2026-11-14 09:06

Lead: Nvidia drops another 2%, market cap falls below $4 trillion, AMD plunges 8.8% dragging Nasdaq down 0.91%, all three major indices still close the week higher.

Chip stocks that supported the broader market on Thursday gave back their gains on Friday. AMD plunged 8.8%, Broadcom dropped 4.8%, Nvidia declined another 2%, and the Nasdaq closed down 0.91%.

The Dow edged up 0.1% driven by consumer staples and energy stocks. All three major indices posted their best weekly performance since early August.

Nasdaq drops 0.91%, Dow slightly higher

Here are the trading results for Friday, November 13, Eastern Time.

The Dow rose 50.46 points, or 0.1%, closing at 52,347.55.

The S&P 500 fell 30.73 points, or 0.4%, ending at 7,561.67; the Nasdaq Composite dropped 229.82 points, or 0.91%, settling at 25,136.27.

All three indices opened higher, with the Dow initially up over 200 points, but tech stocks weakened later, pulling the S&P 500 and Nasdaq into negative territory.

Market sectors showed clear divergence. According to Xinhua’s analysis, six of the 11 S&P 500 sectors gained, led by consumer staples rising 1.39% and energy up 0.96%; technology fell 1.7%, the largest drop among sectors.

Coca-Cola surged 1.86%, hitting a new all-time high, while Chevron and Walmart rose 1.64% and 1.51% respectively. The VIX volatility index climbed to 19.28.

Chip stocks slump en masse, AMD down 8.8%

Chip stocks that rallied against the trend on Thursday became the main drag on Friday. AMD dropped 8.75%, closing at $534.06, the worst-performing component stock in the S&P 500.

Broadcom declined 4.8%, Intel fell 2.5%. Dell dropped 7.18%.

Jose Torres, senior economist at Interactive Brokers, told Kiplinger that mounting evidence suggests Nvidia chips are flowing into China, fueling concerns across the semiconductor sector about tightening regulations impacting revenue and profit outlooks.

Cisco fell despite exceeding expectations in its earnings report, closing down 6.24% at $95.64—the biggest decliner in the Dow. Kiplinger noted that Cisco has been among the top performers in the Dow this year, suggesting Friday’s sell-off may reflect profit-taking.

HSBC cuts rating, Nvidia market cap dips below $4 trillion

Nvidia rose roughly 2% pre-market, but ended the session down 2.01% at $162.85—its lowest level in 52 weeks—with market capitalization falling just below $4 trillion.

HSBC analyst Frank Lee downgraded Nvidia to “Hold” and slashed the price target from $375 to $170, only about 4% above Friday’s closing price.

He argued that shares are unlikely to rebound until a permanent CEO is confirmed. A second concern stems from export controls: over the past six quarters, approximately 11% of Nvidia’s revenue came from regions outside the U.S. and Taiwan, an area potentially subject to stricter export rules.

Nvidia is scheduled to release its Q3 earnings on November 17 (Eastern Time), marking the first earnings report under interim CEO Colette Kress following Huang Renxun’s departure.

PPI rises less than expected, hits four-year high YoY

U.S. PPI rose 0.3% month-over-month in October, below the projected 0.4%; but jumped 6.5% year-over-year—the largest increase since November 2022.

Core PPI rose 0.3% m/m, in line with expectations, and surged 5% y/y—the highest since January 2023.

Following data release, short-end yields retreated while long-end yields continued climbing. The 2-year Treasury yield fell 1.2 basis points to 4.872%, while the 10-year yield rose 2 basis points to 5.153%, peaking at 5.17% during the session.

According to The Wall Street Journal, the 10-year yield rose 29 basis points for the week—the largest weekly increase in 19 months.

Oil flat, Bitcoin breaks below $70,000

Oil prices held steady after Thursday’s rally. WTI crude fell 0.20%, settling at $88.56 per barrel; Brent crude rose 0.02%, closing at $95.84 per barrel—both recording their second consecutive weekly decline.

Gold futures dropped 0.24% to $3,875.90 per ounce, remaining near the one-year low hit on Thursday.

Cryptocurrencies fell more sharply. According to CoinDesk, Bitcoin dropped 4.22% to $68,433, breaking below the 200-week moving average; Ethereum fell 4.13% to $1,931—the first time since August it dipped below $2,000.

Next week outlook

Times listed in Eastern Time.

November 17 (Tuesday): Nvidia Q3 earnings report. Markets will focus on Kress’s commentary regarding AI investment ecosystem, Asia-Pacific sales, and the impact of export controls.

Tuesday: U.S. October retail sales. A significantly weak reading could affect whether the 10-year yield can return below 5%.

Thursday: Anthropic expected IPO. According to CNBC, the offering price range is set between $70 and $78 per share, with fundraising potential reaching tens of billions of dollars.

Earnings: Walmart, Home Depot, Target, Lowe’s, TJX, Disney, Alibaba, and Palo Alto Networks will release quarterly results sequentially.

Source: TechFlow Column