Markets End a Wild Week With Nvidia in Focus 11/13/26

SPEAKER_1 (0:00)

At Edward Jones, we believe rich is more than caring about the latest and greatest. It's also taking care of what gives your life meaning. That's why your dedicated financial advisor meets you where you are with personalized financial strategies that help protect what matters so you can preserve your progress while creating a path forward.

The key to being rich is knowing what counts. Let's find your rich together. Edward Jones, member SIPC.

SPEAKER_2 (0:30)

With the Discover Cashback card, it's payback time when you earn cash back on everyday purchases. Activate and earn 5% cash back at different categories each quarter on up to $1,500 in purchases. That's 5% cash back at different places each quarter, like grocery stores, on gas and at restaurants. It pays to discover. Terms apply. See discover.com/5 for details.

Melissa Lee (0:56)

The Bell is bringing an end to the trading day at the NYSE. Revity bringing the Bell and closing out the week here at the NASDAQ as VHAV acquisition. Welcome to Closing Bell Overtime. We're live from Studio B at the NASDAQ Market site. I'm Melissa Lee along with Mike Santoli. Fox closing out a wild week on a down note. The Dow closing near the flat line. S&P 500 down 4 tenths of a percent. The NASDAQ losing nearly 1%.

Mike Santoli (1:18)

Given all the headlines and drama this week, you might be surprised to know it was a pretty good week for stocks, especially the NASDAQ 100, which gained 3.5%.

That's largely because AMD and Broadcom balanced out the big losses in Nvidia. Both of those names up 18% this week, while Nvidia lost 12 Nvidia closing at $163 a share, the lowest close in about a year and a half, and it lost nearly a third of its value since the high on October 6th.

Melissa Lee (1:45)

Money continuing to find safety in Staples, Costco, Johnson & Johnson, Procter & Gamble, all hitting all-time highs today. Apple seems to be carving out a new sector as a tech staple. That's also hitting a record today. You've also seen some big moves in bonds this week, the 10-year yield ending the week around 5.15 percent. Let's get the first take on the close. On this Friday, it's interesting because since before the election, we've had so many hills and valleys, and yet here we are pretty much flat from those levels.

Mike Santoli (2:13)

Pretty much flat, actually a little bit down from the day after the election. It depends on where you count from. I do think, as I keep saying, we benefited this week from how washed out tech got at the end of last week. So that was sort of bounce mode almost no matter what the news was. What was fascinating is how it executed that with Nvidia, obviously the big drag. By the way, Nvidia shares, we mentioned yesterday, the open yesterday, it was under 150 It was like 148 and change. And so we'll see if that matters, that it's created that distance between those levels.

But I do think that it's still a non-committal market. We're still at levels. We got to five or six months ago. And I think it's all a matter of kind of how you're framing this. Earnings have been great.

Are Semi still a bellwether group? I think that's worth asking because they're 30% below their highs, and yet the S&P is not far from its own.

Melissa Lee (3:03)

And you talked about the market cap transfer from Nvidia into AMD and Broadcom. AMD is one of the top 10 stocks, contributors to the S&P 500's gains year to date. And so we have been riding this market without Nvidia anyway.

But here we have today finally question marks about whether or not AMD will actually be a true beneficiary. Not only is it maybe not a like-for-like substitution for Nvidia GPU, but also AMD sells a lot into Singapore. I mean, it's like 12% of total revenues.

Mike Santoli (3:33)

Yes.

Melissa Lee (3:33)

So if there's tighter export controls, and that's sort of the next layer of the story, that we have tighter export controls will have an impact on technology at large, and especially semi-conductors.

Mike Santoli (3:41)

You can see that rethink happening in the markets. It was a little bit of a sloppier trade in semis. It was not as if others offset the losses in some of the hardest hit ones. And I do think it's been very hard in this market to tell pure mechanical rotation from a macro or fundamental message that's being said.

Melissa Lee (3:57)

Exactly. We got some breaking news in the Fed. Let's get to Steve Leesman, who's got the details.