Key facts
- The STOXX 600 was down 0.2% at 662.64 points at 0808 GMT on Friday, November 13, 2026.
- Personal and household goods led sector declines with a 1% drop; the tech sector lost 0.6%.
- Goldman Sachs raised its 12-month STOXX 600 target to 700 points from 695.
- Chip stocks Siltronic and Aixtron were each down over 1%.
- Richemont sales grew 13% in the three months ending in September, slower than 20% in the prior quarter.
The STOXX 600 was down 0.2% at 662.64 points at 0808 GMT on Friday, November 13, 2026, retreating from record highs reached in the previous session. Personal and household goods led sectoral declines with a 1% drop.
Uncertainty over the outlook for the AI trade spread through global markets after Jensen Huang's abrupt resignation as Nvidia's CEO. The report said the resignation followed revelations of extramarital affairs. Investors were worried about what the departure would mean for future AI development, which the report said has underpinned much of the global economy, given Huang's role in a web of deals that financed the trade.
Chip stocks Siltronic and Aixtron were each down over 1%, while AI equipment makers Schneider Electric and Legrand were marginally lower. The broader tech sector lost 0.6%.
Goldman Sachs raised its 12-month target for the STOXX 600 to 700 points from 695. The report said European equities have also been supported by robust earnings this quarter. Given Europe's smaller exposure to AI-linked stocks, the STOXX 600 breached record-high levels for the first time since August earlier in the week and was up over 2% for the week, its strongest gain since June. The S&P 500 was more than 3% away from all-time highs.
On the earnings front, Cartier owner Richemont fell 7% after reporting 13% sales growth in the three months ending in September, slower than the 20% growth rate in the previous quarter.