Market Review: November 13, 2026

Closing Recap

Friday, November 13, 2026

U.S. stocks finished lower on Friday led by a second straight decline in technology stocks (XLK -2%) but most other S&P sectors finished higher on the day, closing out what was actually a solid week for major averages overall despite higher CPI inflation and drama in tech land with NVDA CEO resigning. All eleven S&P sectors finished higher this week led by Energy (XLE +5.37%), Communications (XLC +3.72%), Industrials (XLI +3.73%), and Technology (XLK +3.3%) as the S&P 500 gained 2.51%, the Nasdaq climbed 2.27%, and the Dow climbed 2.07%. The S&P 500 and Nasdaq both snapped four-week losing streaks.

While Tech rallied overall on the week, there has been mass exodus the last two days (QQQ, XLK, SOX) especially in the AI related sectors after NVDA’s CEO resignation and ahead of Anthropic IPO. Shares of memory stocks (SNDK, MU, SKHY, WDC), data centers (IREN, HUT, WULF), neoclouds (NBIS, CRWV), opticals (LITE, COHR, AAOI), servers (SMCI, DELL), nuclear/power (BE, GEV, NRG, VST), water cooling names (VRT, ETN), and other data infrastructure names, have all cooled in recent weeks/months into the largest IPO in history coming next week with Anthropic (ANT) expected to price. The NVDA news this week of CEO Jensen Huang resigning Thursday after revelations of extramarital affairs, including one involving a suspected Chinese spy has weighed heavily on investor sentiment and the AI supply chain since NVDA is tied to so many companies regarding investments and partnerships. @knowledge_vital noted on X, “The Nvidia narrative is very mixed – people are actually fairly sanguine in the immediate term, hoping that earnings are at least OK on Tues and that mgmt. reaffirms its 70% sales growth guidance, but increasingly nervous about the medium and long-term implications of Jensen’s departure (many think Nvidia will dial back the amount of financial support offered to customers and face a dramatic escalation in Washington restrictions, both of which could crimp revenue going forward).

Anthropic is expected to price its initial public offering (IPO) on Wednesday, Nov. 18, the company announced this week. It will begin trading under the ticker symbol “ANT” on Thursday, Nov. 19. In an amended S-1 filing released Tuesday, Anthropic said it expects to sell 825 million shares priced between $70 and $78. That would give the company a market valuation of between $1.3 trillion and $1.45 trillion. Anthropic was initially projected to hit the market with a valuation as high as $2 trillion, but recent market turmoil in the AI sector has knocked that down significantly. For the first nine months of the year ending Sept. 30, Anthropic said revenue grew $1,206% to $33.2 billion.

Fed speakers have been increasingly “hawkish” this past week after CPI inflation data: 1) Fed Governor Christopher Waller said on 11/10 he supports at least a 25 bp December hike even if CPI cools as hoped. A 50 bp hike should be considered if core CPI is ~0.3% or higher (which it was). Inflation is too high and broadening; further tightening is needed sooner rather than later to protect credibility. 2) Dallas Fed President Lorie Logan said on 11/10, at least two more 25 bp hikes are needed (current rate is at least 50 bp below a modestly restrictive level). It may be possible to move more rapidly this winter. After those two, pause to assess. 3) Bostin Fed President Susan Collins said today “additional policy tightening is warranted soon; it is possible the Fed may have to raise rates more than expected. Price stability is the priority (even if higher rates pressure housing affordability in the near term).

Is Wall Street buying the dip? @KobeissiLetter tweeted overnight on X: “Investors buying the dip in US equity ETFs at an unprecedented pace: The S&P 500 ETF, $VOO, attracted +$16.9B in inflows over 5 trading days ending November 10th, the most among major US equity ETFs. This was followed by the Nasdaq 100 ETF, $QQQ, and the total US stock market ETF, $VTI, at +$5.3B and +$3.3B, respectively. At the same time, the S&P 500 ETF, $SPYM, and the Nasdaq 100 ETF, $QQQM, attracted +$2.6B and +$2.2B. Meanwhile, the 3x Leveraged Long Semiconductor ETF, SOXL, and the 3x Leveraged Long Nasdaq 100 ETF, $TQQQ, saw +$2.1B and +$1.4B in inflows. In total, 10 major US equity ETFs attracted a massive +$37.5B over 5 trading days ending Tuesday. Investors are aggressively buying the dip.”

