Kapitales Morning Highlights from Wall Street to ASX - 13 November 2026

Headline

• ASX 200 futures point to a weaker opening, falling 53 points (-0.58%).
• S&P 500 and Nasdaq declined amid Nvidia leadership uncertainty.
• Nvidia CEO Jensen Huang resigned, unsettling AI-sector sentiment.
• Colette Kress was appointed Nvidia's interim CEO.
• AMD and Broadcom helped limit losses across Wall Street.
• Brent crude oil approached US$94 per barrel amid escalating Iran tensions.
• US 10-year Treasury yield climbed above 5%, increasing market pressure.
• Trump's Iran comments heightened geopolitical uncertainty and oil supply concerns.
• Nvidia's upcoming earnings and reported US$10 billion Anthropic commitment remain in focus.

Global Markets Overview

Global equity markets delivered a mixed performance as investors monitored geopolitical developments, fluctuating energy prices, monetary policy expectations and shifting economic conditions across major international markets. Wall Street ended lower, with the S&P 500, Nasdaq Composite and Dow Jones Industrial Average declining amid cautious sentiment. Technology stocks faced selling pressure as concerns surrounding Nvidia’s leadership transition weighed on investor confidence. However, selective buying in semiconductor and energy stocks helped moderate broader market losses. Meanwhile, European equities showed resilience, with the United Kingdom’s FTSE 100 advancing despite ongoing uncertainty surrounding global economic conditions.

Canadian equities weakened, with the S&P/TSX Composite declining as investors reassessed market risks and commodity-related developments. Across Asian markets, Japan’s Nikkei retreated amid technology-sector volatility and shifting expectations for monetary policy. Indian equities remained relatively stable, reflecting cautious trading conditions and selective investor participation. New Zealand’s NZX 50 recorded gains, outperforming several major international benchmarks. Overall, global market sentiment remained cautious, with investors closely monitoring geopolitical developments, energy prices, corporate earnings and government bond yields for further direction in equity markets.

Commodities & Crypto

Commodity and cryptocurrency markets faced broad selling pressure, with crude oil emerging as the notable exception amid escalating geopolitical tensions and concerns over potential supply disruptions in the Middle East. Crude oil prices advanced, supported by concerns over potential supply disruptions in the Middle East, particularly around the Strait of Hormuz. Meanwhile, gold declined sharply as elevated US Treasury yields increased the opportunity cost of holding non-yielding assets. Silver also weakened, reflecting broader selling pressure across precious metals. Copper prices retreated amid concerns over industrial demand and global economic growth, particularly in major manufacturing economies. Uranium also recorded a notable decline, reflecting broader weakness across commodity markets.

Cryptocurrency markets experienced significant selling pressure, with Bitcoin declining as investors reduced exposure to volatile assets. Overall, crude oil outperformed other major commodities amid heightened Middle East supply concerns, while gold, silver, copper and uranium declined. Bitcoin also faced selling pressure, reflecting weakness across digital assets. Investors continued to monitor geopolitical tensions, US Treasury yields and global demand expectations for further market direction.

Bond Yields

Global bond markets faced intense selling pressure as government bond yields climbed across major economies, reflecting growing concerns over persistent inflation, elevated energy prices and tighter monetary conditions. US Treasury yields surged, with the benchmark 10-year yield moving firmly above 5%, while the 30-year yield also advanced, intensifying pressure on borrowing costs and equity valuations. Australian government bond yields rose sharply, reinforcing concerns over prolonged restrictive monetary policy and higher financing costs.

Meanwhile, Japanese bond yields increased as investors reassessed the outlook for further monetary tightening by the Bank of Japan. Rising yields across these markets highlighted mounting pressure on global debt markets, with investors demanding higher returns amid inflation risks and economic uncertainty. Continued increases could further strain government borrowing costs, corporate financing conditions and household debt affordability, creating additional challenges for global financial markets.

