NEW YORK - The S&P 500 and Nasdaq ended lower on November 13, 2026, as Nvidia fell 2% following an HSBC downgrade and ongoing leadership uncertainty. Despite Friday’s pullback, all three major U.S. indexes posted their strongest weekly gains since early August.
What happened?
The Nasdaq Composite slipped 0.91% to 25,136.27 and the S&P 500 eased 0.4% to 7,561.67, while the Dow Jones Industrial Average added 50.46 points, or 0.1%, to 52,347.55. Nvidia closed at $162.85 after HSBC analyst Frank Lee downgraded the stock to hold and cut his price target from $375 to $170 following former CEO Jensen Huang’s exit. Chip peers Advanced Micro Devices dropped 8.75% and Broadcom fell 4.76%.
Why does it matter?
Equities navigated both leadership risk at a market heavyweight and a mixed wholesale inflation reading. October producer prices rose 0.3% month over month, below the 0.4% forecast, but climbed 6.5% from a year earlier, the sharpest annual rise since November 2022. HSBC also warned that about 11% of Nvidia’s revenue over the last six quarters came from outside the U.S. and Taiwan, risking tighter export rules. Globalt Investments’ Thomas Martin said he expects the CEO search to "take a lot of time."
What happens next?
Investors are focused on Nvidia’s third-quarter fiscal 2027 earnings call on November 17, its first without Huang, as CFO Colette Kress serves as interim CEO. For the week, the Nasdaq gained 2.3%, the S&P 500 rose 2.5%, and the Dow climbed 2.1%.