• Precious metals were mixed with December gold prices up $1.00 to $3,886.30 an ounce, snapping a 3 day losing streak, while Dec silver prices slid -$0.94 or 1.89% to settle at $49.12 an ounce. Note silver has now plunged 59% since its January all-time high. Gold prices sold off nearly -3% on Thursday and were down around -4% this week, hitting new 52-week lows in the process as oil prices climbed, spurring fears of higher inflation and elevated interest rates. Markets see an 88% chance of a 25-bps US rate hike in December, while the probability of a larger 50-bps move is priced at 12%.

• Treasury yields surged on the week as several Fed officials this week warned that US inflation remains stubbornly elevated, with some signaling openness to a 50-bps rate increase if price pressures fail to ease. Traders are pricing in a roughly 12% chance of such a hike next month, up from 0% last week.
• Two-year Treasury yields jumped 35.2 bps this week to 4.872%, their biggest weekly jump since September 2024 and rising five straight days, snapping a streak of six straight weeks of falling yields. Today’s yield is the sixth highest this year and just 5 bps off 52-week high of 4.922% on Sept 28. The 10-yr yield, the key benchmark for mortgages, auto loans and credit card debt jumped 29.4 bps this week to end at 5.152% (rose 5.1bps today) and snapped a five week streak of falling yields. The 10-yr posted its largest one-week yield gain since Friday, April 11, 2025 (15.8 bps off 5.31% 52-week high).

• Education Services: KLC shares declined after cuts FY26 EPS view to $0.02-$0.04 from prior $0.5-$0.15 and lowers FY26 revenue view to $2.64B-$2.66B from $2.66B-$2.7B, vs. consensus $2.68B; cites lower enrollment and higher impairment losses as main drivers of weaker results; said a 5.9% drop in enrollment at early childhood Education Centers drove revenue decline

• Building products sector: IBP was upgraded to Buy from Hold at Deutsche Bank with higher $260 tgt following the acquisition of Old Dominion Group. The firm views the deal favorably and sees compelling upside driven by Old Dominion’s robust backlog.

• Pipeline sector: Goldman Sachs stays constructive on natural gas pipelines, despite recent underperformance (-5% 6m vs. AMZ -1%). They look for 1) lower beta exposure to broader gas demand growth, 2) high level of contracting, 3) solid 3Q26 earnings updates and 4) progress towards permit reform in DC to improve return profiles, even as new risks to pre-FID backlog prevail following the midterm elections. Best positioned: Buy-rated WMB, TRP and KMI and upgrade DTM to Neutral following recent underperformance, a reset in 2030 EBITDA expectations, and a likely larger backlog.

• Brokers & Exchanges: SCHW monthly activity highlights showed core net new assets increase 50% to $66.50B in October 2026; total client assets $13.27 trln as of October 2026, up 12% y/y; October daily average trades 10.6M; margin loan balances $196.70B, up 75% from year-end. HOOD Total platform assets at end-October 2026 were $383B, up 12% y/y and net deposits in October 2026 were $15.10B, 46% annualized growth rate; crypto trading volume fell 48% y/y and 21% from Sept to $17B in Oct.

• NKTR Q3 results were ahead of the Street on lower R&D, and YE26 cash guidance moved above $840M with runway into Q328; Q127 off-treatment AtD readout is the only efficacy dataset in the next 12 months; ZENITH-AD remains on track for summer 2028 topline.
• RZLT said its experimental treatment ersodetug met the main goal of a late-stage study in patients with tumor-related hyperinsulinism; the Co said 13 of 16 enrolled patients cut their need for intravenous glucose by at least half, including 12 who were able to stop the treatment entirely; Rezolute also prices 22.04M shares of common stock at $3.87.
• VIR shares fell after 15M share Spot Secondary priced at $10.00 (from $12.12 prior close).

