Market Summary

U.S. equities closed mixed on Friday, November 13, with the Dow Jones Industrial Average up 50.46 points (+0.10%) at 52,347.76, while the S&P 500 slipped 30.73 points (-0.40%) to 7,561.74 and the Nasdaq Composite fell 229.82 points (-0.91%) to 25,156.65. The Russell 2000 declined 0.3%. Selling was led by semiconductors and the broader AI infrastructure trade. The Philadelphia Semiconductor Index finished down 3.4% after being off as much as 6.5% intraday. Rising Treasury yields and persistent inflation concerns weighed on growth and higher-valuation stocks.

Rotation was clear beneath the surface. Information technology fell 1.7%, while six of the other ten S&P 500 sectors rose, led by consumer staples (+1.4%), energy (+1.0%), and financials (+0.8%). The equal-weighted S&P 500 gained 0.2% after recovering from an early decline. A hot-leaning October PPI, with final demand up 6.5% year over year, and hawkish comments from Fed officials Williams and Goolsbee kept pressure on risk assets.

For the week, the S&P 500 gained 2.5% and the Nasdaq Composite 2.3%, but both finished well off their midweek highs. Monday’s broad rally did the heavy lifting. Treasury yields rose sharply on speculation about a 50-basis-point December rate hike. Pre-market, the session opened with S&P 500 futures up 30 points, Nasdaq 100 futures up 31, and Dow futures up 200 as of Friday’s 9:06 ET update. That is Friday’s data, and no current pre-market futures data for today’s session was provided.

Market Snapshot

Dow: 52,347.76, +50.46 (+0.10%)
S&P 500: 7,561.74, -30.73 (-0.40%)
Nasdaq Composite: 25,156.65, -229.82 (-0.91%)
Russell 2000: -0.3%
YTD: Russell 2000 +12.4%, S&P 400 +11.4%, S&P 500 +10.5%, DJIA +8.8%, Nasdaq +8.2%
NYSE: Advancers 1,374, decliners 1,319, volume 1.07 bln
Nasdaq: Advancers 1,847, decliners 3,016, volume 8.74 bln

WaveFinder breadth (2026-11-13):

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 using Briefing.com’s S&P 500 sector moves where provided. Remaining sectors are listed from the Industry Watch designation and WaveFinder data, as no percentage moves were given for them.

1. Consumer Staples: +1.4% (WaveFinder ATR 2.67%, flat, P63)
2. Energy: +1.0% (ATR -0.38%, flat, P37)
3. Financials: +0.8% (ATR 0.76%, rising, P89)
4. Health Care: +0.6% (ATR 1.85%, flat, P16)
5. Utilities: +0.4% (ATR 3.20%, flat, P74)
6. Communication Services: +0.3% (ATR 1.17%, rising, P95)
7. Information Technology: -1.7% (ATR -1.89%, rising, P47)
8. Consumer Discretionary: weak, % not provided (ATR 1.44%, flat, P53)
9. Industrials: % not provided (ATR 0.10%, flat, P68)
10. Materials: % not provided (ATR 0.84%, falling, P37)
11. Real Estate: % not provided (ATR 1.21%, rising, P68)

Note: Industrials, Materials, and Real Estate were not named as strong or weak, and the ranking of these three and Consumer Discretionary relative to each other cannot be determined from the data.

Key Earnings & Movers

Semiconductors and AI infrastructure (laggards):

AMD: 534.06, -51.24 (-8.8%)
Broadcom: 347.01, -17.35 (-4.8%)
NVIDIA: 162.85, -3.34 (-2.0%), amid leadership uncertainty. CNBC reported the board is selecting a CEO-search firm.
Micron: 778.31, -20.13 (-2.5%)
Intel: 59.66, -1.54 (-2.5%)
Applied Materials: 370.50, -10.45 (-2.7%), despite a Q4 beat
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%)

Drivers cited: profit-taking, NVIDIA leadership uncertainty, possible chip-export restrictions, analyst downgrades, and questions about AI buildout pace.

