Market Close: Stocks Mixed, Nvidia Down 12% This Week Amid Controversy, ANT IPO Coming • 11/13/26

0:00See NBC Business News Update. I'm Jessica Ettinger. Wall Street will open Monday morning after a mixed Friday for the major averages amid the NVIDIA scandal fallout and a wild week for stocks. AMD and Broadcom balanced out the NVIDIA losses. Let's start with the Dow. It was up 50 points on Friday. The S &P 500 index down 30 points. The Nasdaq was down 229, nine-tenths of a percent. Major averages all had a winning week, each up at least 2%. Positive for the week, and ESP's up a couple of percent week to date. It's still, though, in this really kind of soggy zone that we haven't been able to escape going back several months.

0:44Seasonally, positioning-wise, everything does suggest that you should have some kind of upside air pocket coming in here. Maybe it's going to be about getting up to and through the Anthropic IPO. that's going to be a little bit of a, you know, a clearing signal. That's CNBC's Mike Santoli. NVIDIA was down 12 % on the week. It lost nearly a third of its value since the high on October 6th. Investors may spend the weekend digesting the tremendous NVIDIA shock that saw the co-founder and CEO of 33 years, Jensen Wong, apologize to his family and staff for an extramarital affair that then grew into reports of numerous affairs.

1:23One that some believe was with a Chinese asset or spy. And finger-pointing in Washington over whether NVIDIA's advanced chips have been sold to companies that may have then spun them around to China. Here's a take from New Jersey Congressman Josh Gottheimer on CNBC who hopes to question Wong in the coming week. Three of the committees that have jurisdiction here asked Jempton to come testify. We've not heard officially. They threatened to issue subpoenas to get the information we need. And I think that's the key here. We have to really understand what went on here. You've got very advanced chips that we do not want to get in the hands of China, our top adversary here.

2:01NVIDIA's CFO, Colette Kress, is in the CEO role temporarily now. NVIDIA reports quarterly results this Tuesday. You know, this stock was one of the most widely held, most reliable. It's just such a stunning turn of events. It is a stunning turn of events, especially because the fundamentals are incredible. They're going to blow it away on Tuesday. and the valuation is trading at nine times fiscal 28 numbers. They're going to generate so much cash, but throw all of that out the window because the overhang from this whole saga is just going to dominate. That's Hightower's Stephanie Link and CNBC's Kelly Evans.

2:38President Trump meets with China's President Xi Jinping in the coming week amid the NVIDIA CEO fallout and questions surrounding whether NVIDIA chips were being funneled to China. Here's a take from Evercore ISI's Sarah Bianchi on CNBC. The China, U.S.-China meeting is next week. And while it will be polite and cordial, behind the scenes, there's a lot of questions. Congress is asking about escort controls. The Busan detente is already rather fragile. And I think this means 2027, the U.S.-China detente could be under a lot of stress. In the coming week, investors are also setting up for the highly anticipated Anthropic IPO, an initial public offering of shares by an AI pioneer.

3:22I hope it does very well. I think everyone involved in that transaction knows what a bellwether moment this will be. That's former National Economic Director and the first Trump administration, Gary Cohn, on CNBC. Anthropic will trade under the ticker symbol ANT. Shares are priced at the high end at about$78 a piece. And there are reports saying it's six times oversubscribed. The business of hockey is booming. The average NHL team now worth$2.7 billion, up more than 20 % from last year in a CNBC analysis. Here's CNBC's Mike Ozanian. There's a lust for all sports teams in any league. Limited supply, real content that people want to see in real time.

4:09With the NHL, you have very strong TV ratings. You have several teams that have gotten or going to get new arenas with the economics are a lot more lucrative. The Toronto Maple Leafs team is the league's most valuable, worth a whopping$5.7 billion. You can see the full list at CNBC.com. On the coming week's watch list, in addition to NVIDIA earnings and Anthropics IPO, Major retailers are set to share some quarterly results like Home Depot and Lowe's, Target and Walmart. And Grand Theft Auto 6, the video game, is set to be released on Thursday following years of delays. Jessica Edinger, CNBC. Building a portfolio with Fidelity Basket portfolios is kind of like making a sandwich.

4:55It's as simple as picking your stocks and ETFs, sort of like your meats and other topics, and managing it as one big juicy investment. Now that's pretty good. Learn more at fidelity.com slash baskets. Investing involves risk, including risk of loss. Fidelity Brokers Services, LLC. Member NYSC SIPC.