US Futures Weighed Down by Nvidia
Futures tracking US equities were lower on Thursday, weighed down by a plunge in Nvidia as its board weighed firing CEO and co-founder Jensen Huang. Contracts for the S&P 500 fell 0.5% and the Nasdaq 100 fell 1%, while the Dow was flat. Nvidia was down 8% premarket after reports suggested the chipmaker's board was likely to oust the CEO. Nvidia has lost over 20% this month as Huang's involvement with a Megaspeed executive investigated for being a Chinese spy combined with concerns over a lower data center buildout following the Democratic Party victory in US midterm elections. AMD and Intel erased earlier gains to trade down 3%. Meanwhile, Nebius sank nearly 10% after posting its earnings results, erasing its gains from the last session following the earnings beat by CoreWeave. Still, other sectors offered some respite, rebounding slightly after the hot CPI reading on Tuesday supported bets on multiple Federal Reserve rate hikes in the current tightening cycle.
Futures tracking US equities were lower on Thursday, weighed down by a plunge in Nvidia as its board weighed firing CEO and co-founder Jensen Huang. Contracts for the S&P 500 fell 0.5% and the Nasdaq 100 fell 1%, while the Dow was flat. Nvidia was down 8% premarket after reports suggested the chipmaker's board was likely to oust the CEO. Nvidia has lost over 20% this month as Huang's involvement with a Megaspeed executive investigated for being a Chinese spy combined with concerns over a lower data center buildout following the Democratic Party victory in US midterm elections.
AMD and Intel erased earlier gains to trade down 3%. Meanwhile, Nebius sank nearly 10% after posting its earnings results, erasing its gains from the last session following the earnings beat by CoreWeave. Still, other sectors offered some respite, rebounding slightly after the hot CPI reading on Tuesday supported bets on multiple Federal Reserve rate hikes in the current tightening cycle.