Stock Market Midday, Nov. 13: Nasdaq Plunges as Nvidia Turmoil Deepens and Treasury Yields Hit 5%

Detailed summary

Markets came under renewed pressure Friday as rising Treasury yields and uncertainty surrounding the AI industry sparked a rotation out of technology stocks and into defensive sectors.

Wall Street extended its losses on Friday, November 13, as mounting uncertainty surrounding Nvidia (NASDAQ:NVDA) and rising Treasury yields fueled a sharp sell-off in technology stocks. As of 11:31 a.m. ET, the Nasdaq Composite (NASDAQINDEX:^IXIC) led major indexes lower, falling 1.45% to 24,998, while the S&P 500 (SNPINDEX:^GSPC) declined 0.82% to 7,530. The Dow Jones Industrial Average (DJINDICES:^DJI) proved more resilient, slipping just 0.12% to 52,234 as investors rotated away from high-growth technology companies.

Meanwhile, the benchmark 10-year Treasury yield climbed to 5.10%, adding pressure to equity valuations following another round of inflation data. Gold edged 0.13% lower to $3,880.40, while defensive consumer stocks outperformed. Technology and real estate shares suffered some of the steepest losses, highlighting growing concerns about elevated borrowing costs and the outlook for economic growth.

Advanced Micro Devices (NASDAQ:AMD) plunged 9.89% as selling pressure intensified across the semiconductor industry following the resignation of Nvidia CEO Jensen Huang. Cisco Systems (NASDAQ:CSCO) also declined 5.70%, reflecting broader weakness in enterprise technology stocks.

Elsewhere, Modine Manufacturing (NYSE:MOD) surged 28.41% following reports that Samsung Electronics (OTC:SSNLF) was exploring a potential acquisition of the thermal management company. Nu Holdings (NYSE:NU) also bucked the broader market decline, climbing 10.95% as investors favored select financial technology stocks.

Friday's sell-off underscores the growing vulnerability of the AI trade to both company-specific uncertainty and tighter financial conditions. Nvidia's leadership transition has raised questions about the future of the industry's dominant chipmaker, while renewed selling in AMD and other semiconductor stocks suggests concerns are spreading across the broader AI supply chain.

Meanwhile, the 10-year Treasury yield's climb above 5% presents a significant challenge for equity…

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