Dow, S&P 500, Nasdaq Futures Mixed As Tech Rebounds Despite Nvidia CEO Crisis: AMD, CSCO, AMAT In Focus

• Bloomberg reported that Nvidia’s board has started to engage with an outside firm to find potential replacements for Huang and is considering naming a temporary chief while it searches for a permanent one. 
• Other AI and chip companies saw a rebound in prices on the back of the negative publicity for Nvidia and CoreWeave’s positive quarterly results.
• Initial jobless claims data, existing home sales, and the U.S. Producer Price Index (PPI) for October are all due this week. 

U.S. stock futures traded mixed overnight late Wednesday amid a rebound in technology stocks even as shares of Nvidia Corp. (NVDA) slipped sharply amid reports that chip giant’s board is preparing to replace CEO Jensen Huang.

As of 09:31 p.m. EST, Dow futures gained 0.10%, while the S&P 500 futures were down 0.25% and Nasdaq-100 futures fell 0.46%. 

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On Wednesday, all three U.S. benchmark indexes ended the session higher. The Nasdaq Composite led the climb, adding 400 points to close 1.6% up. The Dow Jones Industrial Average and the S&P 500 gained 0.49% and 1.31%, respectively.  

Key US Market Drivers

Nvidia CEO’s scandal continued to rock markets on Wednesday, with fresh reports suggesting that the company’s board was looking to replace Huang after additional reports indicated that the CEO had another affair with an executive.

Bloomberg reported that Nvidia’s board has started to engage with an outside firm to find potential replacements for Huang and is considering naming a temporary chief while it searches for a permanent one. Shares of the company were down more than 7% in extended trading hours. 

The Future Fund’s Managing Partner Gary Black noted in a post on X, “$NVDA:  As I predicted on Monday, NVDA’s board is meeting today and is preparing to oust $NVDA CEO Jensen Huang.  Boards are risk averse institutions comprised of individuals who are obsessed about being sued. I got 10:1 pushback this could never happen but it looks like it is happening.  Positive for $AMD and $AVGO.”

Other AI and chip companies saw a rebound in prices on the back of the negative publicity for Nvidia and CoreWeave Inc.’s (CRWV) positive quarterly results. CoreWeave posted better-than-expected quarterly results and higher revenue outlook, which reinforced the longer-term growth story for AI and allied stocks. Anthorpic’s upcoming IPO also boosted sentiment. 

Photon Capital noted in a social media post, “Veterans Day, but Wall Street is OPEN, and AI infrastructure stocks are absolutely ripping.”

Advanced Micro Devices Inc. (AMD) jumped more than 7% at close and gained over 4% overnight. Broadcom Inc. (AVGO), Marvell Technology Inc. (MRVL), and Intel Corp. (INTC) also gained at close. 

The iShares Semiconductor ETF (SOXX) was up 6% at close, while the VanEck Semiconductor ETF (SMH) gained nearly 5% and the Vanguard Information Technology ETF (VGT) was up nearly 3%. 

Entrepreneur Lark Davis said in a post on X, “The AI trade just got a lifeline. CoreWeave is targeting adjusted profitability in 2028, its stock jumped almost 25%, and the S&P 500 and Nasdaq both gained over 1%. Meanwhile, Anthropic is eyeing an IPO valuation of up to $1.4T, well below the $2T chatter from a few weeks back.”

Markets will now be tuning in to upcoming economic data for further clues on inflation, the labor market and the broader outlook. Initial jobless claims data, existing home sales, and the U.S. Producer Price Index (PPI) for October are all due this week. 

Trending Tickers To Watch 

Nvidia Corp. (NVDA): The company’s shares are in focus as markets watch for the next leadership moves amid recent upheaval relating to Huang’s infidelity and potential compromise by a suspected Chinese spy. 

Advanced Micro Devices Inc. (AMD): The chipmaker is in the spotlight after announcing the general availability of its sixth-generation EPYC processors, with a focus on agentic AI workloads. Shares also got a boost from Nvidia’s decline. 

Cisco Systems, Inc. (CSCO): Shares of the IT company were in focus ahead of its first-quarter (Q1) 2027 results, expected on Thursday. 

Applied Materials Inc. (AMAT): The semiconductor company also garnered attention ahead of its Q3 results expected after market hours on Thursday.

Other Market Trends 

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), the Invesco QQQ Trust (QQQ) were trading lower at the time of writing, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) edged higher.

U.S. Treasury yields pulled back marginally. The 10-year U.S. Treasury yield was trading at 4.992% at the time of writing, while the 30-year yield was at 5.336%. 

The iShares 20+ Year Treasury Bond ETF (TLT) was up 0.16% amid ‘bearish’ sentiment. 

Oil prices were lower at the time of writing. Brent crude futures were trading at $92.16 a barrel, down about 0.65%, while WTI crude futures traded 0.67% lower at $85.95 per barrel.

Asian markets opened mixed on Thursday. South Korea's KOSPI, Japan’s Nikkei 225 and China’s SSE Composite were trading in the green territory. Australian stocks edged lower at the time of writing. 

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