Futures tied to the main U.S. stock indices pointed mostly lower early on Friday, November 13, with Nasdaq 100 futures leading the declines, Investing.com reported. As of 00:56 ET, S&P 500 futures were down 0.1% at 7,607.50 and Nasdaq 100 futures were down 0.37% at 29,280.25, while Dow Jones futures were up 0.02% at 52,399.0.
Despite the dip, Investing.com said the S&P 500 and the Nasdaq Composite were on track to gain about 3% on the week, after four straight weekly losses.
Chip stocks were in focus. Investing.com reported that Nvidia CEO Jensen Huang stepped down on Thursday, with CFO Colette Kress serving as interim CEO while the board searches for a permanent successor. Nvidia shares fell more than 4% in the regular session and about 2% after hours, while AMD and Broadcom each rose more than 5% on expectations they could gain market share. In its Thursday morning briefing, Investing.com added that Alibaba fell more than 6% in Hong Kong; it rented Nvidia chips through Megaspeed, whose founder was reportedly linked to the allegations around Huang.
Rate worries also weighed. Investing.com said anxiety over higher interest rates hit Wall Street after October consumer inflation came in stronger than expected, and that markets broadly expect the Federal Reserve to raise rates in December. October producer price index data due Friday is likely to shape those bets, it said, and several Fed officials were scheduled to speak the same day.
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Sources:
Investing.com: U.S. stock futures rise after Nvidia CEO exit spooks Wall St
Investing.com: Nvidia said to be preparing Huang ouster; Alibaba slumps – what’s moving markets
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