On Thursday the market read Nvidia's crisis as its rivals' opportunity; on Friday it took that view back within a day. AMD's 8.75% drop does not mean its business got worse overnight. It means money that traded on headlines before the story was resolved headed for the exit. The more telling move was Cisco. It beat on results and raised guidance, yet fell more than 6% because orders disappointed. AI infrastructure stocks are now judged on next quarter's orders, not this quarter's numbers. That is why data center order trends will matter as much as the CEO change in Nvidia's report next week. The 10-year holding at 5.15% despite a softer PPI also deserves attention. Stocks gained more than 2% for the week, but I think rates and AI orders will set next week's direction.
📊 Top Movers
🧭 Sector Performance
🇰🇷 Korean Investor Perspective
Friday's chip selloff in New York is a burden for Korean memory stocks. Per Yahoo, SK Hynix fell about 6%, while in the US Micron dropped 2.52% and Sandisk 5.59%. By contrast, Bloomberg's report that Samsung Electronics is in talks to buy US data center cooling maker Modine is worth watching. The won weakened slightly, with USD/KRW up 0.87 (+0.07%, per Yahoo), so the currency effect was minimal for unhedged Korean investors: the S&P 500's -0.40% is about -0.33% in won terms, and the Nasdaq's -0.91% about -0.84%. Among ETFs popular in Korea, QQQ fell 1.20%, SPY 0.38%, and the 3x-leveraged TQQQ 3.67%.
📊 Market Overview
On Friday, November 13, the three major US indexes finished the week split. The S&P 500 fell 30.73 points (-0.40%) to 7,561.67 and the Nasdaq Composite lost 229.82 points (-0.91%) to 25,136.27, while the Dow Jones Industrial Average edged up 50.46 points (+0.10%) to 52,347.55.
The day started well. October's Producer Price Index (PPI), released at 8:30 a.m. ET, rose 0.3% month over month, below the 0.4% expected, and stocks opened higher. But Nvidia slipped again soon after the open, and profit-taking hit AMD and Broadcom, which had been bought on Thursday as "Nvidia alternatives." By midday, per 24/7 Wall St., the S&P 500 was down nearly 1% and the Nasdaq more than 1.5%. The indexes trimmed losses in the afternoon but could not reverse the tech weakness.
The weekly scorecard was far better than Friday's session. According to CNBC, all three indexes gained around 2%, their best week since early August. A hot CPI on Tuesday, CoreWeave's surge on Wednesday and Jensen Huang's resignation on Thursday did not stop the indexes from closing the week higher. On Friday alone, though, the Technology Select Sector SPDR (XLK) fell 2.04% while consumer staples (+1.39%), communication services (+1.05%) and energy (+0.93%) rose, a clear rotation out of AI chips into defensives.
🔑 Key Issues
1. October PPI +0.3% m/m — below forecast, but 6.5% y/y is a three-year high The Labor Department's October PPI rose 0.3% month over month, below the 0.4% Dow Jones consensus; September was revised up to 1.4% from 1.3%. Core PPI excluding food and energy also rose 0.3%, in line with forecasts (September: 0.8%). Year over year, however, producer prices rose 6.5%, the largest annual gain since November 2022 (forecast 6.6%, September 6.3%). Goods prices rose 0.5% and services 0.2%, while energy fell 0.1%. The BLS's preferred measure excluding food, energy and trade services rose 0.5%, above the 0.3% expected. The monthly number offered relief, but the annual figure and details remained hot, so the market read it as "not getting worse" rather than "inflation has turned."
2. AI chip reversal — AMD -8.75%, Broadcom -4.76%, Arm -4.63% Money that rushed into AMD and Broadcom on Thursday as beneficiaries of Nvidia's turmoil left within a day. AMD fell 8.75% to $534.06. It dropped as low as $520.01 intraday, nearly 10% down, on volume of about 42 million shares, almost double its 24.2 million average. The Motley Fool noted that AMD had gained nearly 50% in the prior week, so profit-taking was heavy, and that investors also worried the Nvidia scandal could widen into an industry-wide export-control probe. Broadcom (-4.76%), Marvell (-4.68%), Arm (-4.63%), Qualcomm (-2.64%), Micron (-2.52%) and Intel (-2.52%) fell together, and Sandisk dropped 5.59%. AI cloud names were weak too: Nebius fell 9.92% and CoreWeave 6.13%, giving back much of this week's rebound.
