Markets
Nasdaq Falls 0.9% as AMD and Broadcom Slide, but the Major Indexes Still Finish the Week Higher
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Chip stocks led Friday's decline after Nvidia's CEO exit, while the Dow edged up and rate-hike bets for December firmed.
By Noris Ortiz ·
U.S. stocks ended a volatile week on a split note on Friday, Nov. 13, as a selloff in chipmakers pulled the Nasdaq Composite lower while the Dow Jones Industrial Average finished slightly higher. According to Kiplinger, the Nasdaq closed down 0.9% at 25,136 and the S&P 500 fell 0.4% to 7,561, while the Dow gained 0.1% to 52,347 [1]. All three benchmarks still posted weekly gains, Kiplinger reported [1]. The Associated Press said earlier in the day that Wall Street was on track for its first winning week since early October [2].
The damage was concentrated in semiconductors. Advanced Micro Devices dropped 8.8% and was the worst performer in the S&P 500, Broadcom fell 4.8%, Intel lost 2.5% and Nvidia slipped 2%, Kiplinger said [1]. Losses were steeper earlier in the session. In morning trading the AP had AMD down about 10%, Broadcom down 6.6% and Nvidia down 4.1%, which suggests buyers stepped in as the day went on [2].
The trigger was Nvidia's leadership turmoil. The AP reported that Chief Executive Jensen Huang stepped down after an affair with a Chinese tech executive raised U.S. national security concerns, and that Chief Financial Officer Colette Kress will serve as interim chief executive [2]. The AP added that Nvidia shares had already been sliding for weeks on worries about a possible slowdown in the artificial intelligence industry [2]. The selling spread from Nvidia to other chip stocks tied to the same AI spending theme.
Cisco also sank, falling 6.2% on Friday even after a quarterly report that beat estimates and raised its outlook, Kiplinger reported [1]. At midday, a Motley Fool market report published on Yahoo Finance linked Cisco's slide to broader weakness in enterprise technology and said technology and real estate shares had the steepest losses at that point [3]. Not every stock fell: as of about 11:30 a.m. ET, Modine Manufacturing had jumped more than 28% after reports that Samsung Electronics was exploring an acquisition, and Nu Holdings was up nearly 11% [3].
Inflation data and interest rates formed the second theme. The October producer price index rose 0.3% from September, below the 0.4% forecast, but the annual rate of 6.5% was the highest since November 2022, Kiplinger reported [1]. Core producer prices rose 0.3% on the month, in line with expectations, for an annual rate of 5%, the highest since January 2023 [1]. The CME FedWatch tool showed a 90% probability of a quarter-point Federal Reserve rate increase in December, up from 85% a day earlier, according to Kiplinger [1].
Bond yields moved with those expectations. In morning trading the 10-year Treasury yield rose to 5.13% from 5.10% late Thursday, while the 2-year yield, which tracks expectations for Fed action, slipped to 4.84% from 4.86%, the AP reported [2]. Higher long-term yields make future corporate earnings less valuable in present terms, which tends to weigh most on growth-oriented technology shares.
Why it matters: the session showed how concentrated market sentiment has become around AI hardware, and how quickly a single company's leadership change can move an entire industry group even as broader indexes hold up. The Dow's small gain and the weekly advances suggest the selling stayed narrow rather than turning into a wider retreat.
What to watch next: Nvidia reports quarterly results after the close on Tuesday, with its conference call on Nov. 17, its first report since Huang's departure, according to Kiplinger [1]. Investors will also follow whether December rate-hike odds climb further and whether chip stocks stabilize or extend Friday's declines.
Sources:
[1] Kiplinger, "Nasdaq Drops Friday on Nvidia Fallout But Ends the Week Up: Stock Market Today", November 13, 2026. https://www.kiplinger.com/investing/stocks/nasdaq-drops-friday-on-nvidia-fallout-but-ends-the-week-up-stock-market-today
[2] The Associated Press (via The Korea Times), "Stocks sway as Wall Street heads for winning week after several turbulent days", November 13, 2026. https://www.koreatimes.co.kr/world/20261114/stocks-sway-as-wall-street-heads-for-winning-week-after-several-turbulent-days
[3] Yahoo Finance (The Motley Fool), "Stock Market Midday, Nov. 13: Nasdaq Plunges as Nvidia Turmoil Deepens and Treasury Yields Hit 5%", November 13, 2026. https://finance.yahoo.com/markets/stocks/articles/stock-market-midday-nov-13-173501591.html
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.