The technology sector faced steep pressure following the resignation of Nvidia CEO Jensen Huang over national security concerns tied to an affair with a Chinese tech executive. This leadership shakeup caused Nvidia to shed over US$600 billion in market value throughout the week, pulling down peer chipmakers like Advanced Micro Devices and Broadcom. Simultaneously, rising Treasury yields and elevated energy costs fueled by Middle East tensions kept investors on edge ahead of an expected December Federal Reserve rate hike. Despite these severe headwinds, the broader market proved resilient, allowing the S&P 500 to record its best weekly performance since August.
Key points
Despite end-of-week declines among major tech firms, more than 60 percent of S&P 500 stoc…: Despite end-of-week declines among major tech firms, more than 60 percent of S&P 500 stocks advanced on Friday.
Elevated energy, food, and shipping costs have kept consumer inflation stubbornly above t…: Elevated energy, food, and shipping costs have kept consumer inflation stubbornly above the three percent threshold.
Brent crude reached US$95.84 a barrel as geopolitical tensions mounted following Presiden…: Brent crude reached US$95.84 a barrel as geopolitical tensions mounted following President Trump's remarks regarding Iran.
Sources checked by our analysis pipeline: 1
NEW YORK: US stocks closed lower Friday (Nov 13) as a pullback in big AI-focused companies weighed on the market, capping a turbulent week on Wall Street.
The S&P 500 fell 0.4 per cent, but managed to post a 2.5 per cent gain for the week. This marks the benchmark index’s first winning week since October and its biggest weekly gain since August.
The Dow Jones Industrial Average recovered from an early slide and eked out a 0.1 per cent gain. The Nasdaq composite fell 0.9 per cent, but also notched its first weekly gain in five weeks.
The major indexes have been shaky this week as some of the biggest AI companies pushed and pulled the market. Many of those companies have big stock values with a heavier impact on the market’s gains or losses.
The market remained unsteady a day after the AI industry was rocked by the resignation of Nvidia CEO Jensen Huang. The company has been the face of the AI industry, which has been responsible for much of the gains, and big swings, on Wall…
Investors saw broad downward pressure sweep across the Mexican equity market as the final bell sounded. The country's primary benchmark experienced a sustained retreat throughout the session, settling firmly in negative territory as trading concluded.