US stock futures are sliding Thursday as Nvidia's troubles resume, testing Wednesday's AI-led rebound almost immediately. Nvidia fell about 8–9% after hours following reports of a second relationship scandal involving CEO Jensen Huang and word that the board is searching for his replacement. Treasuries reopened from the Veterans Day holiday with the 10-year hovering at or just above 5%, and Fed speakers and a $25 billion 30-year auction are the next tests. Asia closed lower across the board, though European shares hit record highs. (This brief was compiled around 1 p.m. ET, so the overnight and premarket figures are from before the open and may have moved.)
- Wednesday's close was strong. The S&P 500 rose 1.31% to 7,619.38 (within 2.6% of its record), the Nasdaq Composite gained 1.60% to 25,466.19, the Dow rose 0.49% to 52,486.49 and the Russell 2000 gained 0.88% to 2,846.26. The Nasdaq 100 jumped 2.28% to 28,374.25. For the week, the S&P 500 is up 3.3%, the Dow 2.3%, the Nasdaq 3.6% and the Russell 2000 3.3%; for the year, the S&P 500 is up 11.3%, the Dow 9.2%, the Nasdaq 9.6% and the Russell 2000 14.7%. The VIX fell to about 17.5.
- Wednesday's gains were narrow and chip-driven. CoreWeave's beat-and-raise quarter lifted every member of the Philadelphia semiconductor index, and Nvidia snapped a two-day slide despite an analyst downgrade. Microsoft, Meta and Amazon each fell about 2%, and oil edged up after Iran said its enriched nuclear material will not leave the country.
- Nvidia is the overnight story. The stock fell about 8.6% after hours as the New York Times reported another relationship scandal involving Huang, and futures sources say the board has begun hunting for his replacement. One macro newsletter claims Huang has already resigned, but I couldn't confirm that from a primary source, so treat it as unverified. Nvidia reports earnings after the close on November 17.
- Futures point lower: Nasdaq 100 futures are down roughly 0.8–1.4%, S&P 500 futures down 0.4–0.8% and Dow futures roughly flat to 0.4% lower, depending on the source and time of reading.
- Rates are back in focus now that cash Treasuries have reopened. The 10-year yield is about 4.99–5.05%, the 2-year about 4.77–4.82% and the 30-year about 5.32–5.39%, with the long end drawing a modest haven bid on the Nvidia news while the front end underperforms. Swaps price about 28 basis points of hikes for the December meeting, a quarter-point move as certain plus a small chance of a half-point after Fed Governor Waller floated one and Chicago Fed President Goolsbee called the inflation data "borderline disturbing." Deutsche Bank now expects three consecutive hikes. The $25 billion 30-year auction is at 1 p.m. ET; I don't have the result yet, but the prior one in October came in at 5.618%.
- Currencies and commodities are leaning with the rate story. Gold fell back below $4,000 (about $3,964–3,979), the dollar index is near 103 (Bloomberg's dollar gauge is at its highest since May 2025) and USD/JPY is near 159.8. Brent is below $90, well off its recent highs above $117 but rising again after Wednesday.
- Asia closed lower. Japan's Nikkei 225 fell 0.7% to 60,819.36, though the Topix rose 0.2% to 3,937.33. South Korea's KOSPI fell 0.6% to 5,342.73, Taiwan's Taiex fell about 2.6–2.8%, Hong Kong's Hang Seng dropped 1.3% to 24,008.55, the Shanghai Composite fell 0.7% to 3,655.83 and Australia's ASX 200 slipped 0.1% to 9,146.80. MSCI Asia Pacific fell about 0.8%. Japan's October wholesale prices rose 7.1% year over year against 6.5% expected, supporting bets on a Bank of Japan hike.
- Today's calendar: weekly jobless claims, existing home sales, the 30-year auction and a run of Fed speakers, including Hammack, Barr, Williams, Daly and Schmid. Friday brings the PPI inflation report.
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