Nvidia Leadership Concerns Weigh on Global Stocks: Global stocks retreated overnight as investors assessed the fallout from Nvidia’s leadership crisis. After rallying 3.5% yesterday, Nvidia fell almost 9% in after-hours trading following a New York Times report alleging a relationship between CEO Jensen Huang and Nvidia executive Kimberly Powell. Market odds of a resignation or removal being announced by tomorrow stand at 65%, rising to around 80% by year-end. Huang co-founded Nvidia in 1993 and remains deeply involved in its strategy, meaning his departure could remove an influential voice reassuring investors about AI demand. CFO Colette Kress has been named as a possible interim CEO, while Citi cut its target price for Nvidia by 21% to $225.
Technology Rally Reverses Overnight: CoreWeave surged 25% following an upbeat outlook, helping the Nasdaq gain 2.3% yesterday before reversing 1% overnight. S&P 500 futures fell 0.5%, eating into yesterday’s 1% gain. Japan’s Nikkei 225 declined 1.2%, while South Korea’s KOSPI fell 2%.
Oil Retreats on Russia-Ukraine Peace Hopes: Brent crude fell to around $92.90 a barrel overnight after approaching $95 yesterday, as hopes of progress in Russia-Ukraine peace talks weighed on prices. US envoys are due to meet President Putin in Moscow today after negotiators agreed in principle to a prisoner exchange, although significant differences over territory remain. Europe is pressing for a seat at the table, while Moscow is seeking broader discussions on European security.
Gold Falls as Rate Expectations Rise: The 30-year US Treasury yield slipped by two basis points to 5.33% as trading resumed following Veterans Day, while the 10-year yield remained steady. Gold extended Wednesday’s decline as hotter-than-expected US inflation and hawkish comments from Fed officials reinforced expectations that interest rates will remain elevated. Spot gold fell 2.5% to $3,965, while the dollar index rose 0.6% from yesterday and is up 1.2% this week.
UK Growth Accelerates in the Third Quarter: UK GDP grew 0.7% in the third quarter, matching expectations and accelerating from 0.5% in Q2. Monthly growth reached 0.2% in September, supported by the services sector, particularly IT and consultancy.
Economic Calendar
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US Initial Jobless Claims
Key Market Moves Today
- S&P 500 Futures: -0.49% (7,603)
- Crude Oil: +0.37% ($86.87)
- Spot Gold: -0.58% ($3,964)
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