The NASDAQ Composite fell on Thursday as investors assessed the departure of Nvidia CEO Jensen Huang and the outlook of the conflict in the Middle East
The Dow Jones Industrial index reversed and lost 187.38 points to 52,299.11.
The S&P 500 skidded 26.43 points to 7,592.95.
The tech-heavy NASDAQ faded 100.1 points to 25,366.09.
Selling pressure on Nvidia eased a bit, with the stock last down 5%. The shares were down double digits at one point after the company announced that Huang had resigned and named CFO Colette Kress as interim CEO. This comes after Huang reportedly had an affair with an alleged Chinese spy.
Investors moved into competitors of Nvidia, including Advanced Micro Devices and Broadcom. AMD shares were up 5%, while Broadcom gained almost 5%.
Hyperscalers Microsoft and Alphabet — key buyers of Nvidia chips and leaders of the AI rally — also increased.
Stocks outside of technology such as JPMorgan and Eli Lilly traded higher as well.
Prices for the 10-Year U.S. Treasury tailed off, driving up yields to 5.12% from 5.01% Wednesday. Treasury prices and yields move in opposite directions. The bond market in the U.S. was closed Wednesday for Veterans Day.
Oil prices jumped $2.45 to $88.98 U.S. a barrel.
Gold prices ditched $116.90 to $3,882.50 U.S. an ounce.
