Wall St reverses early gains as Nvidia fallout rattles tech stocks
SPY•SPY•SPY•SPY•Major US indexes fell on Friday, with the Dow down 0.41%, the S&P 500 down 0.93% and the Nasdaq down 1.42% at 10:16 a.m. ET. Nvidia’s 3.3% drop and declines across technology shares weighed on markets, while October producer prices were slightly softer than expected.
The major US stock indexes fell as investors weighed the potential ripple effects of Nvidia CEO Jensen Huang’s exit. Nvidia shares slipped 3.3%, while the Philadelphia semiconductor index fell 5%; AMD dropped 9.4% and Broadcom fell 5.8%. The tech sector also weighed on the S&P 500.
October producer prices were slightly softer than expected. Traders were fully pricing in an interest-rate hike next month, while the odds of a 50-basis-point increase stood around 7%. Microsoft fell 0.6% after an outage of Outlook and Teams lasting more than 12 hours; Apple and Meta rose more than 1% each.