3. Nvidia falls for a second day — HSBC cuts target to $170 from $365, down about 12% for the week Nvidia fell 2.01% to $162.85. An early bounce attempt faded. HSBC analyst Frank Lee downgraded the stock to Hold from Buy and cut his price target to $170 from $365, saying uncertainty will persist until a permanent succession plan is laid out. The company's own investigation and congressional scrutiny continue. Per Yahoo Finance, Nvidia's market value closed below $4 trillion, and the stock lost about 12% for the week. Next Tuesday's (Nov. 17) third-quarter report will be interim CEO Colette Kress's first official stage.
4. Cisco tumbles 6.24% — it beat on results but lost on orders Cisco reported better-than-expected first-quarter results and raised its annual guidance after Thursday's close, and the stock jumped nearly 8% after hours. In the regular session, however, it fell 6.24% to $95.64. Goldman Sachs analyst Michael Ng flagged an "orders miss," and Barclays analyst Tim Long said hyperscaler AI orders were likely down meaningfully from the prior quarter. The move showed how much AI infrastructure investors now weigh future orders over current revenue. Applied Materials also fell 2.74% on a lukewarm reaction to its guidance.
5. Modine soars 27.95%, Cerebras jumps 11.22% — company-specific news was strong Data center cooling equipment maker Modine rose 27.95% to $135.75 after Bloomberg reported that Samsung Electronics is in talks to acquire it. As a Korean company's push into US AI infrastructure, the news is also relevant to Korean investors. AI chipmaker Cerebras reported third-quarter core revenue of $230.9 million and raised its 2026 outlook to as much as $960 million, sending the stock up 11.22% to $108.72. Meta (+2.90%), Adobe (+1.90%) and ServiceNow (+1.59%) also rose as buying shifted toward software and platforms. Apple hit an intraday record of $360.80 before closing up 0.39% at $356.27, serving as a haven for megacaps with less AI infrastructure spending exposure.
📊 Sector Performance
| Sector | Change | Key Drivers |
|---|---|---|
| Consumer Staples | +1.39% | Coca-Cola +1.86%, Walmart +1.51%, P&G +1.06% |
| Communication Services | +1.05% | Led by Meta +2.90%; Alphabet -0.98% |
| Energy | +0.93% | ConocoPhillips +1.64%, Chevron +1.63% |
| Financials | +0.79% | JPMorgan +1.07%, Bank of America +1.01% |
| Health Care | +0.57% | Eli Lilly +1.27%, Johnson & Johnson +0.91% |
| Utilities | +0.52% | Southern +1.22%, Duke Energy +0.43% |
| Real Estate | +0.02% | Flat under the weight of a 5.1%-range 10-year |
| Materials | -0.23% | Continued weakness in gold |
| Consumer Discretionary | -0.40% | Tesla -1.82%, Amazon -0.29% |
| Industrials | -0.41% | 3M -1.40%, Caterpillar -0.85% |
| Technology | -2.04% | AMD -8.75%, Broadcom -4.76%, Cisco -6.24%, Nvidia -2.01% |
Seven of 11 sectors rose, yet the S&P 500 fell because technology, the index's largest sector, dropped more than 2%. Gains in defensive staples, health care and utilities signal that investors were reducing risk.
🌍 Global Markets
- Europe STOXX 600: Up 0.02% to 664.14, essentially flat. Moves were mixed by stock; Swiss luxury group Richemont fell about 7% despite beating earnings estimates.
- US Dollar Index (DXY): Up 0.21% to 103.39. CNBC said the dollar is at its highest level since April 2025.
