Today’s Market Recap: Nvidia Drops Over 4% After Jensen Huang Resigns, AMD and Broadcom Both Rise Over 5%
Tracking Market Trends
TradingKey - On November 12, the three major U.S. stock indices closed slightly lower. Nvidia announced that Jensen Huang had stepped down immediately as CEO and director, dragging tech stocks sharply lower intraday; however, AMD and Broadcom rallied, as market expectations that AI chip demand could broaden to rivals eased some selling pressure. Meanwhile, a sharp rise in oil prices pushed the 10-year U.S. Treasury yield above 5.1%, also limiting risk appetite.
The Dow Jones Industrial Average fell 0.36% to 52,297.09; the S&P 500 fell 0.36% to 7,592.40; and the Nasdaq Composite Index fell 0.39% to 25,366.09.
Among sectors and individual stocks, Nvidia (NVDA) fell 4.34%, with intraday losses widening to as much as 14% early in the session; CoreWeave (CRWV) tumbled 6.86%, and Micron (MU) fell 1.59%. However, AMD (AMD) gained 5.86%, and Broadcom (AVGO) rose 5.54%.
In commodities, Brent crude (UKOIL) rose 3.78% to settle at $95.94; WTI crude (USOIL) gained 2.64% to settle at $88.69. Donald Trump stated that he is no longer seeking a deal with Iran, prompting markets to reprice Middle East supply risks.
In precious metals, gold (XAUUSD) dropped 2.76% to $3,877. The 10-year U.S. Treasury yield rose to 5.12%, with concurrent gains in the dollar and yields weighing on gold prices.
In cryptocurrencies, Bitcoin (BTC) fell 3.45% to $71,460; Ethereum (ETH) dropped 1.78% to $2,019, also showing weakness.
Market News
Nvidia announced that Jensen Huang has resigned as CEO, with Colette Kress appointed interim CEO. Huang also resigned as company president and director, effective immediately; CFO Colette Kress will concurrently serve as interim CEO, and the board has initiated a search process for a permanent successor, stating it will consider both internal and external candidates.
Cisco (CSCO) Q1 revenue rose 24%, raises full-year guidance. The company reported revenue of $18.5 billion and non-GAAP EPS of $1.40; raised its fiscal 2027 revenue guidance to $74.8 billion to $75.8 billion, and lifted its hyperscale AI infrastructure revenue forecast to $9 billion.
Applied Materials (AMAT) reports record fourth-quarter revenue. Quarterly revenue reached $10.41 billion, up 53% year-over-year; non-GAAP EPS was $4.16, up 92% year-over-year. Fiscal 2026 revenue was $34.45 billion, up 21% year-over-year.
Nebius (NBIS) Q3 revenue surged 571% year-over-year. Quarterly revenue was $981 million, with adjusted EBITDA of $466 million; impacted by delayed delivery of some capacity, the company expects 2026 revenue to be at the low end of its $3 billion to $3.4 billion guidance range, and provided a 2027 revenue outlook of $12 billion to $13 billion for the first time.
U.S. initial jobless claims rose to 200,000 last week. Initial claims increased from the prior week but remained near historic lows, indicating that the U.S. labor market overall remains resilient.
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