TL;DR
The Nasdaq Composite fell 0.9% Friday, and the S&P 500 lost 0.4%, as technology and semiconductor shares came under pressure. The Dow rose 0.1%, and all three major indexes ended the week higher. Investors also weighed October wholesale inflation data and looked ahead to Nvidia’s earnings and a planned Anthropic IPO.
U.S. stocks fell Friday as weakness in technology shares reversed an early rise, but the Nasdaq, S&P 500 and Dow all finished the week higher. At the close, the Nasdaq Composite was down 0.9% at 25,136, the S&P 500 had fallen 0.4% to 7,561, and the Dow Jones Industrial Average gained 0.1% to 52,347, according to the supplied market report.
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Stocks opened higher after the Bureau of Labor Statistics reported that the Producer Price Index rose 0.3% from September to October, below economists’ 0.4% forecast. But the annual PPI rate was 6.5%, the highest since November 2022. Core PPI, which excludes food and energy, rose 0.3% month over month, matching expectations, while its annual rate of 5% was the highest since January 2023.
Chris Osmond, chief investment officer for Fifth Third Wealth Advisors, said the monthly reading was encouraging but might not be enough to prompt the rate relief markets want. The report also said CME Group FedWatch futures pricing showed a 90% probability of a quarter-point Fed rate increase at the December meeting, up from 85% a day earlier. That figure reflects market pricing, not a Federal Reserve decision.
Technology shares were among the session’s weakest. AMD fell 8.8%, Broadcom dropped 4.8%, and Intel lost 2.5%. Nvidia declined 2%, while Cisco Systems fell 6.2% despite reporting a quarter that beat expectations and raising its outlook, according to the source material. Morgan Stanley analyst Meta Marshall said Cisco’s results eased some concerns about demand being pulled forward, but maintained an Equal-Weight rating after the stock’s rally.
Stocks fell Friday but the week ended higher
Technology shares led Friday’s decline as investors weighed inflation data and upcoming company events. All three major indexes still finished the week higher.
A split market
Chip and technology stocks weighed on the session while the Dow edged up.
AMD fell sharply
AMD dropped 8.8%; Broadcom fell 4.8% and Intel lost 2.5%.
Cisco also declined
Cisco Systems fell 6.2% despite beating expectations and raising its outlook.
Inflation left questions
The monthly reading came in below economists’ forecast, while annual measures remained elevated.
What investors are watching
Quarterly results were scheduled after Tuesday’s market close, followed by a call with interim CEO Colette Kress.
The source says pricing was planned for Wednesday evening, with Nasdaq trading expected Thursday under ticker ANT.
Inflation and Tech Set the Tone
Friday’s session showed how inflation data and technology-sector concerns can pull markets in different directions. Monthly wholesale inflation came in below economists’ forecast, but the elevated annual readings left investors weighing whether price pressures are easing enough to change the outlook for interest rates. The reported increase in market-implied odds of a December rate hike underscores that uncertainty; it does not establish what the Fed will do.
The technology selloff also mattered because major chip companies and other growth stocks can influence broad indexes. The Nasdaq’s decline was steeper than the S&P 500’s, while the Dow edged higher. That split offers a snapshot of Friday’s uneven trading, but it does not erase the week’s gains or establish a new longer-term trend.
For investors, the next week’s scheduled events could bring fresh information on corporate performance and leadership. Nvidia’s earnings will be closely watched for what the company says about results and its plans following the reported leadership change. Those updates may affect sentiment toward the company and the wider AI-chip sector, though market reactions are not predictable.
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The Week’s Market Backdrop
The source describes Friday’s losses as coming after a week in which all three major indexes recorded gains. It does not provide the weekly percentage changes, so the size of those gains cannot be specified here. Friday’s close was a setback for the Nasdaq and S&P 500 on the day, not a reversal of their reported weekly advances.
The PPI measures changes in prices received by producers and can inform discussion of inflation pressures before goods and services reach consumers. In this report, the monthly increase was below economists’ forecast, while the annual headline and core rates were elevated relative to recent years. Osmond said prices for food, services, and transportation and warehousing were up in October, while energy prices were lower. He cautioned that inflation spreading beyond energy could make it harder for the Fed to treat price pressures as temporary.
The source also reported that Nvidia’s quarterly results were scheduled for release after Tuesday’s market close, with a call on November 17, and described the report as the company’s first earnings event without Jensen Huang at the helm. It said CFO Colette Kress was interim CEO. Separately, the source said Anthropic planned to price an IPO Wednesday evening and begin trading on Nasdaq Thursday under the ticker ANT, subject to the offering proceeding as described.
“The good news is that producer price inflation cooled from September. The bad news is that it may not have cooled enough to give markets the rate relief they want.”
— Chris Osmond, chief investment officer for Fifth Third Wealth Advisors
What the Data Cannot Settle
The Fed’s December decision remains unknown. The reported 90% probability is a snapshot of futures-market pricing, not a commitment by policymakers, and the source does not specify the precise timing of that pricing snapshot beyond saying it followed Friday morning’s PPI release.
The source does not provide the weekly percentage gains for the three indexes, trading volume, or a fuller account of market moves outside the named stocks. It also does not establish that inflation will continue at October’s pace or that Friday’s technology declines will persist.
Several claims about Nvidia require caution. The source reports that Huang resigned after allegations about a relationship with a direct report and an investigation involving an executive at a Singapore-based cloud company. It also reports that U.S. officials classified that executive as a Chinese spy. Those are serious allegations and descriptions in the supplied material; the source does not provide the underlying evidence, responses from the people involved, or additional official documentation. The reasons for Nvidia’s share decline cannot be confirmed from the closing move alone.
The Anthropic offering details and reported investor demand also remain subject to the IPO process. The source gives a proposed price range and reports that the deal was roughly six times oversubscribed, but it does not provide a final offering price or independently document the demand figure.
Earnings and IPO in Focus
Investors are due to receive Nvidia’s quarterly results after Tuesday’s close, followed by an earnings call with interim CEO Colette Kress, according to the source. The results, management commentary, and any further information about leadership will be watched for indications of how the company is operating after Huang’s reported departure. The source identifies no guaranteed outcome for the stock or for the broader semiconductor sector.
The source also says Anthropic is expected to price its IPO Wednesday evening and begin trading on Nasdaq Thursday under the ticker ANT. The final price, whether the timetable proceeds as planned, and how shares trade after listing were not confirmed in the material. In the meantime, investors will continue weighing economic data and the possibility of a Federal Reserve rate increase at its December meeting.
Key Questions
How did the major U.S. stock indexes finish Friday?
The Nasdaq Composite fell 0.9% to 25,136, the S&P 500 lost 0.4% to 7,561, and the Dow Jones Industrial Average rose 0.1% to 52,347.
Did the major indexes end the week higher?
Yes. The source says the Nasdaq, S&P 500 and Dow all posted weekly gains, but it does not give their weekly percentage changes.
What did October’s producer inflation report show?
Headline PPI rose 0.3% from September to October, below economists’ 0.4% forecast, but was up 6.5% year over year. Core PPI rose 0.3% month over month and 5% year over year.
Why were chip stocks under pressure?
Chip shares fell during a broader technology selloff. Interactive Brokers economist José Torres cited investor concerns about possible tighter regulation and oversight. The supplied report does not establish a single cause for the declines.
What market events are scheduled for next week?
The source says Nvidia’s results are due after Tuesday’s close and Anthropic is expected to price an IPO Wednesday evening, with trading on Nasdaq planned for Thursday under ticker ANT. The schedule and offering details may change.
Source: kiplinger.com
