Sharp swings for Nvidia and oil prices weigh on Wall Street
- On Thursday, Nvidia CEO and co-founder Jensen Huang resigned following a board investigation into his relationship with a woman suspected of being a Chinese government agent, causing the stock to drop 9.7%.
- The chip company's stock has been sinking since the investigation was announced, reflecting uncertainty surrounding the firm that had become Wall Street's most valuable and influential stock.
- While Nvidia struggled, rival chip companies Broadcom and Advanced Micro Devices rose 5.3% and 5.8% respectively on hopes for a competitive advantage, though CoreWeave fell 6.4% amid the market uncertainty.
- Markets also faced pressure Thursday after President Donald Trump said he is no longer interested in a deal with Iran, sending Brent crude oil prices from about $92 to more than $94.
- Nvidia named Chief Financial Officer Colette Kress as interim CEO to navigate the transition; despite the volatility, the broader U.S. market appeared to be absorbing the swings.
23 Articles
23 Articles
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Wall Street steadies after absorbing big swings for Nvidia's stock and oil prices
Big swings for Nvidia’s stock and oil prices hit Wall Street, but the U.S. market appears to be absorbing them. After falling nearly 1% at the start of Thursday's trading, the S&P 500 quickly erased all of the loss and…
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The iShares Semiconductor ETF (SOXX) climbed 6% at close and the VanEck Semiconductor ETF (SMH) gained nearly 5% as traders repositioned around Nvidia Corp. (NASDAQ: NVDA)’s leadership upheaval. Reports that Nvidia’s board is actively exploring the replacement of CEO Jensen Huang, following an infidelity incident involving a company executive, sent the chipmaker’s shares down more […]
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