• Medical Equipment: HTFL reported 3Q rev beat of $72.9M (vs. $65M consensus), representing 57% y/y growth with the fastest US growth in 11 quarters up 60%. The company flagged four key drivers – with plaque adoption acceleration, FFRCT utilization remaining durable across existing accounts, new account addition strength/continued ramp of 2025 account adds and CCTA market strength. The company raised total revenue guidance to $262M to $264M (from $246M to $250M prior). LFMD missed on 3Q revenue at $44.6M versus the $48M to $51M guide and $48.8M consensus, and cut its 4Q and full-year outlook; adjusted EBITDA of negative $0.4M beat consensus and rose $3.1M sequentially as marketing spend fell 34%, or $9.5M, while subscribers held nearly flat.
• MedTech and device sector: NPCE shares tumbled following the company’s commercial setbacks in Q3 as RNS sales growth of just +1.4% Y/y was ~16% below consensus; NPCE reduced its FY26 guidance, implying RNS growth of +4% Y/y in Q4, and provided preliminary FY27 RNS growth guidance of ~15% Y/y. OWLT shares tumbled after withdrew its full-year outlook, citing headwinds from a safety update it rolled out in response to concerns over exposed camera cables in its infant-monitoring devices.

• Shipping & Tankers: The Baltic Exchange’s main Sea Freight index ended a seven-session gaining streak but still recorded its fourth straight week of gains. The Baltic Dry Index tracking Capesize, Panamax and Supramax vessels’ rates lost 40 points, or 1.3%, to 2,980 points, after back-to-back gains since November 3. The index posted a 4.4% weekly rise. The panamax index inched up by 1 point to 2,118 points, its highest level since October 22, up 4% on the week and Supramax rose 5 points, or 0.3%, to 1,836 points, its highest since November 3.
• Aerospace & Satellite sector: SPCX is attempting its first double catch on Starship Flight 15 including the upper stage after 22 hours and 14 orbits around Earth. HAWK shares jumped after earnings results as Q3 revs of $59M rose 84% y/y and topped consensus of $56M while GAAP EPS was $0.0, above consensus loss (-$0.05) and raised 2026 revenue guidance to $225-$227M (vs. prior $215-$220M) and adj. EBITDA to $38-40M (vs. prior $30-$36M).

• Semis: ARM shares slipped and NVDA pared losses after the Financial Times reported that the company’s boss Rene Haas was approached in NVDA CEO search. CBRS shares jumped after the AI chipmaker raised its annual sales forecast and posted a surprise profit. Cerebras now expects 2026 adjusted revenue of $940M-$960M, up from its previous forecast of $880M-$890M and above consensus of $887.04M. As of Thursday’s close, Cerebras’ shares were down 47.2% from their May IPO price of $185 apiece.
• Semi equipment: AMAT reported Q4 revenue grew 14% QoQ to $10.41B, slightly outpacing consensus expectations of $10.30B while Semiconductor Systems Group (SSG) sales grew 14% QoQ to $8.00B primarily due to higher DRAM and NAND related shipments. DRAM shipments grew 44% QoQ to $2.64B and NAND-related shipments grew 46% QoQ to $720M. January quarter (1QFY27) sales are expected to grow 7% sequentially to $11.1B, slightly surpassing consensus of $10.8B.

• Security Software: PANW was upgraded to Overweight at Keybanc with $380 PT following the 20% pullback in shares, while notes they expect Security budgets to accelerate through 2027, Palo a leading beneficiary of the trend toward consolidation with strong product offerings in key areas to secure Ai and defend against the accelerated Ai threat environment. NTSK was downgraded to Equal Weight at Morgan Stanley saying current valuation reflects an improvement in sales balanced by growing SASE competition. Up ~30% YTD, about in-line with ZS’s growth adjusted sales multiple, thinks NTSK’s valuation is more in-line with where it sees near term value realization.