Nvidia Slides & Treasuries Fall - Europe Market Wrap
The tech rebound stalled as investors weighed the fallout from Nvidia’s leadership crisis across the global AI supply chain. Nvidia fell 6.8% in premarket trading as its board discussed CEO Jensen Huang’s future following reports of multiple extramarital affairs, including one with a woman reportedly suspected of spying for China. Nasdaq 100 futures fell 0.8% after the index jumped 2.3% on Wednesday, while S&P 500 futures slipped 0.3%. South Korea’s Kospi fell 0.6% and Taiwan’s Taiex dropped 2.6%. European tech shares lagged as a rotation into consumer stocks lifted the Stoxx 600. Nvidia rivals AMD and Broadcom gained on bets they could take market share, while Samsung advanced in Seoul. Brent fluctuated around $92 a barrel as Middle East oil production rose, even as US-Iran tensions continued to threaten shipments through the Strait of Hormuz. The Dollar was little changed. Short-dated Treasuries fell as cash trading resumed after Veterans Day. Bonds had sold off on Tuesday after hawkish remarks from Fed Governor Waller, with traders fully pricing in a December rate hike and seeing another as likely in January. Traders are watching remarks from six Fed officials for clues on infla
The tech rebound stalled as investors weighed the fallout from Nvidia’s leadership crisis across the global AI supply chain. Nvidia fell 6.8% in premarket trading as its board discussed CEO Jensen Huang’s future following reports of multiple extramarital affairs, including one with a woman reportedly suspected of spying for China. Nasdaq 100 futures fell 0.8% after the index jumped 2.3% on Wednesday, while S&P 500 futures slipped 0.3%. South Korea’s Kospi fell 0.6% and Taiwan’s Taiex dropped 2.6%.
European tech shares lagged as a rotation into consumer stocks lifted the Stoxx 600. Nvidia rivals AMD and Broadcom gained on bets they could take market share, while Samsung advanced in Seoul. Brent fluctuated around $92 a barrel as Middle East oil production rose, even as US-Iran tensions continued to threaten shipments through the Strait of Hormuz. The Dollar was little changed.
Short-dated Treasuries fell as cash trading resumed after Veterans Day. Bonds had sold off on Tuesday after hawkish remarks from Fed Governor Waller, with traders fully pricing in a December rate hike and seeing another as likely in January. Traders are watching remarks from six Fed officials for clues on inflation and the path for rates.