Nvidia shares fell as much as 10 percent after hours on reports that its board is weighing CEO Jensen Huang's future, and S&P 500 futures slipped as a result. The index had closed Wednesday at 7,619, up 1.3 percent, so this is a pullback from a strong day.
Prices as of 06:30 UTC.
- Nvidia is the biggest stock in the AI trade, so a leadership scare hits the whole Nasdaq, not just one name.
- Gold is back under $4,000 because yields and the dollar are firm after Tuesday's hot inflation data.
- Oil is lower on hopes of peace talks and a large US stock build reported by the API.
Stocks: Nvidia Leadership Scare Hits Futures
CNN and Al Jazeera reported that Nvidia's board is meeting to discuss Huang's future after press reports about his conduct. Bernstein cut the stock to Market Perform, and Nvidia reports earnings on November 17.
Nasdaq 100 futures were down about 0.9 percent in early trading, while S&P 500 futures lost roughly 0.4 percent and Dow futures held up. Wednesday had been strong, with the Nasdaq 100 up 2.3 percent before the news broke.
Asia was calm by comparison. South Korea's Kospi rose 0.2 percent and Singapore added 0.6 percent.
Scenarios to watch: a hold above Wednesday's close near 7,619 would show the market is shrugging this off, while a slide below Tuesday's close near 7,521 would extend the pullback.
- The report is unconfirmed by Nvidia, so headlines can move futures either way.
- Chip and AI names are most exposed if the story escalates.
- Cisco and Applied Materials report after the US close and will test the AI trade further.
Rates: Long Yields Sit Near 5 Percent
The 10-year Treasury yield is holding around 4.99 percent after Tuesday's CPI, which showed headline inflation up 0.4 percent and core up 0.3 percent. Markets are pricing more Fed hikes, which supports the dollar.
Long yields matter for housing and growth stocks. Existing home sales at 15:00 UTC will show how mortgage rates near 7.3 percent are biting.
- A 10-year yield at 5 percent is a level traders have watched closely this year.
- Fed speakers Hammack, Goolsbee, Daly and Williams appear through the day, starting at 14:00 UTC.
Gold: Back Under $4,000
Gold trades near $3,975, down about 2.6 percent from Tuesday, as higher yields make a zero-yield metal less attractive.
Scenarios to watch: a daily close back above $4,000 would show buyers stepping in, while a drop under last week's low near $3,880 would weaken the structure.
- Gold is moving against yields, not with fear.
- Jobless claims at 13:30 UTC could shift rate expectations.
Oil: Peace Hopes Weigh
WTI is near $85.60, down 1.1 percent, as hopes of diplomatic progress on the Iran and Ukraine wars ease supply fears. Brent is below $92, far under its recent highs.
The API reported a 9 million barrel build in US crude stocks. Official EIA data is delayed to 17:00 UTC today because of Veterans Day.
Scenarios to watch: an official build matching the API would support the drop, while a draw could lift oil back toward $90.
- Headlines on peace talks now drive oil more than inventories.
- EIA data lands at 17:00 UTC.
Crypto: Bitcoin Steadies Below Its 50-Week Average
Bitcoin is near $73,500, up 1.0 percent on the day but down about 11 percent over a month. TradingView notes it recently lost its 50-week average near $76,100. Ether is flat near $2,049.
US spot Bitcoin ETFs saw about $1.28 billion of outflows last week, which shows demand has cooled.
Scenarios to watch: a recovery above $75,000 would improve the picture, while a move under the recent lows would keep pressure on.
- Bitcoin is following the Nasdaq, so the Nvidia story matters here too.
- ETF outflows are the main flow signal to track.
What's Next: Today's Calendar
- 07:00 UTC: UK GDP for the third quarter, expected near 0.5 percent.
- 13:30 UTC: US initial jobless claims, expected near 195K.
- 14:00 UTC: Fed's Hammack speaks, with Goolsbee, Daly and Williams later.
- 15:00 UTC: US existing home sales, expected near 3.94 million.
- 17:00 UTC: EIA crude inventories, delayed from Wednesday.
- 21:00 UTC: Cisco and Applied Materials earnings after the US close.
- Nvidia headlines are the main wildcard for stocks and crypto.
- Weak claims could ease rate fears, while strong claims keep gold and tech under pressure.
This is market commentary for information only, not investment advice. ThriveInMarkets is based in Cyprus. Markets carry risk of loss.