U.S. stock markets gained during Friday’s (Nov 13) trading session, supported by a recovery in Nvidia shares and producer inflation data that came in slightly lower than anticipated. The Dow Jones Industrial Average rose 208 points, or 0.4%; the S&P 500 climbed 0.3%; and the Nasdaq Composite increased 0.1%.
Positive sentiment emerged after the Producer Price Index (PPI) for October rose 0.3% month-on-month—below the market’s expectation of 0.4%. Nevertheless, the year-on-year PPI surged by 6.5%, marking the largest increase since November 2022 and signaling that inflationary pressures remain quite high.
Market participants believe this data is insufficient to alter expectations regarding Federal Reserve policy. The Fed is still projected to raise interest rates by 25 basis points in December, particularly following earlier Consumer Price Index (CPI) data that indicated persistent price pressures.
Nvidia shares rose nearly 1%, attempting a recovery after a sharp decline in the previous session—a drop triggered by disappointment surrounding CEO Jensen Huang. CFO Colette Kress has stepped in as interim CEO while the board of directors searches for a permanent replacement.
Elevated oil prices remain a risk factor for the market, with WTI trading above $89 per barrel and Brent above $96 per barrel. Despite increased volatility, the S&P 500 and Nasdaq are on track for weekly gains of approximately 3%, while the Dow is expected to post a gain of around 2%.