Other notable:

Liftoff Mobile (LFTO): soared after a Q3 beat and raised FY26 guidance.
Home Depot: 348.69, +0.43 (+0.1%)
Walt Disney: 118.97, +0.74 (+0.6%)

Stock Spotlight

Liftoff Mobile (LFTO) was the standout earnings mover, breaking above its June IPO price of $23. The company reported Q3 EPS of $0.47 and revenue of $238 mln, up 32% year over year and well above prior guidance of $217-222 mln. It raised its FY26 revenue outlook to $907-912 mln from $870-880 mln, and adjusted EBITDA guidance to $547-551 mln from $510-518 mln. Adjusted EBITDA rose 45% to $145 mln, versus guidance of $124-128 mln, with margin expanding five points to 61%. Free cash flow rose to $93 mln from $28 mln.

Customer metrics were solid. Customers generating more than $100,000 in annual core advertising revenue rose to 396 from 362, and non-gaming advertisers made up more than half of ad revenue. Briefing.com noted the sizable beat and raised outlook reinforce confidence in growth as shares recover from a substantial post-IPO decline.

The more market-relevant story was Applied Materials (AMAT), which fell despite beating on Q4 adjusted EPS of $4.16 and record revenue of $10.41 bln, up 53%. Q1 guidance of EPS $4.15-4.55 on revenue of $10.60-11.60 bln came in only modestly above consensus at the midpoints, and management noted component shortages are slightly limiting revenue. Management expects wafer fab equipment spending to rise more than 30% in CY27.

Bond Market & Treasuries

Treasuries lost ground, widening big weekly losses after five straight weekly gains. Pressure followed the hotter-than-expected October PPI, speculation about a 50-basis-point December hike, and hawkish Fed commentary.

2-yr: 4.89%, +1 bp (+36 bps on the week)
3-yr: 4.93%, +2 bps (+34 bps)
5-yr: 4.98%, +4 bps (+33 bps)
10-yr: 5.15%, +5 bps (+29 bps), the highest settlement in more than four weeks
30-yr: 5.48%, +5 bps (+22 bps)

The 2-yr yield finished seven basis points below its 2026 high of 4.96% from late September. Fed Presidents Williams and Goolsbee both said more work is needed on inflation, though Williams conceded there is time to gather more information and that longer-term inflation expectations remain anchored. USD/JPY was 159.80 and EUR/USD 1.1023. The U.S. Dollar Index rose 0.2% to 103.40, its highest level since early April, and gained 1.1% on the week.

Commodities

Limited data was provided. Crude oil finished the week with a loss of about $1.50/bbl. Earlier in the week, WTI settled at $86.90 per barrel on Monday (-$3.98, -4.4%) on optimism about a U.S.-Iran diplomatic resolution. Oil fluctuated on conflicting signals through the week. No data was provided for gold, silver, copper, or today’s oil settlement.

Overseas Markets

No Asian or European equity index performance was provided. Overseas macro data from the Bond Market Update:

China: October new loans CNY -100.0 bln (expected 80.0 bln); total social financing CNY 1,150.0 bln (expected 1,420.0 bln); M2 +7.1% y/y. Goldman Sachs expects China to grow 4.5% in 2027.
Eurozone: Q3 GDP +0.4% q/q, +1.3% y/y, in line. Germany’s October WPI +0.4% m/m, +8.8% y/y. France’s October CPI +3.4% y/y. Spain’s CPI +4.9% y/y.
Hong Kong: Q3 GDP +1.9% q/q, +5.2% y/y.
Policy: Macron and Merz reportedly favor Pablo Hernandez de Cos as the next ECB president. Germany plans to borrow more than EUR200 bln in 2027. Japan’s PM Takaichi is reportedly leaning against a tax increase to fund defense spending.

Economic Data

October PPI (final demand): +0.3% m/m versus 0.4% consensus; September revised up to 1.4% from 1.3%. Year over year, +6.5%, the largest since November 2022, versus 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: +61 bcf versus +77 bcf prior.

Market impact: initial relief on the headline faded as upward revisions and elevated year-over-year readings registered. Yields dipped, then reversed higher.

Looking Ahead

Monday:

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

Tuesday:

October Retail Sales (consensus 0.3%; prior 0.8%)
FOMC minutes from the October 27-28 meeting
Before the open: Home Depot, Walt Disney
After the close: NVIDIA

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 watch items include NVIDIA’s earnings and CEO search, the path of yields with a December hike in play, and whether semiconductor weakness persists.