Wall St set to open lower after Nvidia rout, oil gains
SPY•U.S. stock index futures fell as Nvidia shares dropped 8.5% premarket amid reports of a possible CEO ouster, while oil prices rose. Dow, S&P 500 and Nasdaq 100 futures were down 0.33%, 0.67% and 1.22%, respectively.
1. Futures decline
Wall Street’s main indexes were set to open lower as investors weighed possible leadership changes at Nvidia and higher oil prices. Reports of a second extramarital affair involving longtime CEO Jensen Huang sent Nvidia shares down 8.5% in premarket trading. A portfolio manager said Huang’s exit could leave a vacuum at the top and that a successor would need to reassure the market about the company’s leadership and direction.
2. AI shares retreat
At 8:35 a.m. ET, Dow futures fell 0.33%, S&P 500 futures dropped 0.67% and Nasdaq 100 futures sank 1.22%. Nebius fell 16% after saying its 2026 revenue would be at the low end of its previous forecast, while CoreWeave lost about 10%. Intel, Marvell Technology and Micron fell between 2.7% and 3.5%; Apple gained 0.4%, while Advanced Micro Devices and Broadcom rose 1.6% and 1.1%.
3. Inflation and oil
Investors awaited Friday’s Producer Price Index after consumer prices rose more than expected last month. Brent crude futures rose 1.4% and U.S. West Texas Intermediate crude gained 1% after President Donald Trump said the United States did not need a deal with Iran. Traders saw a December Federal Reserve rate hike as certain, with about a 13% chance of a 50-basis-point increase. Separately, Strategy fell 6.4% premarket after MSCI said it would remove the company from its global indexes.
