Wall St slides as Nvidia overhang weighs on tech
SPY•US stocks fell, with the Nasdaq down 1.74%, the S&P 500 down 1.01% and the Dow down 0.23% late Friday morning. Nvidia dropped 4.3% as its leadership turmoil weighed on technology shares, while October producer prices rose 6.5% year over year.
1. Technology stocks fall
Major US indexes declined Friday as concerns about Nvidia reignited a selloff in technology shares. Nvidia fell 4.3% and was on track for its longest run of weekly losses since October 2012, following CEO Jensen Huang’s resignation after scrutiny of his relationship with a businesswoman suspected by the US of spying for Beijing.
2. AI shares under pressure
The Philadelphia semiconductor index fell 6%, with Advanced Micro Devices down 10% and Broadcom down 7%. CoreWeave and Nebius each lost 10%, while IREN, Applied Digital and Core Scientific fell between 3% and 9%. Microsoft slipped 0.4% after an Outlook and Teams outage lasting more than 12 hours.
3. Inflation remains a concern
October producer prices rose 6.5% from a year earlier, the largest annual increase since November 2022, despite coming in slightly softer than expected. At 11:23 a.m. ET, the Dow was down 122.12 points to 52,174.97, the S&P 500 fell 76.88 points to 7,515.49, and the Nasdaq dropped 441.78 points to 24,923.79.
