Markets whiplashed as Jensen Huang quits Nvidia
Nvidia lost $300 billion in market value after the board ousted Jensen Huang over alleged extramarital affairs involving a suspected Chinese spy, financial analysts reported.
- U.S. stocks posted their best week since August, with the Dow, S&P 500, and Nasdaq tracking strong weekly gains despite a late-week tech sell-off triggered by NVIDIA CEO Jensen Huang's abrupt resignation on Thursday.
- The board appointed Chief Financial Officer Colette Kress as interim CEO after Huang resigned amid reported extramarital affairs, including a relationship with a woman U.S. intelligence officials believe is a Chinese spy.
- A 10-year Treasury yield above 5% and inflation data challenged market momentum; Headline CPI rose 0.4% from September, exceeding the 0.3% expectation and fueling Federal Reserve rate-hike concerns.
- Oil prices surged after President Donald Trump wrote, "We don't need a deal with Iran," stocking fears of prolonged conflict while small-cap stocks faced pressure as the Russell 2000 fell 1.66 percent on Thursday.
- Chief investment officer Michael Landsberg of Landsberg Bennett Private Wealth Management cited "big questions" about NVIDIA's innovation under interim CEO Kress, expecting the stock to remain pressured pending permanent leadership clarity.
165 Articles
165 Articles
S&P 500, Nasdaq end lower amid Nvidia uncertainty
NEW YORK — The S&P 500 and Nasdaq closed lower on Friday, as concerns about Nvidia pressured technology shares, while a reading on inflation failed to alter expectations for more rate hikes from the Federal Reserve.
The New York Stock Exchange closed down yesterday, burdened by the disinterest of investors in semiconductors, essential in the artificial intelligence sector (AI), at the end of a week marked by the Nvidia scandal, whose shares accumulate a loss of 1.5 to 1.8 billion dollars since its peak recorded on October 6.
Wall Street Review: Stocks Log Weekly Gains Despite Nvidia Concerns, Rising Bond Yields
U.S. stocks posted their best week since August as strong results from CoreWeave rekindled investor interest in AI shares, offsetting a late-week tech sell-off triggered by Nvidia CEO Jensen Huang’s abrupt resignation. The S&P 500 rose 2.51 percent for the week to 7,561, outpacing the other major indexes. The Nasdaq Composite gained 2.27 percent to 25,136, and the Dow Jones Industrial Average advanced 2.07 percent to 52,347. The small-cap Russel…
New pressures on indices on Friday, with Nvidia dragging down tech stocks and the Nasdaq, overshadowing relief from softer US producer inflation data
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