Nvidia Slides as Huang Steps Down

Market close

Closing values as of 4:00 PM ET.

All three are still up for the week: the Nasdaq 3.2%, the S&P 500 2.9% and the Dow 2%.

The story: Nvidia without Jensen Huang

Before the open, Nvidia said Huang had resigned as president, CEO and board member, effective immediately. CFO Colette Kress is interim CEO and stays on as CFO while the board looks at inside and outside candidates. Harvey Jones, a former Synopsys CEO, becomes Nvidia’s first board chair. The board said it expects operations, customer commitments and the product roadmap to carry on without interruption, and earnings are still set for Tuesday, November 17.

The stock fell as much as 14% early, to $148.80, then won back most of that and closed at $166.19, down 4.3%. Broadcom and AMD rallied, and the S&P 500 briefly turned positive, reaching 7,652.76, before slipping back into the red in the afternoon. The PHLX Semiconductor Index (SOX) opened down almost 4% and closed down 0.5%.

AI borrowing is in focus too. Late Wednesday, CoreWeave was reported to be planning an investment-grade loan of at least $4 billion, led by Morgan Stanley and MUFG.

The exit also lands a week before Anthropic’s IPO. Nvidia has committed $10 billion to a $26 billion private placement that sits alongside the offering, per Anthropic’s November 10 amended filing. Anthropic plans to price on November 18 at $70 to $78 a share and start trading on the Nasdaq on November 19 under ANT, a fully diluted value of up to about $1.4 trillion. Neither company has said publicly whether Huang’s exit changes the commitment.

Sectors

Energy was the only one of the 11 S&P sectors that rose, up 1.43% as oil jumped. Materials were the weakest, down 1.31%, followed by communication services, down 0.95%, and industrials, down 0.91%. Technology fell 0.36%, in line with the S&P 500. Small caps lagged, with the Russell 2000 down 1.66%.

Rates and the Fed

• Treasury yields: in the first bond session since Veterans Day, the 10-year yield climbed back above 5%, to about 5.1% late in the day.
• 30-year auction: $25 billion sold at 5.441%, 0.4 basis points above where it traded just before the sale, with a bid-to-cover of 2.36 versus 2.54 last time. Demand was softer.
• Fed speakers: San Francisco Fed President Mary Daly said “my bias is that further tightening will be needed” but did not push for a bigger or faster move before the December 8-9 meeting, and called the rise in bond yields “most welcome.” Cleveland Fed President Beth Hammack, who dissented in favor of a hike in October, said “I don’t think we’re behind the curve today” and backed gradual hikes over sharper moves.
• Fed calendar: the Fed released a revised 2027 schedule. The October 2027 meeting becomes a strategy session with no rate decision, and the year’s last policy meeting moves to November 16-17, 2027. This December’s meeting (December 8-9) is unchanged.
• Rate pricing: at midday, markets priced an 88% chance of a quarter-point hike in December and a 12% chance of a half-point move.
• Economic data: existing-home sales fell 5.5% in October to a 3.75 million annual rate, which NAR said is the lowest since August 2010. Weekly jobless claims rose 9,000 to 200,000.

Other markets

• Oil: Brent settled near $96, up more than 3%, after President Trump said “We don’t need a deal with Iran.”
• Gold: fell about 3%, below $3,900, to its lowest level in more than a year.
• Dollar: the dollar index touched 103.08, its highest since April 2025.
• Yen: the yen weakened past 160 per dollar, a level seen as raising the risk of intervention by Japan.

Tomorrow

October producer prices (PPI) at 8:30 AM ET.