U.S. pre-market news at a glance: U.S. October PPI annual rate 6.5% below expectations, some Nvidia employees call for Jensen Huang to return as CEO.

November 13, key pre-market news in the U.S. stock market is as follows:

1. The U.S. October PPI annual rate was 6.5%, the highest level since November 2022, below the market expectation of 6.6%. The October PPI monthly rate came in at 0.3%, below the market expectation of 0.4%. The three major U.S. stock index futures extended gains after the October PPI data was released. Following the release of the U.S. October PPI data, the market lowered expectations for Federal Reserve rate hikes.

2. According to Bloomberg, merger negotiations between SpaceX (SPCX.O) and Tesla (TSLA.O) are making progress, with both boards and advisors discussing transaction terms and the post-merger governance structure. The two companies could announce the merger as early as December, but have also discussed the possibility of delaying the announcement until early 2027.

3. Nvidia rose nearly 2% pre-market, with some Nvidia employees calling for Jensen Huang to return as CEO. An engineer who has worked at the company for many years previously posted on the internal suggestion box, urging the board to fully consider employee opinions before making major decisions. The post has now received more than 1,600 comments, most of which support Jensen Huang's return.

4. Goldman Sachs strategists expect the S&P 500 to rise about 14% to 8,700 points over the next 12 months. They recommend overweighting U.S. and Japanese equities and underweighting European equities in 2027. An important reason for Goldman Sachs' bullish view on U.S. stocks is that after the selloff in large-cap tech stocks, the valuations of hyperscalers have fallen significantly below historical levels.

5. The FOMC meeting held by the Federal Reserve in October next year will no longer hold a vote on interest rate policy, nor will it issue a post-meeting policy statement; instead, it will focus specifically on long-term strategic issues of monetary policy.

6. Retail investors net bought about $730 million of Nvidia stock on November 10, the largest single-day purchase since March. Previously, they net bought about $590 million on November 9 and another about $300 million on November 11. Total net purchases over the three trading days amounted to about $1.6 billion, the largest three-day buying spree in at least 12 months.

7. Cerebras surged more than 15% pre-market, with Q3 cloud revenue surging 272%, and raised its full-year revenue guidance. Third-quarter core revenue was $230 million, up 70% year-over-year, above the market expectation of $215 million. Among this, cloud services revenue grew 272% year-over-year to $145 million. The company raised its full-year 2026 core revenue guidance from $880 million to $890 million, up to $940 million to $960 million.

8. Michael Burry, the real-life figure behind "The Big Short," stated in a post on his Substack account that investors should sell Nvidia (NVDA) before it's too late, warning that with Jensen Huang's departure, Nvidia may face multiple pressures including increased customer bargaining power, slowing growth, and declining profit margins.

9. Strategists at Bank of America Corp. said global equity funds are attracting record inflows this year, with few investors willing to short. A team led by Michael Hartnett wrote in a report that equity exposure has surged dramatically, with $1.4 trillion flowing into global funds on an annualized basis.