👀 Huang Out at Nvidia, 10-Year Clears 5%, and STVN Directors Buy the Crash

Good afternoon and happy Sunday!

Good afternoon and happy Sunday! Here’s how a week with a scandal, a hawkish Fed and a rate-hike scare still ended in the green.

Let's get into it.

📊 Market Performance

The Dow edged up 50.46 points to 52,347.55 Friday, a gain of 0.1%. The S&P 500 slipped 0.4% to roughly 7,565, and the Nasdaq fell 0.9% to about 25,140. For the week, the Dow gained 2.1%, the S&P 500 rose 2.5% and the Nasdaq added 2.3%. Year to date, the Dow is up about 8.9%, the S&P about 10.5%, and the Nasdaq about 8.2%.

The divergence: Nvidia lost roughly 12% on the week and its market cap closed below $4 trillion, and the indexes still finished higher. The Russell 2000 is up about 12% on the year, ahead of the S&P. The market is leaning on something other than its biggest chip name.

🔑 Key Drivers

🧨 Nvidia loses its face. Jensen Huang resigned as CEO after reports of multiple affairs, including one with a woman US intelligence says is a Chinese spy. CFO Colette Kress is interim CEO. The stock fell as much as 14% at Thursday’s open, its lowest level since June 2025, then clawed back to close down about 4%. Friday brought another 2% slide to $162.85. Nvidia reports Tuesday with no permanent CEO in sight, and it’s down 32% in six weeks, which wiped out $2 trillion in market value.

🔥 Inflation won’t cooperate. October PPI rose 0.3% on the month, under the 0.4% expected, but the annual rate of 6.5% was the highest since November 2022. That follows an October CPI that came in hotter than expected and led markets to price in more rate hikes. Fed Governor Bowman said inflation pressures “have shown recent signs of broadening.” Governor Waller said he’s open to a 50-basis-point hike. The December debate is no longer about cuts. It’s 25 or 50.

📉 Yields, dollar and the everything-else selloff. The 10-year hit 5.17% on Friday, its highest level since October. The dollar is at a 19-month high, and gold fell about 6% in three days on Fed hike bets. Bitcoin dropped below $70,000 for the first time in nearly three months and is down more than 10% in November. MSCI’s decision to remove Strategy (MSTR) from two US stock indexes didn’t help.

🛢️ Oil and Iran keep the pressure on. Rising Iran tensions and rate-hike expectations weighed on Thursday’s session, and a spike in oil sparked a bond selloff. December crude sat near $88 Friday. Higher gasoline prices are the reason investors want to know whether the consumer is holding up.

🧭 Goldman’s bull case has a footnote. Goldman sees the S&P 500 rising to 8,700 next year. Its strategist also warns that the AI investment impulse peaks in early 2027, and that peak could be a bigger test for markets. The VIX climbed back above 20 Friday after surging nearly 70% on November 5.

🧪 Stevanato (STVN): directors buy a 28% collapse. The drug-containment maker fell 28.57% to $14.10 on November 3 even though Q3 revenue rose 8% to €326.1 million and 2026 guidance was maintained. The culprit was 2027: management said GLP-1 volumes will come in below earlier expectations, and GLP-1 was 17-18% of Q3 revenue. Citi cut its target to $20 and UBS to $16, and William Blair downgraded the stock. Then the insiders showed up, and the details are below.

🎯 Key Takeaways

• 🧠 Key-person risk is real. One resignation hit the AI trade, but Nvidia fell 12% and the S&P still gained 2.5%.

• 📈 Rates are the story. With the 10-year above 5% and PPI at 6.5%, every multiple gets re-priced.

• 🔄 Friday’s tape was a rotation. The Dow ended green while the Nasdaq sold off with the chips.

• 🛢️ Oil near $88 plus a hawkish Fed is a squeeze on the consumer. Next week’s retail earnings will show how much.

• 😬 The VIX is back near 20. The post-election scare faded fast, but it didn’t go away.

• 🔑 Analysts cut STVN targets while two directors put roughly $600K of their own money in. One of those groups has skin in the game.

👀 What We’re Watching Next Week

🧠 Nvidia earnings, Tuesday after the close. The Street is at roughly $109.2 billion in revenue against the company’s $108 billion guide, and it’s Colette Kress’s first report as interim CEO. The numbers matter, but so does any word on the CEO search and China. A clean print could squeeze the shorts. A wobble will be punished hard.

🛍️ Retail sales Tuesday, then the retailers. Home Depot and Disney report Tuesday, Target and Lowe’s Wednesday, and Walmart Thursday. The Street wants to know if consumers are holding up against pricier gas and higher borrowing costs. Housing names are the tell on mortgage rates.

📝 Fed minutes, Wednesday at 2 p.m. ET. After Waller’s 50-basis-point comment, the minutes could show how many officials are ready for a bigger hike. A hawkish read keeps pressure on yields and equities.

🚀 Anthropic IPO. The company opens on the Nasdaq under the ticker ANT, and up to 20% of the deal is set aside for retail. A weak debut right after Nvidia’s report would be hard for the AI trade to shrug off.

📈 The 10-year at 5.17%. Friday’s high is the line to watch. A close above it would likely test equities. A retreat would give the market room to breathe.

🕵️ Insider Spotlight: Stevanato Group (STVN)

Two directors bought within days of the November 3 drop:

• Donald E. Morel Jr. bought 25,000 shares at $13.07, a $326,750 purchase that lifted his direct holdings to 62,424 shares.

• William J. Federici bought 20,000 shares at $13.72, a $274,400 purchase that lifted his direct ownership to 46,991 shares.

Together that’s 45,000 shares and $601,150 of open-market buying. The stock closed at $14.10 on November 3 and bounced 5.5% on Thursday. It’s also drawn law-firm “investigations” from plaintiffs’ attorneys.

Context matters. Roughly $600K is small against the damage. But directors don’t buy a 28% drop with their own money on a hunch. They’re betting the Q3 beat and the maintained 2026 guide matter more than the 2027 slowdown. Watch for more Form 4s and for any update on GLP-1 order visibility.

This newsletter is for educational purposes only and is not investment advice.

That's the week. See you next Sunday.

— Silas P. Insider Authority | insiderauthority.com

Insider spotlight of the week…#STVN

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