Dow Jones Gains as Nvidia Pressure Drags Down Nasdaq

Thansettakij•Economy•24m ago

Reader Briefing

The Dow Jones Industrial Average rose slightly on Friday, November 13, while the Nasdaq and S&P 500 declined due to concerns surrounding Nvidia.

•The Dow Jones closed at 52,347.55 points, up 50.46 points, while the Nasdaq fell 229.82 points.
•Jensen Huang resigned as CEO of Nvidia on Thursday, November 12, following revelations of multiple extramarital affairs.
•The US Federal Reserve is expected to raise interest rates in December following US producer price data for October.
•The FAA temporarily suspended all departing flights nationwide on Friday due to air traffic control communication issues.

Overview

•The Dow Jones closed at 52,347.55 points (+0.10%), S&P 500 closed at 7,561.67 points (-0.40%), and Nasdaq closed at 25,136.27 points (-0.91%) on Friday, November 13.
•Jensen Huang resigned as CEO of Nvidia on Thursday, November 12, after revelations of extramarital affairs including one with a businesswoman suspected by US authorities of being a spy for China.
•The board of Nvidia contacted Rene Haas, CEO of Arm Holdings, to discuss the possibility of replacing Jensen Huang.
•Nvidia shares fell 2%, marking the sixth consecutive week of decline, the longest downward trend since October 2012.
•US producer prices in October rose 6.5% year-on-year, the highest increase since November 2022.
•The market anticipates the Federal Reserve will raise interest rates by at least 0.25% in December.
•The FAA suspended all departing flights nationwide on Friday due to serious problems with air traffic control communication systems.
•Anthropic is scheduled to launch an IPO next week.

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Key Entities

Organization

Dow Jones Industrial Average(ดัชนีเฉลี่ยอุตสาหกรรมดาวโจนส์)ℹ️

A New York stock market index that closed up 50.46 points on Friday, November 13.

S&P 500(S&P500)ℹ️

A stock market index that closed down 30.73 points on Friday, November 13.

Nasdaqℹ️

A stock market index that closed down 229.82 points on Friday, November 13.

Nvidiaℹ️

A chip manufacturer whose stock fell 2% and whose CEO resigned on November 12.

Federal Reserve(ธนาคารกลางสหรัฐฯ)ℹ️

The US central bank expected to raise interest rates in December.

Fed(เฟด)

An abbreviation for the Federal Reserve.

Financial Timesℹ️

A news organization that reported on Nvidia's board contacting Rene Haas.

Arm Holdingsℹ️

A British chip manufacturer led by CEO Rene Haas.

Democratic Party(พรรคเดโมแครต)

A political party that won a landslide victory in the mid-term elections.

Philadelphia Semiconductor Index(Philadelphia Semiconductor)

An index that fell 3.4%.

Advanced Micro Devicesℹ️

A company whose stock fell 8.8%.

Broadcomℹ️

A company whose stock fell 4.8%.

CoreWeaveℹ️

An AI cloud infrastructure provider that saw its stock close down.

Nebiusℹ️

An AI cloud infrastructure provider that saw its stock close down.

IRENℹ️

A data center related company whose stock fell 6.7%.

Applied Digital

A data center related company whose stock fell 5.8%.

Anthropicℹ️

An AI development company preparing for an IPO next week.

Microsoftℹ️

A company whose stock closed up 0.2% as Outlook and Teams system issues resolved.

NYSE Arca Airline Index(NYSE Arca Airline)

An index that closed down 1.4%.

Federal Aviation Administration(สำนักงานบริหารการบินแห่งชาติสหรัฐฯ)ℹ️

The US agency that temporarily suspended all departing flights nationwide on Friday.

FAAℹ️

An abbreviation for the Federal Aviation Administration.

US Department of Labor(กระทรวงแรงงานสหรัฐฯ)ℹ️

The US government agency that reported producer price data for October.

CME FedWatch

A tool used to estimate the probability of Federal Reserve interest rate changes.

Person

Jensen Huang(เจนเซน หวง)ℹ️

The former CEO of Nvidia who resigned on November 12.

Rene Haas(เรเน ฮาส)ℹ️

The CEO of Arm Holdings who was contacted by Nvidia's board.

Mary Daly(แมรี เดลี)ℹ️

President of the Federal Reserve Bank of San Francisco.

Susan Collins(ซูซาน คอลลินส์)ℹ️

President of the Federal Reserve Bank of Boston.