Thursday's trade ran backward on Friday, November 13, 2026. After Nvidia's rivals jumped nearly 6% on Thursday on bets that customers would spread their orders away from Nvidia, those same stocks gave the gains back on Friday — while Nvidia itself fell again and finished its worst week since April 2025. The broader market still won the week: the main indexes closed out their best week since August.
Friday's closing numbers (Associated Press, November 13, 2026):
- The S&P 500 fell 30.73 points, or 0.40%, to close at 7,561.67.
- The Nasdaq Composite fell 229.82 points, or 0.91%, to 25,136.27.
- The Dow Jones Industrial Average rose 50.46 points, or 0.10%, to 52,347.55.
- The small-cap Russell 2000 slipped 0.31% to 2,790.49.
- For the week, the S&P 500 rose 2.5%, the Nasdaq 2.3% and the Dow 2.1% — the best week since August, snapping a four-week losing streak. The Associated Press noted that more than 60% of S&P 500 stocks actually rose on Friday itself: the selling was concentrated in the biggest technology names.
What happened to the chip stocks:
- AMD plunged 8.75% to close at $534.06, after jumping 5.86% on Thursday.
- Broadcom fell 4.76% to $347.01, after a 5.54% gain on Thursday and a downgrade to neutral from Rothschild & Co Redburn.
- Nvidia fell another 2.01% to $162.85. That left the stock down about 13% for the week — its worst week since April 2025 — in a sixth straight weekly decline, closing below $4 trillion in market value for the first time since July 2025 and still more than 30% below its October 6 record high.
- The Philadelphia Semiconductor Index fell 3.43% on Friday, but still rose 8.05% for the week.
- The selling spread across AI infrastructure: Cisco fell 6.24% to $95.64 on profit-taking after a results beat, Dell dropped about 7.2%, and CoreWeave fell 6.13% to $53.13. Technology was the market's worst sector, down 2.01%, while consumer staples led the gainers, up 1.42%.
HSBC on Friday cut Nvidia to hold from buy and slashed its price target to $170 from $365, saying the stock will struggle until the board names a permanent CEO. Nvidia co-founder Jensen Huang resigned effective immediately this week, with Chief Financial Officer Colette Kress serving as interim CEO.
Inflation and yields gave the market no relief
The Bureau of Labor Statistics reported that producer prices rose 0.3% in October from September — below the 0.4% forecast and well below September's revised 1.4% jump — but rose 6.5% from a year earlier, the largest 12-month increase since November 2022. The 10-year Treasury yield closed the week at 5.15%, up from 5.10% on Thursday and touching 5.17% intraday, in its biggest weekly rise in 19 months. Markets remain fully priced for at least a 25-basis-point Federal Reserve rate hike in December. The VIX volatility index rose 3.16% to 19.29.
What comes next: the decisive test is Tuesday, November 17, when Nvidia reports its third-quarter results — its first under interim leadership. The company has guided third-quarter revenue to $108.0 billion, plus or minus 2%. October retail sales are released the same day and could move yields again.
This report is general market information, not investment advice.
Sources: The Associated Press — Friday, November 13, 2026 closing figures and weekly moves; Reuters and CNBC — chip-stock moves, the HSBC downgrade and Fed expectations (November 13, 2026); U.S. Bureau of Labor Statistics — October 2026 Producer Price Index (November 13, 2026); Nvidia's official third-quarter revenue guidance.
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