It’s a relatively quiet Friday the 13th on Wall Street compared with the chaos that has dominated the market this week.

U.S. stock futures moved higher following October’s Producer Price Index report, which showed prices rising 0.3% for the month, below expectations of 0.4%. However, annual producer inflation reached 6.5%, its highest level since November 2022, while the measure excluding food, energy and trade services rose 0.5%.

The initial market pop has faded somewhat as traders digest the mixed inflation picture.

Meanwhile, the fallout from Jensen Huang’s resignation at Nvidia (NASDAQ: NVDA) continues to spread through Washington.

Senate Banking Committee Chairman Tim Scott has called on Huang and Commerce Secretary Howard Lutnick to testify before Congress as lawmakers investigate national security concerns surrounding Nvidia’s dealings with Megaspeed and allegations of AI chip diversions to China.

The pressure is no longer limited to Nvidia. Bloomberg reports that OpenAI is backing a bipartisan congressional effort to tighten restrictions on China’s access to advanced AI chips and chipmaking equipment. The timing is notable following Huang’s ouster, although OpenAI had reportedly been considering supporting the legislation for months.

Here is what else is moving under the radar this morning:

• Microsoft (NASDAQ: MSFT) is dealing with a major global outage affecting Outlook, Teams, Copilot and other Microsoft 365 services. The disruption has impacted businesses and government agencies worldwide, with Microsoft reporting progress toward restoring service. The company says it has found no indication of malicious or cyber activity.
• Cisco (NASDAQ: CSCO) delivered a strong quarter, reporting adjusted EPS of $1.40 against estimates of $1.33 and revenue of $18.5 billion against $18.13 billion expected. The company raised its full-year outlook and now expects $9 billion in AI infrastructure revenue from hyperscalers in fiscal 2027.
• Applied Materials (NASDAQ: AMAT) also topped quarterly estimates, reporting EPS of $4.16 against $4.05 expected and revenue of $10.41 billion against $10.30 billion estimated. The chip equipment maker guided first-quarter revenue to $11.1 billion, above the $10.4 billion consensus.
• Robinhood (NASDAQ: HOOD) reported 28.9 million funded customers in October, adding approximately 130,000 from September. Net deposits totaled $15.1 billion for the month.

STN Desk Takeaway: After a wild week for AI stocks, Friday’s market is looking for some stability. The softer monthly PPI reading gave futures a lift, but inflation remains elevated, and Nvidia’s leadership crisis is now becoming a broader fight over U.S. chip policy. Hopefully traders can put the Nvidia headlines aside long enough for the market to find its footing, especially with Nvidia’s earnings and Anthropic’s IPO scheduled for next week.