From Kiplinger · · 1m 30s
Nasdaq Drops Friday on Nvidia Fallout
Nvidia's CEO resignation sparks Nasdaq slide but weekly gains hold.
In brief
Nvidia's CEO resignation sparks Nasdaq slide but weekly gains hold. Nvidia shares fell 2% Friday after CEO Jensen Huang resigned amid allegations of an extramarital affair with a Chinese spy-linked executive, causing Nasdaq to drop 0.9% but end the week up. Originally reported by Kiplinger.
Stock Market Opens Mixed
Stocks opened higher Friday after mixed inflation data but turned lower on continued weakness in tech stocks.
Nasdaq Drops 0.9% Friday
The tech-heavy Nasdaq Composite closed down 0.9% at 25,136 while the S&P 500 fell 0.4% at 7,561.
PPI Rises 0.3% Month Over Month
The Producer Price Index rose 0.3% from September to October, lower than economists' 0.4% forecast.
PPI Annual Rate Hits 6.5%
Core PPI rose 0.3% month over month with an annual rate of 5% the highest since January 2023.
Nvidia CEO Resigns
Nvidia shares fell 2% Friday after Jensen Huang resigned amid allegations of an extramarital affair with a Chinese spy-linked executive.
Nvidia Earnings Report Next Week
Nvidia's first earnings report without Jensen Huang at the helm is scheduled for release after Tuesday's close.
Cisco Plunges 6.2%
Cisco Systems dropped 6.2% despite a beat-and-raise quarter, making it the worst S&P 500 stock Friday.
Anthropic IPO Approaches
Anthropic will price its IPO Wednesday evening and begin trading on Nasdaq under the ticker ANT Thursday.
Federal Reserve Rate Hike Odds Rise
Futures traders now price a 90% probability of a 0.25 percentage point rate hike by the Federal Reserve in December.
What it means
Nvidia shares fell 2% Friday after CEO Jensen Huang resigned amid allegations of an extramarital affair with a Chinese spy-linked executive, causing Nasdaq to drop 0.9% but end the week up.
