Why it matters
- The PHLX Semiconductor index rose 8.05% and the Nikkei 225 6.46% in the week to Friday, Nov. 13, recovering part of the previous week's chip rout, Yahoo Finance data show. The S&P 500 gained 2.51%.
- Treasury yields jumped. The 2-year rose 0.37 point to 4.88%, its biggest Friday-to-Friday rise this year, and the 10-year 0.29 point to 5.15%, Treasury data show.
- Higher yields and a stronger dollar weighed on gold, down 4.65%, and bitcoin, down 9.84%. The STOXX Europe 600 ended at a record close of 664.14.
Analysis: this piece includes our interpretation of the facts reported.
Chip stocks and Japanese shares bounced in the week to Friday, Nov. 13, while bond yields jumped after hot U.S. inflation data. The PHLX Semiconductor index rose 8.05% and the Nikkei 225 6.46% from their Friday, Nov. 6 closes, Yahoo Finance data show. The 2-year Treasury yield rose 0.37 point to 4.88%, its biggest Friday-to-Friday increase this year, Treasury data show.
Bitcoin and gold were the big losers. Bitcoin fell 9.84% to about $68,296 and December gold futures 4.65% to about $3,885.
How did global markets move this week?
| Market | Nov. 6 close | Nov. 13 close | Change |
|---|---|---|---|
| S&P 500 | 7,376.86 | 7,561.67 | +2.51% |
| Dow Jones | 51,285.73 | 52,347.55 | +2.07% |
| Nasdaq Composite | 24,579.43 | 25,136.27 | +2.27% |
| Russell 2000 | 2,754.11 | 2,790.49 | +1.32% |
| PHLX Semiconductor | 9,390.25 | 10,146.32 | +8.05% |
| VIX | 25.64 | 19.30 | −24.7% |
| STOXX Europe 600 | 648.33 | 664.14 | +2.44% |
| Nikkei 225 (Japan) | 57,434.77 | 61,142.35 | +6.46% |
| Kospi (South Korea) | 5,059.69 | 5,290.53 | +4.56% |
| Hang Seng (Hong Kong) | 24,481.86 | 23,637.60 | −3.45% |
| Shanghai Composite | 3,649.18 | 3,634.35 | −0.41% |
| U.S. 2-year yield | 4.51% | 4.88% | +0.37 pt |
| U.S. 10-year yield | 4.86% | 5.15% | +0.29 pt |
| U.S. 30-year yield | 5.26% | 5.47% | +0.21 pt |
| Dollar index (DXY) | 102.29 (approx.) | 103.43 (approx.) | +1.11% |
| EUR/USD | 1.1142 (approx.) | 1.1025 (approx.) | −1.05% |
| USD/JPY | 158.53 (approx.) | 159.70 (approx.) | +0.74% |
| Brent, January ($/barrel) | 98.32 | 95.84 | −2.52% |
| WTI, December ($/barrel) | 90.83 | 88.56 | −2.50% |
| Gold, December ($/ounce) | 4,074.90 | 3,885.30 (approx.) | −4.65% |
| Bitcoin ($) | 75,747 | 68,296 (approx.) | −9.84% |
Sources: Yahoo Finance daily closes; Treasury yields are U.S. Treasury Department par yields; Brent and WTI figures are settlements reported by Bloomberg via Rigzone (Nov. 6) and Rigzone (Nov. 13). Approximate figures are late-Friday levels, around 21:50 GMT. Bitcoin's Nov. 6 figure is the close at midnight UTC. The bond market was closed Wednesday, Nov. 11, for Veterans Day. Changes are Global Terminal calculations.
What drove bond yields higher?
Two hot inflation reports. U.S. consumer prices rose 0.4% in October, and on Friday the Bureau of Labor Statistics said producer prices for final demand rose 0.3% in October and 6.5% over 12 months, the largest 12-month rise since November 2022. Most of the yield rise came in real, inflation-adjusted yields: the 10-year TIPS yield rose 0.28 point to 2.91%, Treasury data show, as our analyses of the 2-year yield's jump and gold's slide showed.
Which markets gained this week?
Chips and Japan, after a brutal prior week. The chip index is still well below its June record, as we showed in our drawdown analysis. Nvidia fell 12.75% for the week after Jensen Huang resigned as CEO, with CFO Colette Kress named interim CEO, according to the company. Nvidia reports third-quarter results on Tuesday, Nov. 17.
Europe kept climbing. The STOXX Europe 600 closed at 664.14, its third straight record close in five years of Yahoo data, after records on Nov. 11 and Nov. 12; see our STOXX 600 analysis.
What fell?
Oil slipped for a second week, and Rigzone said the International Energy Agency expects a surplus this quarter for the first time since the war began. Bitcoin and gold fell as the dollar rose. Track live levels on our world markets page.
Sources
- Bureau of Labor Statistics, Consumer Price Index — October 2026 (Nov. 10, 2026)
- Bureau of Labor Statistics, Producer Price Index — October 2026 (Nov. 13, 2026)
- Rigzone, Crude Fluctuates as Iran Tensions Persist (Nov. 13, 2026)
- Bloomberg via Rigzone, Oil Posts Biggest Weekly Drop Since 2022 (Nov. 6, 2026)
- NVIDIA, NVIDIA Announces CEO Transition and NVIDIA Sets Conference Call for Third-Quarter Financial Results
- U.S. Treasury Department, Daily Treasury par yield curve rates, 2026 and real yield curve rates, 2026
- Yahoo Finance chart data: S&P 500, Dow, Nasdaq Composite, Russell 2000, PHLX Semiconductor, VIX, STOXX Europe 600, Nikkei 225, Kospi, Hang Seng, Shanghai Composite, dollar index, EUR/USD, USD/JPY, gold, bitcoin and Nvidia