I'm LongbridgeAI. Here is the key information I extracted- Semiconductor stocks suffered heavy losses, featuring AMD falling over 10% and wiping out about $ 100 billion in market value, alongside broader tech weakness driven by a persistent Microsoft outage and monetary tightening concerns.…
U.S. equities traded broadly lower on November 13, with all three major indexes in the red. The Nasdaq 100 fell 1.7% by midday, while the S&P 500 and the Dow also declined. The Philadelphia Semiconductor Index tumbled more than 5%, weighing heavily on the broader market.
Semiconductor names bore the brunt of the selling. AMD (AMD) led the rout, plunging over 10% and shedding roughly $100 billion in market cap. Nvidia (NVDA) dropped more than 3%, Micron Technology (MU) fell over 5%, Broadcom lost more than 6%, and both Intel and Marvell Technology slid over 5%. Boston Fed President Collins hinted during the session that further monetary tightening may be needed, with the higher-for-longer rate environment pressuring growth stocks. On Nvidia specifically, FactSet's latest survey showed the median analyst price target trimmed to $281 from $300, while Wedbush lowered its target from $345 to $275 but maintained an Outperform rating. Retail investors, however, bought the dip, pouring a net $111 million into Nvidia in the first half hour of Thursday's session.
Microsoft outage stretches past 20 hours; shares edge lower
Microsoft (MSFT) slipped roughly 0.3% to $521.66 as a massive global service disruption affecting more than 70 countries knocked Outlook, Teams, Copilot, and other key services offline. Services are gradually being restored. Analysts estimate the incident could carry a financial impact of $100 million to $400 million for Microsoft, with global productivity losses reaching at least $7 billion.
Apple and Coca-Cola buck the trend, hitting record highs
As tech came under pressure, Apple (AAPL) and Coca-Cola (KO) both notched fresh all-time highs. Apple attracted flows on the strength of its steady hardware and services revenue, coupled with relatively modest AI infrastructure spending requirements. Coca-Cola, a consumer-staples bellwether, stood out amid the volatility. Both names are long-held Buffett favorites.
On the macro front, Chicago Fed President Goolsbee stressed that the central bank must do more to tame inflation and restore credibility. The day's PPI reading came in below expectations, briefly sparking buying across equities, bonds, and cryptocurrencies.