Global Markets:
● Asian Stock Markets : Nikkei up 0.86%, Shanghai Composite up 0.22% Hang Seng down 0.99% ASX down 0.65%
● Commodities : Gold at $3,918.40 (0.86%) Silver at $50.255 (0.38%), Brent Oil at 95.71 (-0.11%), WTI Oil at 88.40 (-0.38%)
● Rates : US 10-year yield at 5.129, UK 10-year yield at 5.3085, Germany 10-year yield at 3.3256
News & Data:
● (USD) Unemployment Claims 200K to 197K expected
Markets Update:
U.S. stocks closed lower on Thursday as investors assessed Nvidia’s leadership shake-up and escalating tensions in the Middle East.
The Nasdaq Composite fell 0.39% to 25,366.09, while the Dow Jones Industrial Average declined 189.40 points, or 0.36%, to 52,297.09. The S&P 500 lost 0.35%, finishing at 7,592.40.
Nvidia shares dropped more than 4%, touching a 52-week low after the company announced CEO Jensen Huang’s departure and appointed CFO Colette Kress as interim chief executive. The stock had fallen by double digits earlier in the session before recovering some losses.
Investors shifted toward Nvidia competitors, with Advanced Micro Devices and Broadcom gaining more than 5% each. Alphabet also advanced nearly 2%.
Argent Capital Management portfolio manager Jed Ellerbroek said the leadership change could create opportunities for companies developing alternative AI chips, including AMD, Google, Amazon and Broadcom. He added that demand for AI chips remains strong despite uncertainty surrounding Nvidia.
Meanwhile, geopolitical concerns added pressure to market sentiment. Oil prices climbed after President Donald Trump indicated that the United States no longer needed a deal with Iran.
West Texas Intermediate crude rose 2.55% to settle at $88.74 per barrel, while Brent crude gained 3.3% to close at $95.82, raising concerns about energy costs and broader market volatility.
Upcoming Events:
● 1:30 PM GMT – USD Core PPI m/m
Risk Warning: Trading in securities involves significant risk. Prices may fluctuate and securities can become entirely valueless. You may incur losses that exceed your potential profits, and in some cases, losses may exceed the amount you have deposited. Securities, futures, options, and contracts for differences are complex financial instruments and are not suitable for all investors. Engaging in such transactions requires a sound understanding of the associated risks. Please read and ensure you fully understand our Risk Disclosure.
Our leverage is dynamic and may change at any time. Such changes may affect your positions and margin requirements. You are responsible for monitoring your positions and maintaining sufficient margin at all times.
The post Nasdaq Slips as Nvidia CEO Departure Rattles Markets | 13 November | IC first appeared on IC Your Trading Edge | Official Blog.