S&P 500 Slips as Chipmaker Weakness Overshadows Inflation Data — US Market Wrap
Another selloff in chipmakers weighed on stocks, overshadowing inflation data that helped alleviate concerns about a large Federal Reserve rate increase. A gauge of chip giants fell 3.4%, with Nvidia hit by concerns about its future following Jensen Huang's dismissal. Its shares fell 13% this week, the most since April 2025. The Nasdaq 100 fell 1.2% Friday. Despite gains in the majority of its companies, the S&P 500 was dragged down by technology weakness. Short-term Treasuries outperformed. Bitcoin dropped below $70,000. Nvidia's leadership turmoil has reverberated throughout the technology sector, whipsawing industry titans. Dip buyers' hesitancy reflects concern about the artificial-intelligence trade ahead of the chipmaker's results on Tuesday. Nvidia denied that it is already meeting with potential CEO candidates, saying it is still in the process of selecting a firm to find Huang's successor. The statement follows the Financial Times' report that the board had approached Arm Holdings CEO Rene Haas about the position. Traders also analyzed inflation data for clues about the Fed's December rate decision. In October, the producer price index increased at the fastest rate since 2
Another selloff in chipmakers weighed on stocks, overshadowing inflation data that helped alleviate concerns about a large Federal Reserve rate increase. A gauge of chip giants fell 3.4%, with Nvidia hit by concerns about its future following Jensen Huang's dismissal. Its shares fell 13% this week, the most since April 2025. The Nasdaq 100 fell 1.2% Friday.
Despite gains in the majority of its companies, the S&P 500 was dragged down by technology weakness. Short-term Treasuries outperformed. Bitcoin dropped below $70,000. Nvidia's leadership turmoil has reverberated throughout the technology sector, whipsawing industry titans.
Dip buyers' hesitancy reflects concern about the artificial-intelligence trade ahead of the chipmaker's results on Tuesday. Nvidia denied that it is already meeting with potential CEO candidates, saying it is still in the process of selecting a firm to find Huang's successor. The statement follows the Financial Times' report that the board had approached Arm Holdings CEO Rene Haas about the position. Traders also analyzed inflation data for clues about the Fed's December rate decision.
In October, the producer price index increased at the fastest rate since 2022, but the data fell slightly short of expectations.