Market Summary

U.S. equities closed mixed on Friday, November 13, with the Nasdaq Composite falling 0.91% (-229.82) to 25,156.65 and the S&P 500 slipping 0.40% (-30.73) to 7,561.74. The Dow Jones Industrial Average edged up 0.10% (+50.46) to 52,347.76. The Russell 2000 declined 0.3%. All three major indices finished above their session lows, but the market never fully recovered from an early retreat led by semiconductors and the broader AI infrastructure trade. Rising Treasury yields and persistent inflation concerns weighed on growth and higher-valuation stocks.

The session’s central theme was semiconductor weakness. The Philadelphia Semiconductor Index fell 3.4% after being down as much as 6.5%. Pressures included profit-taking, uncertainty over NVIDIA’s leadership, possible chip-export restrictions, analyst downgrades, and questions about the pace and execution of AI buildouts. Inflation was the second theme: the October PPI initially gave headline relief, but that faded on upward revisions to September and a year-over-year final demand reading of 6.5%, the largest increase since November 2022. Comments from Fed Presidents Williams and Goolsbee that more work is needed on inflation added to the pressure.

Sector rotation favored defensives and value. Information technology fell 1.7%, while six of the other ten sectors advanced, led by consumer staples (+1.4%), energy (+1.0%) and financials (+0.8%). The equal-weighted S&P 500 gained 0.2%, recovering from an early decline. For the week, the S&P 500 rose 2.5% and the Nasdaq Composite 2.3%, though both finished well off their midweek highs. Year to date: Russell 2000 +12.4%, S&P 400 +11.4%, S&P 500 +10.5%, DJIA +8.8%, Nasdaq Composite +8.2%.

Market Snapshot

Index	Close	Change	%
Dow	52,347.76	+50.46	+0.10%
Nasdaq	25,156.65	-229.82	-0.91%
S&P 500	7,561.74	-30.73	-0.40%

NYSE: Advancers 1,374, decliners 1,319, volume 1.07 bln.
Nasdaq: Advancers 1,847, decliners 3,016, volume 8.74 bln.
Russell 2000: -0.3%. Equal-weighted S&P 500: +0.2%.
Weekly: S&P 500 +2.5%, Nasdaq Composite +2.3%.

WaveFinder breadth (11/13):

Primary sentiment: Bearish (864 bulls vs. 1,440 bears).
4% sentiment: Very Bearish (150 bulls vs. 302 bears).
40 SMA sentiment: Neutral.
Above 20 SMA: 54.03%. Above 40 SMA: 55.58%.
9M: 9 bulls vs. 18 bears; bull follow-through 0%.

Sector Performance

Ranked by Briefing.com’s reported daily moves. Only seven sectors have reported percentages; the others are not quantified in the data.

1. Consumer Staples: +1.4%
2. Energy: +1.0%
3. Financials: +0.8%
4. Health Care: +0.6%
5. Utilities: +0.4%
6. Communication Services: +0.3%
7. Real Estate, Industrials, Materials: not specified (Industry Watch lists the weak sectors as only Information Technology and Consumer Discretionary, but the daily move for the remaining three is not given).
8. Consumer Discretionary: weak (no percentage given)
9. Information Technology: -1.7%

Six of the ten non-tech sectors were higher.

WaveFinder sector ATR (volatility, not performance):

Utilities 3.20% (flat, P74)
Consumer Staples 2.67% (flat, P63)
Health Care 1.85% (flat, P16)
Consumer Discretionary 1.44% (flat, P53)
Real Estate 1.21% (rising, P68)
Communication Services 1.17% (rising, P95)
Materials 0.84% (falling, P37)
Financials 0.76% (rising, P89)
Industrials 0.10% (flat, P68)
Energy -0.38% (flat, P37)
Technology -1.89% (rising, P47)

Communication Services (P95) and Financials (P89) show the highest volatility percentiles.

Key Earnings & Movers

Semiconductors and AI infrastructure (laggards):

AMD: $534.06, -$51.24 (-8.8%)
Broadcom (AVGO): $347.01, -$17.35 (-4.8%)
NVIDIA (NVDA): $162.85, -$3.34 (-2.0%). Leadership uncertainty; the board is selecting a CEO-search firm, per CNBC.
Micron (MU): $778.31, -$20.13 (-2.5%)
Applied Materials (AMAT): $370.50, -$10.45 (-2.7%). Q4 beat, but guidance only modestly above consensus and supply constraints.
Intel (INTC): $59.66, -$1.54 (-2.5%)
Dell: $344.28, -$26.89 (-7.2%)
Cisco: $95.64, -$6.37 (-6.2%)
Corning: $114.06, -$5.16 (-4.3%)
Seagate: $528.29, -$16.85 (-3.1%)
Oracle: $125.37, -$1.74 (-1.4%)

Other:

Liftoff Mobile (LFTO): soared after its Q3 beat and raised outlook, breaking above its $23 June IPO price.
Home Depot: $348.69, +$0.43 (+0.1%)
Walt Disney: $118.97, +$0.74 (+0.6%)

Stock Spotlight

Liftoff Mobile (LFTO): The shares rose sharply following the mobile ad tech company’s Q3 report, moving above the $23 IPO price from June. Q3 EPS was $0.47 on revenue of $238 mln, up 32% yr/yr and 8% sequentially, well above prior guidance of $217-222 mln. It was the company’s 12th consecutive quarter of revenue growth. Adjusted EBITDA jumped 45% yr/yr to $145 mln (guidance was $124-128 mln), with margin expanding five points to 61%. Free cash flow rose to $93 mln from $28 mln.

