Nvidia shares fell 8.6% after reports of a potential CEO ouster, offsetting a 1.31% S&P 500 rally driven by CoreWeave's 24.71% earnings jump and a 5.66% surge in the Philly Semiconductor Index.
A WSJ report that Nvidia's board is planning to oust CEO Jensen Huang sent the stock down 8.6% in after-hours trading on Nov 11, following days of stories around him. Leadership uncertainty at one of the largest companies in the world typically pressures the share price while the situation is unresolved.
CoreWeave's upbeat earnings drove a +24.71% jump and triggered a broader rally in AI-linked and semiconductor names over the last 24 hours. Strong results from a high-profile AI infrastructure company directly revalue the stock and lift sentiment for peers.
The Nasdaq climbed +1.6% on CoreWeave's earnings, but the after-hours report on ousting Nvidia's CEO pushed Nasdaq futures -1.09% lower this morning. Because Nvidia is a heavyweight in the index, the leadership drama offsets Tuesday's tech gains at least near term.
The S&P 500 rose +1.31% back above its pre-midterm levels, helped by the Philly Semiconductor Index's +5.66% surge, but the Nvidia after-hours report pushed S&P futures -0.45% lower. The negative drag is modest because the index is broader than the tech sector.
The DAX rose +1.20% to a fresh record alongside the STOXX 600's +0.72% gain. That is a completed move rather than new forward catalysts, though the negative US tech after-hours tone could temper European risk appetite at today's open.
US equities faced high volatility as a 1.31% gain in the S&P 500 was tempered by after-hours news regarding Nvidia. A Wall Street Journal report that the board plans to oust CEO Jensen Huang sent Nvidia shares down 8.6%, dragging Nasdaq futures 1.09% lower this morning. This follows a strong session where CoreWeave earnings fueled a 24.71% rally in its stock and lifted the broader semiconductor sector.
The Wall Street Journal reported that Nvidia's board is planning to replace CEO Jensen Huang, and the stock fell 8.6% in after-hours trading on that news.
No. The article describes a board plan reported by the WSJ, not an official announcement from Nvidia.
Upbeat earnings: the stock jumped +24.71% and helped trigger a sharp rally in tech and chip stocks.
It gained +1.6% during the session on strong tech earnings, but Nasdaq futures fell -1.09% after Nvidia's stock dropped 8.6% in after-hours trading.
It closed +1.31% higher, above pre-midterm levels, though futures are -0.45% lower after the Nvidia news.