US stocks: US market closes lower as Nvidia slide outweighs energy rally
US stocks closed lower as Nvidia’s decline following CEO Jensen Huang’s departure outweighed a rally in energy shares. The S&P 500 fell 0.34%, the Nasdaq lost 0.40% and the Dow declined 0.36%, while retail investors made a record $111 million opening bid for Nvidia shares.
On Thursday (Nov 12), US stocks closed lower as a drop in Nvidia shares after CEO Jensen Huang's exit overshadowed gains in energy shares. Nvidia's shares fell 4.3 percent, though they were not at their day's lowest level after initially plunging nearly 12 percent. The S&P 500 energy index increased 1.5 percent, marking its fourth consecutive session of gains.
Crude prices rose following US President Donald Trump's social media post indicating the US did not require a deal with Iran. Global AI-linked stocks declined, with AI cloud firm Nebius suffering the largest single-day percentage drop since July 1, after reporting its quarterly earnings and outlook. However, competitors of Nvidia, such as Broadcom, Advanced Micro Devices, and Alphabet, saw their shares rise, contributing to the S&P 500's boost.
Equities have experienced volatility in recent days due to sweeping Democratic victories in the US midterm elections, concerns about AI regulation, and questions about Nvidia's leadership. The Dow Jones Industrial Average fell 0.36 percent to 52,297.09, the S&P 500 lost 0.35 percent to 7,592.4, and the Nasdaq Composite dropped 0.39 percent to 25,366.09.
Despite Huang's departure, some investors foresee ongoing uncertainty about the future of AI companies with strong ties to Nvidia.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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