November 15 Market Report: U.S. Stocks Hold Steady Ahead of Nvidia Earnings
Major U.S. stocks closed essentially flat, fluctuating within a narrow range.
Looking at the closing prices of key global large-cap stocks as of November 13, 2026, Apple recorded 354.88, down 0.00% from the previous session, while Nvidia closed at 166.19, down 0.04%. It is hard to find any stock with a swing exceeding 1%. This is seen as the result of the market taking a wait-and-see stance ahead of Nvidia's earnings release this week and news related to AI investment.
Major Stock Movements: The Market in Numbers
| Stock | Price | Change | Market Cap | P/E |
|---|---|---|---|---|
| Apple | 354.88 | -0.00% | $5.16T | 39.5 |
| Nvidia | 166.19 | -0.04% | $4.01T | 21.0 |
| Microsoft | 523.00 | +0.00% | $3.88T | 27.3 |
| Alphabet (GOOGL) | 298.70 | +0.02% | $3.67T | 15.6 |
| Amazon | 267.44 | +0.00% | $2.89T | 21.6 |
| TSMC | 405.49 | -0.02% | $2.10T | 26.3 |
| Broadcom | 364.36 | +0.06% | $1.74T | 46.5 |
| Tesla | 397.45 | +0.02% | $1.57T | 436.8 |
| AMD | 585.30 | +0.06% | $0.96T | 125.1 |
| Micron | 798.44 | -0.02% | $0.90T | 10.7 |
On the upside, Broadcom and AMD each gained 0.06%, showing relative strength in semiconductor and AI-related stocks. AMD rose from 552.90 to 585.30 in real terms, a substantial gain. Nvidia, meanwhile, closed slightly lower, but as its P/E of 21.0 and EPS growth rate of 6,599.3% show, it still combines the lowest valuation burden among large-cap tech stocks with strong earnings momentum.
In market capitalization rankings, Apple led at $5.16 trillion, followed by Nvidia at $4.01 trillion, Microsoft at $3.88 trillion, and Alphabet at $3.67 trillion. Alphabet's P/E of 15.6 is the lowest among the top five stocks, standing in contrast to the domestic market, where undervaluation has been a point of controversy.
Sector Trends and the Valuation Gap
Even within the semiconductor sector, the temperature gap is clear. TSMC fell 0.02% and Micron slipped 0.02%, while AMD and Broadcom finished higher. Notably, Micron's P/E of 10.7 is the lowest among the stocks in the table. Tesla, by contrast, carries a P/E of 436.8 with an EPS growth rate of -4,709.0%, making it the stock with the greatest price burden relative to earnings.
Palantir also posted extreme figures, with a P/E of 120.8 and an EPS growth rate of 22,857.1%. Growth expectations are already priced in. Among consumer and healthcare stocks, Johnson & Johnson rose 0.01% and Eli Lilly fell 0.01%, with defensive names also mostly treading water.
Turning to the domestic market, President Lee Jae-myung said at a capital market policy roundtable held at the Korea Exchange on the 13th: "It is deeply irrational and abnormal that identical stocks are undervalued simply because they are listed on the Korean stock market." This was followed by directives to promote hostile M&A activity and to form a capital market reform body. It is read as a policy signal aimed at narrowing the valuation gap between global large-caps and the domestic market.
Investment Implications and Outlook
The direct cause of the wait-and-see posture is the upcoming Nvidia earnings release. As this will be the first results since Chief Business Officer Jensen Huang's departure, market demand for confirmation has grown. Given recent signs of dip-buying and a recovery in foreign investor flows, a semiconductor-led rebound is possible if earnings meet expectations.
From a valuation standpoint, names with P/E ratios in the 10–20 range—Micron, Nvidia, Alphabet, and JPMorgan (14.4x)—carry relatively less burden, while Tesla, Palantir, and AMD, all above 100x, face significant correction risk without earnings support. That said, the EPS growth figures in the table may be distorted over certain periods and should not be judged on a single metric.
In the short term, the flat trend is expected to continue until earnings set the direction. The domestic market could gain momentum for undervaluation to be resolved depending on the pace of implementation of capital market normalization policies, making follow-up measures a key variable going forward.
