Market Summary

U.S. equities are trading near session lows at midday on Friday, November 13, with technology driving the decline. As of 11:55 ET, the Dow is at 52,134.51 (-162.79, -0.31%), the S&P 500 at 7,521.16 (-71.31, -0.94%), and the Nasdaq Composite at 25,003.52 (-382.95, -1.51%). The session started with a positive bias on a better-than-feared headline October PPI, with futures pointing higher, but that gave way quickly. The S&P 500 tested and found support at the 7,500 level around 10:30 and 11:00 ET.

The main pressure point is semiconductors and information technology. The S&P 500 information technology sector was down 3.1% at 11:25 ET, though it remains up 0.6% for the week. The Philadelphia Semiconductor Index was down 5.5% at the 10:30 update. Contributing factors were NVIDIA weakness and downgrades of Broadcom and Applied Materials. Rising Treasury yields and hawkish Fed commentary also weighed, with the 10-yr yield at 5.14%.

Rotation is defensive. Consumer staples, financials, and utilities are leading, while information technology, industrials, and consumer discretionary lag. Low-volatility stocks have the upper hand: SPLV is 78.40 (+0.49%), while the high-beta ETF SPHB is 132.00 (-2.92%). Small caps have held up better than the Nasdaq, with the Russell 2000 down 0.7% against the Nasdaq’s 1.5% decline.

Market Snapshot

Dow: 52,134.51, -162.79 (-0.31%)
S&P 500: 7,521.16, -71.31 (-0.94%)
Nasdaq Composite: 25,003.52, -382.95 (-1.51%)
Russell 2000: -0.7% (11:55 ET)
NYSE: Advancers 1,208, decliners 1,451, volume 210 mln
Nasdaq: Advancers 1,555, decliners 2,887, volume 4.67 bln

WaveFinder breadth:

Primary sentiment: Very Bearish (700 bulls vs. 1,214 bears)
4% sentiment: Bearish (99 bulls vs. 253 bears)
40 SMA sentiment: Neutral
Above 20 SMA: 52.77%
Above 40 SMA: 56.65%
9M bulls 10 vs. bears 12; 9M bull follow-through: 0%

Session path: The 10:00 ET open had the S&P at 7,555.98, the 10:30 low was 7,508.76, and the 11:55 reading is 7,521.16.

Sector Performance

The data does not provide a complete performance ranking for all 11 sectors, so the list below is organized by what is available.

Strong (Briefing Industry Watch): Consumer Staples, Financials, Utilities

Consumer Staples: +1.3% at 11:00 ET (WaveFinder ATR 2.71%, flat, P63)
Financials: +0.7% at 11:00 ET (ATR 0.57%, rising, P79)
Utilities: +0.4% at 11:00 ET (ATR 3.39%, flat, P84)

Other sectors with intraday readings:

Health Care: +0.3% at 11:00 ET (ATR 1.78%, flat, P5)
Energy: +0.4% at 10:30 ET (ATR -0.69%, flat, P32)

Weak (Briefing Industry Watch): Information Technology, Industrials, Consumer Discretionary

Information Technology: -3.1% at 11:25 ET (ATR -2.00%, rising, P32)
Industrials: ATR 0.00%, flat, P68
Consumer Discretionary: ATR 1.21%, flat, P47

No performance data provided: Communication Services (ATR 1.12%, rising, P95), Materials (ATR 0.85%, falling, P37), Real Estate (ATR 1.18%, rising, P68).

Key Earnings & Movers

NVIDIA (NVDA): 159.52, -6.68 (-4.0%) at 10:30 ET, after quickly surrendering its premarket gain of 2.2%.
Broadcom (AVGO): 341.46, -22.90 (-6.28%), downgraded to Neutral from Buy at Rothschild & Co Redburn.
Applied Materials (AMAT): 356.44, -24.50 (-6.43%), downgraded to Hold from Buy at Summit Insights. It also reported a Q4 beat, but modest Q1 guidance upside and supply constraints overshadowed it.
Financials, payments: American Express (AXP) 320.55, +2.49 (+0.8%); Mastercard (MA) 661.43, +8.83 (+1.4%); Visa (V) 426.61, +6.30 (+1.5%). They gained on OpenAI’s introduction of ChatGPT wallet, built with all three.
Liftoff Mobile (LFTO): Soaring after a Q3 beat and raised FY26 guidance, breaking above its $23 June IPO price.
Cerebras Systems (CBRS): Up 15.8% after hours Thursday on Q3 results and an expectation to triple revenue in 2027.
After-hours Thursday: Flowers Foods (FLO) -10.0%, KinderCare (KLC) -24.8%, LifeMD (LFMD) -9.4%, Once Upon a Farm (OFRM) -6.7%, Gemini Space Station (GEMI) +3.4%, Cisco (CSCO) -0.4% despite a beat and raised guidance.
Anthropic (ANT): IPO roughly 6x oversubscribed, per Bloomberg.

Thursday context: NVIDIA closed at 166.19 (-4.34%) after falling more than 14% at the open when CEO Huang resigned following a New York Times report. AMD closed at 585.30 (+5.86%), Broadcom at 364.36 (+5.54%), and Alphabet at 295.35 (+1.62%).