Key Drivers

• Wall Street declined as the S&P 500 and Nasdaq recovered from sharper intraday losses.
• Nvidia shares fell approximately 5%, recovering from an intraday decline of 14%.
• Nvidia's market capitalisation dropped below US$4 trillion, with intraday losses reaching US$601 billion.
• Nvidia appointed Colette Kress as interim CEO.
• US 10-year Treasury yield climbed above 5%, reflecting renewed bond market selling.
• US 2-year Treasury yield jumped 14 basis points amid expectations of further Federal Reserve hikes.
• Brent crude rebounded nearly 4% to approximately US$96 per barrel amid Iran tensions.
• Gold declined 2.7% to approximately US$3,880 per ounce, extending weekly losses to 6.2%.
• Retail investors purchased US$111 million of Nvidia shares during the opening 30 minutes.
• Anthropic's proposed IPO targeted a valuation of up to US$1.4 trillion.
• Nvidia's reported Anthropic commitment reached approximately US$10 billion through a planned private placement.
• Strait of Hormuz tensions intensified following reported explosions involving four oil tankers.
• Trump threatened to double tariffs on Mexican goods, escalating bilateral trade tensions.
• US-China chip restrictions returned to focus ahead of the planned Trump-Xi summit.
• Federal Reserve officials signalled further rate hikes as inflation pressures remained persistent.
• US jobless claims rose 9,000 to 200,000, exceeding expectations of 195,000.
• US existing home sales fell to an annualised 3.75 million in October, below expectations of 3.85 million.
• UK GDP expanded 0.7% quarter-on-quarter in the third quarter, matching expectations.
• Nvidia's quarterly earnings are scheduled for 17 November 2026, keeping AI-sector valuations in focus.

ASX Company News

• Tamboran Resources Corporation (ASX: TBN) released its first-quarter FY2027 activities report on 12 November 2026, announcing its first gas sales from the Beetaloo Basin. The company recorded net gas sales of 0.31 billion cubic feet (Bcf), generating US$1.8 million in revenue. EBITDAX recorded a loss of US$14.5 million, compared with a loss of US$5.7 million in the previous quarter. Capital expenditure increased to US$56.9 million from US$41.4 million, reflecting ongoing drilling, stimulation and infrastructure development. The SS2-2H ST1 well achieved an average gas flow rate of 10.2 million cubic feet per day, while the SS2-3H and SS2-5H wells recorded initial 30-day rates of 8.8 million and 10.0 million cubic feet per day, respectively. Tamboran reported a cash balance of US$165 million and drawn debt of US$37 million at the end of September 2026.
• Artrya Limited (ASX: AYA) announced a five-year commercial agreement with Arizona-based healthcare provider HonorHealth on 13 November 2026, securing a minimum contracted value of US$0.5 million. The agreement makes HonorHealth Artrya's fifth US commercial customer and its first customer acquired outside its foundation customer and SAPPHIRE research programs. HonorHealth operates nine acute-care hospitals offering coronary CT angiography services, supported by 40 cardiac specialist offices and serving approximately five million people. The agreement covers the deployment of Artrya's Salix AI-powered coronary assessment platform across HonorHealth's hospital network. The company expects recurring subscription revenue from Salix Coronary Anatomy, alongside potential additional fee-per-scan revenue from Salix Coronary Plaque and Salix Coronary Flow, with the latter subject to FDA clearance. The agreement strengthens Artrya's US commercial expansion and provides opportunities for broader clinical adoption.

Stocks trading ex-dividend today

• Dicker Data Limited (ASX: DDR) – AU$0.115

Key Economic Drivers (What to Watch Today)

• 12:30 am AEDT – US Producer Price Index (PPI) – Key inflation indicator that could influence Federal Reserve interest rate expectations, US Treasury yields and global market sentiment.
• Crude Oil Prices – Middle East supply disruptions and escalating Iran tensions could sustain energy price volatility.
• US Treasury Yields – Rising bond yields could increase borrowing costs and pressure global equity valuations.

Summary

• ASX 200 futures indicate a weaker opening, falling 53 points (-0.58%) as Brent crude rises amid US-Iran tensions and the US 10-year Treasury yield exceeds 5%.
• Wall Street closed lower, with the S&P 500 falling 0.35%, Nasdaq declining 0.39% and Dow Jones losing 0.36%.
• Nvidia shares dropped approximately 5% amid leadership uncertainty, weighing on US technology-sector sentiment.
• AMD and Broadcom rallied, helping major US benchmarks recover from sharper intraday declines.
• Brent crude rebounded nearly 4% to approximately US$96 per barrel following Trump's Iran-related comments.
• Gold declined 2.85% to US$3,874.34 per ounce, pressured by rising US Treasury yields.
• Silver dropped 3.94%, while copper declined 1.57% amid broader commodity selling pressure.
• Bitcoin fell 4.06% to US$71,291, reflecting weaker sentiment across cryptocurrency markets.
• US 10-year Treasury yields climbed to 5.133%, intensifying concerns over borrowing costs and equity valuations.
• Federal Reserve officials signalled further tightening, while US jobless claims increased to 200,000.
• US PPI data, Nvidia earnings and Middle East tensions remain key factors influencing near-term market direction.

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