson’s Disease: Serina Discusses SER-252’s Clinical Progress”webinar, followed by a live Q&A. You may view it below.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $7.81), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, today, ( Nov. 10), announced its financial results for the third quarter of 2026. Dr. James A. Helliwell, Chief Executive Officer of Eupraxia stated, “We remain on track to report interim results from the Phase 2b portion of the RESOLVE trial in December, and were pleased to announce in mid-October that we had reached our target enrollment of 120 patients. We are very encouraged by the Phase 1b/2a data from the open-label portion of the RESOLVE trial that was reported this quarter, which includes 36- and 52-week data from our highest dosing cohorts. We believe this data provides further evidence of the observed durable treatment effects of EP-104GI in EoE patients, seen in previous cohorts. In total, we have observed 64% of patients remaining in clinical remission over this 52-week period in addition to clinically meaningful histologic improvements. With cash runway into the second half of 2028, we believe we remain well funded to execute on our upcoming milestones for our EoE program.”

EPRX gained a significant new Wall Street endorsement Monday as RBC Capital Markets initiated coverage with an Outperform rating, a Speculative Risk designation and a $14 price target. The research makes a bullish case for EP-104GI, the company’s investigational treatment for eosinophilic esophagitis, ahead of an expected December clinical readout. Against the $6.89 reference price in RBC’s report, the target implies approximately 103% upside, not a forecast of where shares must trade. The attraction is unusually straightforward for biotechnology: take a familiar anti-inflammatory medicine, deliver it precisely into diseased tissue and attempt to make its benefits last long enough to change the treatment routine. If that approach succeeds, Eupraxia would offer more than another prescription for a chronic disease. It could offer a different calendar. RBC analyst Douglas Miehm’s November 9 initiation argues that EP-104GI could occupy a differentiated position in eosinophilic esophagitis, commonly called EoE, through localized delivery and the potential for once-yearly administration. The next major test is whether encouraging early results translate into convincing evidence against a vehicle control in the Phase 2b RESOLVE study.

EPRX announced (Oct. 15) that the ongoing RESOLVE study evaluating the safety and efficacy of EP-104GI for the treatment of Eosinophilic Esophagitis (“EoE”) has reached its enrollment target. “This is a significant milestone for the RESOLVE trial and the development of EP-104GI as a potential treatment option in EoE” said Dr. James Helliwell, Chief Executive Officer of Eupraxia. “We look forward to our interim analysis in December where we will be reporting on symptoms, histologic findings and safety in the first 60 patients in Phase 2b to reach 6 months. Data will also be available on the patients at 3, 9- and 12-month timepoints giving a fulsome interim look at the RESOLVE Trial”.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $1.69), a commercial-stage medical device company preparing for the full commercial launch of its next-generation Pivot™ tubeless patch pump, is pursuing a different proposition: make insulin delivery less demanding for the people who must manage it every day. New patient research announced November 9 gives that strategy a persuasive commercial foundation. In a three-phase study conducted with Thrivable involving more than 540 people with Type 1 or Type 2 diabetes, approximately nine out of 10 surveyed multiple daily injection users said they would consider a simpler insulin delivery option. In the final-phase survey of 303 participants, 48.5% expressed strong interest in the company’s Pivot tubeless patch pump. The distinction matters. General enthusiasm for something easier is not the same as product-specific interest, and neither is a prescription. Still, the findings suggest Modular Medical is addressing a recognizable problem rather than inventing one for the benefit of a presentation deck. For many following MODD, the emerging opportunity centers on one word: simplicity. The company has already moved beyond the purely developmental stage. Its annual report documents U.S. Food and Drug Administration clearance for Pivot in April 2026, followed by commercial availability and initial patient shipments in June. The question now is whether a differentiated product, improving access and more focused patient education can turn that regulatory foundation into a repeatable commercial business.

MODD announced (Oct. 27) that it has received a positive decision from its notified body regarding certification of its quality management system under ISO 13485:2016. The notified body is designated under the European Union Medical Device Regulation (“MDR”).

MODD CEO, Jeb Besser, co-hosted a Tribe Public’s CEO Presentation and Q&A Webinar Event titled “The Road To Revenue: Modular Medical’s Strategy For Launching Pivot,” that was held Friday, September 4, 2026.. You may watch the event video below now if you missed it below now.

Alphabet (NASDAQ: GOOGL $298.70, +1.79%)

Alphabet (NASDAQ: GOOGL, GOOG) is confronting an expensive paradox: Artificial intelligence is bringing more activity to Google while making the economics of that activity harder to predict. Yet the latest results offer a more constructive interpretation than a simple obituary for search. Third-quarter revenue increased 25% to $127.6 billion. Operating income climbed 30% to $40.6 billion. Google Cloud revenue more than doubled. Those are unusual credentials for a company supposedly being escorted toward technological irrelevance. At the close on Thursday, Alphabet shares traded at $283.82, following a 12.64% decline, many are clearly demanding more proof and fewer architectural renderings of future data centers. That skepticism is understandable. But the opportunity lies in distinguishing a difficult transition in monetization from a collapse in demand. Google’s problem is not that people have stopped asking questions. According to management, its year-over-year search-query growth reached its highest rate in five years during the third quarter. The more consequential question is how quickly Google can turn its expanding AI audience into attractive, durable cash flow. Wall Street has little patience for a renovation when the contractor’s estimate begins with a trillion.

Space Exploration Technologies Corp. (SPCX, $139.94, +.14%)

SpaceX-related coverage is orbiting three themes: a possible combination with Tesla, an expanding AI infrastructure footprint, and robust Starlink demand, because apparently conquering one industry at a time is inefficient. Reported third-quarter revenue totaled $14.6 billion, while management projected first-quarter 2027 revenue of $33 billion–$37 billion, a range with little apparent interest in remaining earthbound. The latest reported session gain, including after-hours trading, was 1.43%.

The Sources

1. November 12 market-session overview covering stocks, Treasury yields, oil and Bitcoin
2. Prior-session performance and overnight stock-market developments
3. November 12 premarket stock movers and earnings reactions
4. Microsoft (MSFT) service disruption and cloud-user outage reports
5. U.S.-Iran developments and Strait of Hormuz risks
6. Nvidia (NVDA) leadership change and considerations surrounding share-price pullbacks
7. United Airlines (UAL) connectivity strategy and Starlink rollout targets
8. U.S. Bureau of Labor Statistics: October 2026 Consumer Price Index
9. Nvidia (NVDA): Official CEO transition announcement and earnings schedule
10. November 12 labor-market report covering initial and continuing unemployment claims