Stock Spotlight

The most significant company-specific story in the Story Stocks data is Liftoff Mobile (LFTO). The mobile ad tech company reported Q3 EPS of $0.47 on revenue of $238 mln, up 32% yr/yr and well above its prior guidance of $217-222 mln. Revenue grew 8% sequentially, the 12th consecutive quarter of growth. Adjusted EBITDA rose 45% to $145 mln, versus guidance of $124-128 mln, with margin expanding five points to 61%. Free cash flow increased to $93 mln from $28 mln.

Management raised FY26 revenue guidance to $907-912 mln from $870-880 mln and adjusted EBITDA to $547-551 mln from $510-518 mln. Drivers included broad advertising demand, World Cup-related spending, and improvements to its AI-powered Cortex platform. Existing customers accounted for 55% of core advertising revenue growth. Customers generating more than $100,000 annually rose to 396 from 362, and non-gaming advertisers made up more than half of advertising revenue. Briefing.com noted that the shares are recovering from a substantial post-IPO decline.

Bond Market & Treasuries

Yields are pressured higher. At midday the 10-yr note yield is 5.14%, up 4 bps. At the open it was 5.16% (+6 bps), and it eased to 5.13% by 10:30 from an earlier high of 5.17%. The 2-yr yield was 4.86% (-2 bps) at the open.

Pre-market yield check at 08:47 ET: 2-yr 4.85% (-3 bps), 3-yr 4.91% (unch), 5-yr 4.96% (+2 bps), 10-yr 5.14% (+3 bps), 30-yr 5.47% (+3 bps).

Drivers:

New York Fed President Williams (FOMC voter) said further Fed action is needed to bring inflation to the 2% target. He also said there is time to gather more information and that longer-term inflation expectations remain anchored. Goolsbee also suggested further rate hikes are likely needed.
Expectations for a 50-bp rate hike in December grew Thursday, but that probability receded a bit Friday morning.
On Thursday the 2-yr rose 14 bps to 4.88%, eight bps shy of its 2026 high from September. The 10-yr rose 12 bps to 5.10%, back above its 50-day moving average of 5.051%.
The U.S. Dollar Index is up 0.1% at 103.30, its highest since April 2025.
Currencies (early): EUR/USD 1.1051-1.1059, USD/JPY ~159.90-160.03, GBP/USD 1.3227, USD/CNH 6.6741.

Commodities

Pre-market readings, Friday:

WTI crude: $88.55/bbl, -0.2% (Thursday close $88.79, +2.39 or +2.8%, on Iran conflict uncertainty).
Gold: $3,894.10/oz, +0.2% (Thursday close $3,886.30, -113.60).
Copper: $6.159/lb, -0.6% (Thursday close $6.20, -0.09).
Silver: No Friday reading provided. Thursday close $50.08, -1.92.
Natural gas: Thursday close $3.34, +0.13.

No midday commodity updates are available in the data provided.

Overseas Markets

Europe (Thursday): DAX +0.6%, FTSE +0.3%, CAC +0.3%. The data does not include Friday’s European session.

Asia (Thursday): Nikkei -0.7%, Hang Seng -1.3%, Shanghai -0.7%.

Key drivers and overnight developments:

China’s October new loans were CNY-100.0 bln versus expectations of CNY80.0 bln. Total social financing was CNY1,150.0 bln versus CNY1,420.0 bln expected.
Goldman Sachs expects China’s economy to grow 4.5% in 2027.
Eurozone Q3 GDP was +0.4% q/q and +1.3% y/y, in line with expectations.
France’s October CPI was +3.4% y/y. Spain’s was +4.9% y/y.
Germany’s October WPI was +8.8% y/y, and Germany plans to borrow more than EUR200 bln in 2027.
Hong Kong Q3 GDP was +5.2% y/y.
Japan’s Prime Minister Takaichi is reportedly leaning against a tax increase to fund defense spending.
Macron and Merz favor Pablo Hernandez de Cos as the next ECB president.

Economic Data

October PPI (Friday, 8:30 ET):

Final demand: +0.3% m/m (consensus 0.4%), following an upwardly revised +1.4% in September (from 1.3%).
Ex-food and energy: +0.3% m/m, as expected, following an upwardly revised +0.8% (from 0.7%).
Y/Y final demand: +6.5%, the largest increase since November 2022, versus 6.3% in September.
Y/Y ex-food and energy: +5.0%, unchanged.
Impact: Futures initially rose and yields dipped, but the September revisions neutralized the relief. Briefing.com characterized wholesale inflation as “still a big problem.”

Thursday data: Initial claims 200K (consensus 195K), continuing claims 1,697K, October existing home sales 3.75M (consensus 3.94M), October Treasury budget -$404.0B (consensus -$300.0B), and EIA crude inventories +4.657M.

Macro backdrop (Nov. 6): September CPI was 3.7% overall and 2.6% core. PCE is running at 3.6% overall and 3.1% ex-food and energy. The personal savings rate is 3.8%, near a 15-year low.

Looking Ahead

Friday: The 10:30 ET EIA natural gas inventories release (prior +77 bcf) is the remaining scheduled item in the data.
Rate path: Watch for further Fed commentary and December rate-hike expectations (50 bps had been priced in by some measures). The 2-yr yield is close to its 2026 high of 4.96%, implied by Thursday’s “eight basis points shy” note.
Technical levels: The S&P 500’s 7,500 support and its 50-day moving average at 7,671.
Technology: Whether semiconductor selling eases will determine if the market can move off its lows.
Earnings and IPO: Anthropic’s oversubscribed IPO and follow-through in CBRS and LFTO. No next-week earnings calendar or economic schedule was provided in the data.