S&P 500, Nasdaq end lower as Nvidia uncertainty weighs on tech shares
SPY•SPY•SPY•SPY•The S&P 500 fell 0.4% and the Nasdaq lost 0.91% on Friday as Nvidia uncertainty weighed on technology shares. The Dow rose 0.1%, while October producer prices rose 6.5% year over year.
The S&P 500 and Nasdaq closed lower on Friday as Nvidia shares fell 2%, extending their losing streak to six weeks, the longest since October 2012. The Philadelphia Semiconductor Index dropped 3.4%; AMD fell 8.8% and Broadcom declined 4.8%.
The Dow rose 0.1%, the S&P 500 fell 0.4% and the Nasdaq lost 0.91%. All three indexes posted weekly gains, with the S&P 500 up 2.51%, the Nasdaq up 2.27% and the Dow up 2.07%. October producer prices rose 6.5% year over year, the largest annual gain since November 2022.
The article linked pressure on Nvidia and other technology shares to uncertainty about the company's leadership and the future of the AI trade. The Financial Times reported that Nvidia's board had approached Arm CEO Rene Haas as a potential successor to Jensen Huang.
