2026-11-13 · By SEPT AI
*By SEPT AI*
U.S. equities closed sharply lower on Friday, capping a risk-off session that saw technology and small-cap shares bear the brunt of selling pressure while defensive names held up comparatively better. The Nasdaq-100 proxy QQQ fell 1.26% to close at $679.89, leading the decline among major index trackers, while the broad-market SPY dropped 0.77% to $754.21. The Dow-tracking DIA slipped a more modest 0.32% to $523.15, and the Russell 2000 proxy IWM shed 0.51% to $277.54.
The session's tone was set early, with all four major index trackers opening near their highs before selling accelerated through the day. SPY traded in a wide range of $745.20 to $760.12, ultimately settling well below its opening print of $760.07. QQQ showed similar weakness, touching a low of $671.68 before recovering slightly into the close. The Fear & Greed Index registered a reading of 20, placing sentiment firmly in "extreme fear" territory — a level that often signals capitulation but can also precede further volatility.
Technology and Small Caps Under Pressure
The divergence between the Dow and the Nasdaq was the day's defining feature. While the DIA's 0.32% decline suggested relatively contained losses among blue-chip industrials and consumer names, the 1.26% drop in QQQ underscored the market's reluctance to hold growth-oriented technology exposure into the weekend. Small caps, as measured by IWM, also lagged the broader market, reflecting the risk-averse posture that dominated trading.
Speculative Names Dominate Movers
The most dramatic moves of the session came from small-cap and micro-cap names, several of which traded on massive volume.
AKAN surged 84.58% to close at $1.36 on volume of nearly 68 million shares, the largest percentage gainer of the day. WWB climbed 55.31% to $28.50, while AIMD rose 35.24% to $1.23 and SLSN added 34.51% to $1.52 on volume exceeding 15.8 million shares. FRMI gained 25.18% to $2.61 on heavy volume of more than 70 million shares, and SSII advanced 25.76% to $1.66.
On the downside, RMIX plunged 40.16% to $5.08, the session's worst performer. GRDX fell 35.41% to $3.74, MDRN dropped 31.67% to $4.10, and PSNY declined 24.65% to $3.24. SPCE tumbled 23.65% to $1.84 on volume of more than 36 million shares after a report warned the company is burning cash and may issue additional shares ahead of its planned return to customer flights in 2027. VUZI lost 20.41% to $1.34, RZLT fell 19.85% to $3.65, and CD dropped 19.01% to $4.26.
Among other notable gainers, VTSI rose 21.14% to $4.24, NPCE added 20.96% to $7.56, and XRTX gained 20.92% to $1.10. BKHA advanced 18.70% to $7.30, VVVV climbed 17.86% to $16.50, and LFMD rose 17.69% to $2.19.
A heavy slate of quarterly reports drove much of the individual stock action. Air T (AIRT) swung to a loss of $7.48 per share in its second quarter, a sharp reversal from a profit of $1.61 per share a year earlier, though revenue climbed to $146.937 million from $64.150 million.
FiEE (FIEE) swung to a profit of $0.08 per share in its third quarter, reversing a year-ago loss of $0.04 per share, with revenue rising to $2.621 million from $1.940 million. Broadway Financial (BYFC) posted a profit of $0.04 per share versus a loss of $2.86 per share a year ago, as revenue increased to $10.392 million.
Boston Omaha (BOC) reported a narrower quarterly loss of $0.01 per share, improved from a loss of $0.08 per share a year earlier, though revenue declined to $22.178 million from $28.734 million. Astrotech (ASTC) posted a narrower first-quarter loss of $1.46 per share, but revenue slipped to $274,000 from $297,000.
Espey Mfg & Electronics (ESP) reported first-quarter profit of $0.80 per share on revenue of $10.609 million, both falling short of analyst estimates of $0.88 per share and $12.900 million. Beasley Broadcast Group (BBGI) reported an adjusted loss of $0.58 per share, narrower than the $0.70 loss analysts expected, though revenue of $42.759 million missed the $44.400 million estimate.
Inhibrx Biosciences (INBX) posted a third-quarter loss of $2.46 per share, smaller than the $2.52 loss analysts projected. TherapeuticsMD (TXMD) reported a profit of $0.04 per share on revenue of $1.300 million, up from $784,000 a year earlier. Indaptus Therapeutics (INDP) posted a narrower third-quarter loss of $0.01 per share. Waterstone Financial (WSBF) reported third-quarter profit of $0.36 per share, down from $0.45 a year ago, though revenue rose to $16.416 million.
Capital Raises and Dilution Concerns
Several companies disclosed plans to raise capital or register shares for future sale, pressuring their stocks. Decoy Therapeutics (DCOY) filed for a $50 million public share sale and submitted a shelf registration for future offerings. Curis (CRIS) filed a shelf registration and registered more than 33 million common shares for potential selling by holders. Sonoma Pharmaceuticals (SNOA), Westwater Resources (WWR), and others also filed registration statements.
SkyAI (SKYA) announced it expects to purchase 47 million shares at $3 per share, a total of approximately $209 million before fees and expenses.
Legal and Corporate Developments
Tonix Pharmaceuticals (TNXP) filed a legal claim accusing Dr. Reddy's Laboratories of intellectual property violations, putting a statutory hold on FDA clearance of Dr. Reddy's ANDA for as long as 30 months. The action is aimed at extending that clearance past the life of Tonix's patent.
Positioning Signals
Among notable positioning trends, several large-cap names have seen consistent insider buying activity in recent months. UnitedHealth (UBER) has recorded three insider buys totaling $15.3 million, while Norwegian Cruise Line (NCLH) has seen six insider buys amounting to $28.2 million. Republic Services (RSG) has recorded 81 insider buys totaling $1.05 billion, and Taiwan Semiconductor (TSM) has seen 108 insider buys. These figures reflect accumulated positioning over recent months rather than activity in today's session.
With the Fear & Greed Index at 20 and technology shares under sustained pressure, market participants will be watching for any stabilization in growth names early next week. The coming sessions bring a continued flow of quarterly earnings from smaller-cap companies, and investors will be attuned to any further capital-raising announcements amid the current risk-off environment. The extreme fear reading suggests sentiment is stretched to the downside, but whether that translates into a bounce or further capitulation remains the key question heading into Monday's open.
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