- 10-Year US Treasury Yield: Rose as high as 5.17%, the highest since October, before settling near 5.15%. The monthly PPI was soft, but the 6.5% annual rate weighed. CME FedWatch puts the odds of a December hike at 100%, with about 87% for 25bp and 13% for 50bp.
- WTI Crude Oil: Up 0.32% to $89.02 a barrel. Supply worries persisted after Iran said a gas tanker hit a mine in the Strait of Hormuz.
- Gold: Down 0.20% to $3,877.50 an ounce, near a one-year low. Bitcoin fell below $70,000 for the first time since August, touching $67,632 intraday, and posted its sixth straight weekly decline.
🚀 SPCX (SpaceX) Update
SpaceX (SPCX) fell 0.59% to $139.11. After a 0.14% gain on Thursday it slipped back into slight negative territory, but the decline was small on a day when tech overall fell more than 2%. It continues to trade sideways near the low end of its 52-week range (about $104.83–225.64).
No company-specific catalyst was confirmed. With Anthropic's IPO approaching next week, CEO Dario Amodei reportedly pitched investors at a JPMorgan event on Friday. The possibility that mega-growth flows rotate into the new listing remains a headwind for SPCX.
⚠️ Investor Cautions
AI chip stocks flipped direction day by day this week. AMD and Broadcom rose more than 5% on Thursday and fell 5–9% on Friday, showing how quickly trades that treat the Nvidia scandal as a "rival windfall" can unwind. Switching stocks on each headline before the story is resolved risks losses on both sides. Also keep in mind that if the Nvidia allegations widen into an export-control probe, they could become a regulatory risk for the whole chip industry.
The rate backdrop is still heavy. The 10-year yield did not fall even though monthly PPI came in below forecast, and the market treats a December hike as all but certain. As bitcoin's break below $70,000 shows, volatile assets are hit first in a high-rate, strong-dollar environment. Products with large daily swings, such as leveraged ETFs, can rack up losses quickly in this kind of market.
👁 What to Watch Tomorrow
- S&P 500 support at 7,550: Friday's 7,561.67 close sits just below the November 3 close (7,568.92). Holding 7,550 early next week would keep this a correction within this week's gains; a break raises the odds of more defensive selling ahead of Nvidia's earnings.
- Nvidia at $160 and Thursday's $148.80 intraday low: The key is whether it holds $160 before its Nov. 17 report. More weekend headlines could send it back to Thursday's low.
- AMD support at $520: Friday's intraday low. After a nearly 50% gain in a week, the pullback may extend, so watch whether this level breaks.
- Whether the 10-year breaks 5.17%: Clearing Friday's intraday high would renew pressure on growth valuations; a drop back below 5.1% could give tech a reason to bounce.
- Follow-up on Modine–Samsung talks: An official announcement could draw attention in Korea to Samsung Electronics' AI infrastructure expansion strategy.
💡 Upcoming Events
- Nov 17 (Tue): Nvidia Q3 earnings (interim CEO Kress's first report)
- Nov 18 (Wed): Minutes of the October FOMC meeting
- Third week of November: Anthropic's expected Nasdaq listing
- Nov 25 (Wed): October Personal Consumption Expenditures (PCE) price index
- Dec 4 (Fri): November jobs report
- Dec 9 (Wed): December FOMC rate decision
📚 Sources
- Stock market today: Dow rises, S&P 500 and Nasdaq slip to cap volatile week, Nvidia stock plunge deepens — Yahoo Finance
- Stock market news for Nov. 13, 2026 — CNBC
- PPI Report Shows Producer Prices Rose Only 0.3%, Less Than Expected, and 6.5% Over a Year — StockTitan
- Producer Price Index Home — U.S. Bureau of Labor Statistics
- Why Advanced Micro Devices Stock Is Down Today — The Motley Fool
- Wall Street opens mixed as Nvidia reverses lower and Cerebras jumps 15% after a cooler PPI — MLQ.ai
- S&P 500 Slides Nearly 1% at Midday as Tech Absorbs Most of the Hit — 24/7 Wall St.
- Fear and Greed Index — Fear & Greed Meter