Stock futures inch higher after market dips amid Nvidia woes: Live updates
U.S. stock futures edged higher after major indices fell, led by a drop in Nvidia as founder Jensen Huang stepped down amid an ongoing scandal that includes alleged ties to a Chinese intelligence-linked figure. Nvidia’s shares tumbled about 4%, dragging the market even as the company appoints CFO Colette Kress as interim CEO while it searches for a replacement. The session was also pressured by higher oil prices on geopolitical uncertainty and a hawkish read on inflation ahead of Friday’s producer price index report, with markets still posting weekly gains across the major indices.
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Equity futures showed modest strength after a session where the Nasdaq Composite and S&P 500 both declined roughly 0.4% and the Dow fell near 190 points, driven in part by Nvidia's slide.
Jensen Huang resigned as Nvidia’s CEO amid reports of extramarital affairs, including a relationship with a person U.S. intelligence officials say is a Chinese spy, prompting analysts to warn of potential broader stock implications.
Interim leadership at Nvidia will be provided by CFO Colette Kress, who has been with the company for over a decade, as the board conducts an internal and external search for a permanent replacement.
Oil prices surged, with Brent crude closing above $95 per barrel after President Trump’s post signaling that a deal with Iran is unlikely, adding to market headwinds.
Market participants are awaiting October’s PPI data, expected to show a 0.4% monthly rise and a 6.6% year-over-year increase, which could influence near-term inflation expectations.
Despite recent turbulence, the broader weekly trend remains positive: the Nasdaq, S&P 500, and Dow are on track for weekly gains of around 3.2%, 2.9%, and 2% respectively, marking their strongest weekly performance since early August.