US stocks fell on Thursday as investors reacted to Nvidia CEO Jensen Huang's resignation, but the S&P 500 remained less than 3% below its record high. Nvidia shares dropped 4.3%, while oil rose 3% and US bond yields climbed as much as 17 basis points at the short end.
US stocks fell on Thursday as investors digested Jensen Huang's resignation from Nvidia following reports of extramarital affairs, including one with an alleged Chinese spy. The Nasdaq, S&P 500 and Dow each fell 0.4%, while the Russell 2000 dropped 1.6%. The S&P 500 was less than 3% below its record high.
Nvidia fell 4.3% on Thursday, bringing its decline for the week to 11% and its drop from the October 6 peak to more than 30%, equivalent to $1.8 trillion in market value over five weeks. The shares were on track for a sixth consecutive weekly decline, their longest losing streak since 2012, and several brokers had cut price targets and recommendations that week.
Nine S&P 500 sectors fell and two rose; materials declined 1.5% and energy gained 1.5%. US yields rose by as much as 17 basis points at the short end, oil gained 3%, and gold fell 3% to $3,853 an ounce.
