Nvidia shares fell over 8% after reports of a board meeting to decide the fate of CEO Jensen Huang, dragging US futures lower and overshadowing upcoming UK GDP and Swedish inflation data.
Nvidia's board meets Thursday morning to decide whether to oust CEO Jensen Huang after reports of an affair with a suspected Chinese spy and a second affair with VP Kimberly Powell. The shares already dropped over 8% in after-hours trading, and this leadership uncertainty hits the market's most influential stock. The outcome of the board meeting will drive the next move.
Nvidia is a heavyweight component of the Nasdaq, and its near-9% after-hours drop leaves US futures in the red this morning after Asia traded mixed. This reverses yesterday's strong session when the Nasdaq rose 1.6%. The magnitude of the spillover depends on how the Nvidia situation develops.
September and Q3 UK GDP are released today after an economy that has outperformed: GDP grew 0.4% m/m in July and 0.1% in August, retail sales rose 0.7% q/q in Q3 and PMIs point to moderate expansion. Data confirming another solid quarter would support sterling, though the release is a forecast event with two-sided risk.
Sweden's final October inflation print is released today after the flash reading delivered a substantial downside surprise, with service prices falling 0.3% m/m and recreation and culture down 2.4%. Softer services inflation strengthens the case for monetary easing, which weighs on the krona, though the full details could show the drop is just volatile travel prices.
Nvidia shares dropped over 8% in after-hours trading as the board prepares to meet Thursday to discuss the potential ouster of CEO Jensen Huang. The move follows reports of an affair with a suspected Chinese spy and a second relationship with VP Kimberly Powell. This leadership uncertainty has pressured US futures, reversing yesterday's gains where the Nasdaq rose 1.6%.
Reports that its board meets Thursday to decide whether to remove CEO Jensen Huang over an affair with a suspected Chinese spy, plus a second reported affair, sent the shares down over 8% after hours.
Yes, if the board decides to keep Huang or the reports are contained, the selloff pressure could ease; the article does not state the outcome in advance.
Nvidia's after-hours drop of almost 9% pushed US index futures into the red this morning, so the tech-heavy index is set to open weaker.
UK GDP data for September and the third quarter are due, following stronger-than-expected growth in July and August.
The final October inflation figures with all subcomponents, following a flash print that surprised substantially to the downside on services prices.