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The NASDAQ Composite fell on Friday as Nvidia shares added to their recent losses, though the index still headed for a winning week alongside the other two major averages.
The Dow Jones Industrial index changed direction and gained 50.76 points to 52,155.75
The S&P 500 skidded 30.37 points to 7,562.03.
The tech-heavy NASDAQ let go of 229.82 points to 24,136.27.
Nvidia shares weighed on the broader market for another day. The stock fell more than 2% Friday, extending the more than 4% drop it saw in the previous session. The pressure came after the exit of the scandal-hit chipmaker’s founder and CEO Jensen Huang.
HSBC downgraded the chipmaker Friday to hold, believing that the stock will languish until the company lays out a permanent succession plan.
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.
Even with the latest bout of market turbulence, the major averages are heading for weekly advances. The NASDAQ is up about 2%, while the S&P 500 has risen more than 2%. The Dow was poised to post an almost 2% jump.
Equities initially popped after October’s producer price index reading — a measure of wholesale inflation — showed an increase of 0.3% on the month. Economists polled by Dow Jones had seen headline PPI rising 0.4%.
However, the report also showed producer prices gaining 6.5% from 12 months earlier — the biggest annual advance since November 2022.
Prices for the 10-Year U.S. Treasury lost some ground, making yields rise to 5.16% from 5.12% Wednesday. Treasury prices and yields move
in opposite directions.
Oil prices eked up 10 cents to $88.84 U.S. a barrel.
Gold prices ditched $7.90 to $3,877.40 U.S. an ounce.
