November 13, 2026

[US Market 11/12] Major US stock indices closed slightly lower, with notable declines in small-cap stocks and rising interest rates

Interest rates rose, and stocks fell. This is the US market for Thursday, November 12.

Major US stock indices closed slightly lower, small-cap stocks saw deeper declines, US Treasury yields and crude oil rose, and gold fell.

This morning, I will summarize the information in the order of manga, paper, and numerical data.

💬 Click here for the “Akira Chat” LINE open chat where you can discuss the market → Join (Free)

This morning’s market manga

Major US stock indices closed slightly lower, with notable declines in small-cap stocks and rising interest rates (11/12 US Market) *Created/referenced by generative AI

Major Markets

Stocks

The S&P 500 fell 0.35%, the Dow fell 0.36%, and the Nasdaq Composite fell 0.39%.
The Nasdaq 100 closed at 28,289.19 (down 0.30%), and the SOX semiconductor index closed at 10,506.67 (down 0.54%), both seeing slight declines.
While the decline in Nvidia weighed on the market, gains in energy stocks provided support.
The small-cap Russell 2000 index fell 1.65%, showing a more pronounced decline than the major large-cap indices.

Foreign Exchange

The dollar/yen was at 159.86 yen (up 0.07%), remaining almost flat.
The euro/dollar was at 1.1058 (down 0.35%), and the dollar index was at 103.17 (up 0.26%), with the dollar rising slightly.

Interest Rates

The US 10-year Treasury yield rose 10bp to 5.10%, and the 30-year yield rose 8bp to 5.43%.
The US 5-year Treasury yield rose 12bp to 4.95%, marking the largest increase among the 5-year, 10-year, and 30-year maturities.

Crude Oil

WTI crude oil rose 2.92% to 89.06, and Brent crude oil rose 3.74% to 96.23.

Gold

Gold fell 3.03% to 3,879.20. The rise in US Treasury yields and a slight strengthening of the dollar occurred simultaneously.

Professional Perspective

🏦 It was a day where rising interest rates and higher crude oil prices combined to create concerns about inflationary pressure. The US 10-year Treasury yield rose to 5.10%. Yield is the ratio of return obtained relative to the price of a bond. While high crude oil prices are a factor that leads to upward pressure on prices, it cannot be concluded that they are the cause of the interest rate hike. No new information regarding employment, fiscal, or monetary policy has been presented. Therefore, one cannot interpret this movement alone as a shift in policy direction.

📈 Amidst rising interest rates, the S&P 500 saw a slight decline of 0.35%. Rising interest rates can be a burden in terms of corporate financing costs and when considering whether stock prices are overvalued or undervalued. However, the rise in energy stocks supported the market on that day. The small-cap Russell 2000 fell 1.65%, showing a more pronounced decline than large-cap stocks. Rather than explaining it solely through interest rates, looking at the differences in movement by sector and company size makes it easier to organize the day’s stock decline.

🥇 Gold fell 3.03% as interest rates rose and the dollar strengthened simultaneously. The measured correlation over the last 20 trading days is -0.18 between the US 10-year yield and gold, and +0.28 between gold and the S&P 500. Looking at daily changes, there is a weak recent trend where gold moves in the opposite direction of interest rates and in the same direction as stocks. The signs of the numbers represent the relationship of the direction of movement, and in this case, neither is strongly linked. Both gold and stocks fell on the day, but this relationship is not guaranteed to continue.

🌡️ The Fear & Greed Index, which measures investor sentiment, was at 40 (Fear), up from 37 the previous day (retrieved at 08:00 JST on 11/13). The advance-decline of S&P 500 components was 115 gainers and 373 losers (advancement ratio 22.9%), with 12 stocks hitting 52-week highs and 3 hitting lows, and 61.6% of stocks trading above their 200-day moving average. It was a day of broad selling relative to the index’s price movement (-0.35%). The put/call ratio in the options market (as of 11/11) was 0.92, which is in the neutral range with slightly more trading preparing for a decline.📊

📅 Taking a step back, the S&P 500 is +2.9% week-to-date, +0.2% month-to-date, and +10.9% year-to-date, sitting 2.9% below its recent 1-year high. The Nasdaq Composite is +3.2% week-to-date, -0.3% month-to-date, and +9.1% year-to-date, sitting 8.1% below its recent 1-year high. The semiconductor SOX index is +11.9% week-to-date, -1.7% month-to-date, and +48.3% year-to-date, sitting 28.2% below its recent 1-year high. The S&P 500 is at a position where it has taken a breather from its high.

JTA Morning Edition (This morning’s front page)

Announced Economic Indicators (11/12)

Major US economic indicators announced on the previous business day (times are in JST, units are as per the source).

Existing Home Sales Actual 3.75 million / Forecast 3.85 million / Previous 3.97 million (below forecast)
Initial Jobless Claims Actual 200k / Forecast 195k / Previous 191k (above forecast)
EIA Ethanol Production Actual 1130k / Previous 1143k
EIA Ethanol Stocks Actual 24345k / Previous 24434k
EIA Crude Oil Inventories Actual 4.657 million barrels / Forecast -1.483 million barrels / Previous -0.865 million barrels (above forecast)
EIA Gasoline Inventories Actual 1.799M / Forecast -0.35M / Previous -0.222M (Exceeded forecast)

Upcoming Key Events

11/13 (Fri) 22:30 PPI (MoM) (JST) Forecast 0.4% / Previous 1.3%
Highlights: This is the price level at the corporate procurement stage. It is watched to see if it will spill over into consumer prices in the coming months.
11/13 (Fri) 22:30 Core PPI (JST) Forecast 0.3% / Previous 0.7%
11/13 (Fri) 22:30 Producer Price Index (PPI) (JST) Previous 200.14
11/13 (Fri) 22:30 USDA Pork Net Export Sales (JST) Previous 37.3K
11/13 (Fri) 22:30 USDA Pork Total Export Sales (JST) Previous 39.5K

If you would like to see this month’s and this week’s schedule, click here → View Economic Calendar

Please also check out

X (formerly Twitter): https://x.com/hana87trader
YouTube: https://www.youtube.com/@hana-qj6jt

*This article is a market summary for educational purposes and does not recommend buying or selling any specific stocks or products. Numerical values are automatically aggregated based on public data such as Yahoo Finance.