Nasdaq Braces for PPI After Nvidia’s CEO Bombshell
By Damilola Esebame
AI summary of the source article
The Nasdaq Composite fell 0.39% on November 12 following the resignation of Nvidia CEO Jensen Huang. Markets also braced for the October Producer Price Index report ahead of the Federal Reserve's December meeting.
Why it matters
Nvidia was one of the Nasdaq Composite's heaviest-weighted components heading into November, meaning the slide has exerted downward pressure on the broader index over the past five weeks.
Key facts
- Nvidia CEO Jensen Huang resigned effective November 11, with CFO Colette Kress named interim CEO and Harvey C. Jones appointed Chair of the Board.
- Nvidia shares fell 4.34% to $166.19 on November 12, dragging the Nasdaq Composite down 0.39% to 25,366.09.
- Traders priced roughly 85% odds of a 25 basis point Federal Reserve rate hike at the December meeting ahead of the October PPI release.
Source excerpt · FinanceFeeds
Nasdaq Composite closed at 25,366.09 on November 12, shedding 100 points and falling 0.39%, after Nvidia dropped 4.34% on the resignation of founder and Chief Executive Officer Jensen Huang. October producer prices, due at 8:30 a.m. ET on November 13, arrived after a September Producer Price Index (PPI) print that came in more than double the consensus estimate. The index sits 8.1% below its Octob…