Advertisment
U.S. equity futures were higher on Friday as Nvidia shares rebounded from its recent pressure and after the latest inflation data came in slightly lighter than expected.
Futures for the Dow Jones Industrials gained 96 points, or 0.2%, early Friday, to 52,486.
Futures for the S&P 500 hiked 23 points, or 0.3%, to 7,638.25.
Futures for the NASDAQ Composite moved forward 72.5 points, or 0.3%, at 28,457.
The Dow, S&P 500 and NASDAQ all pulled back on Thursday, led by a 4.3% drop in Nvidia after Huang stepped down from his post following reported extramarital affairs, including a relationship with a woman U.S. intelligence officials believe is a Chinese spy.
Even with the latest bout of market turbulence, the major averages are heading for weekly advances. The NASDAQ is up 3.2%, while the S&P 500 is on pace for a 2.9% advance. The Dow is poised for a nearly 2% jump. All three indexes are heading for their best weekly performances since early August.
Analysts told the media that Huang’s exit could trigger a 20% correction in the stock.
Nvidia’s chief financial officer Colette Kress, who’s worked at the company for more than a decade, will lead the chipmaker as interim CEO. The company’s board is looking both internally and externally for a full-time replacement for Huang.
In Japan, the Nikkei 225 advanced 0.5% Friday, while in Hong Kong, the Hang Seng skidded 1.6%.
Oil prices lost 20 cents to $88.54 U.S. a barrel.
Gold prices dulled $13.40 to $3,878.70 U.S an ounce.