Management raised its FY26 revenue outlook to $907-912 mln from $870-880 mln and adjusted EBITDA to $547-551 mln from $510-518 mln. Demand was broad-based across social media, entertainment and finance, aided by World Cup-related spending. Customers generating over $100,000 in annual core ad revenue rose to 396 from 362, and non-gaming advertisers made up more than half of ad revenue. Briefing.com notes that EBITDA growing faster than revenue shows strong operating leverage, and that the results come as shares recover from a substantial post-IPO decline.

Note that AMAT was the notable semiconductor-equipment story: Q4 adjusted EPS of $4.16 on revenue of $10.41 bln (+53% yr/yr), its first quarter above $10 bln, but the stock traded lower on Q1 guidance (EPS $4.15-4.55, revenue $10.60-11.60 bln) and component shortages.

Bond Market & Treasuries

Treasuries lost ground, widening big weekly losses after five consecutive weekly gains across the curve, on speculation about a potential 50-basis-point rate hike in December. The October PPI came in hotter than expected in morning trade, and yields that dipped initially reversed higher.

2-yr: 4.89% (+1 bp; +36 bps on the week), seven bps below its 2026 high of 4.96% in late September
3-yr: 4.93% (+2 bps; +34 bps on the week)
5-yr: 4.98% (+4 bps; +33 bps on the week)
10-yr: 5.15% (+5 bps; +29 bps on the week), the highest settlement in more than four weeks
30-yr: 5.48% (+5 bps; +22 bps on the week)

Key drivers: the PPI report, plus comments from Williams (permanent voter) and Goolsbee (2027 voter) that the Fed has more work to do. Williams conceded there is time to gather more information and that longer-term inflation expectations remain anchored. The U.S. Dollar Index rose 0.2% to 103.40, its highest since early April, up 1.1% on the week. USD/JPY was 159.80 and EUR/USD 1.1023.

Commodities

Limited data is available. Crude oil finished the week with a loss of about $1.50/bbl, with prices fluctuating amid conflicting signals about a potential diplomatic resolution to the U.S.-Iran conflict. For reference, WTI settled at $86.90 on Monday (-$3.98, -4.4%). Daily prices and changes for Friday’s oil settlement, gold, silver and copper are not included in the provided data.

Overseas Markets

Index performance for Asia and Europe is not included in the provided data. Overseas economic drivers noted:

China: October new loans CNY-100.0 bln (expected CNY80.0 bln); total social financing CNY1,150.0 bln (expected CNY1,420.0 bln); M2 +7.1% yr/yr. Goldman Sachs expects 4.5% growth in 2027.
Eurozone: Q3 GDP +0.4% q/q, +1.3% yr/yr, both as expected. France’s October CPI +3.4% yr/yr; Spain’s +4.9%. Germany’s October WPI +8.8% yr/yr.
Hong Kong: Q3 GDP +1.9% q/q, +5.2% yr/yr.
Japan: Prime Minister Takaichi reportedly leans against a tax increase to fund defense spending.
Europe policy: Macron and Merz favor Pablo Hernandez de Cos as the next ECB president. Germany plans to borrow over EUR200 bln in 2027.

Economic Data

October PPI (final demand): +0.3% m/m vs. 0.4% consensus; September revised to +1.4% from +1.3%. Year-over-year +6.5% (largest since November 2022) vs. 6.3% in September.
October Core PPI: +0.3% m/m, in line; September revised to +0.8% from +0.7%. Year-over-year +5.0%, unchanged.
EIA natural gas inventories (11/07): +61 bcf; prior +77 bcf.

Market impact: the softer headline provided only brief relief, as revisions and elevated year-over-year readings reinforced inflation concerns, pushing yields higher and pressuring technology.

Looking Ahead

Monday: November Empire State Manufacturing at 8:30 AM ET (consensus 15.9; prior 25.5).

Tuesday:

October Retail Sales (consensus +0.3%; prior +0.8%)
Minutes from the October 27-28 FOMC meeting
Before the open: Home Depot, Walt Disney
After the close: NVIDIA, with focus on its leadership situation

Wednesday:

Before the open: Lowe’s, Target, TJX
After the close: Palo Alto Networks

Thursday:

Before the open: Alibaba, Walmart, Williams-Sonoma
After the close: Gap

Key themes to watch: whether yields extend higher on December rate-hike speculation, the durability of the AI trade into NVIDIA’s report, and consumer resilience in the retail sales data.