Traders work at the New York Stock Exchange, Nov. 10, 2026.
NYSE
The Nasdaq Composite fell on Friday as Nvidia shares added to their recent losses, though the index still notched a winning week alongside the other two major averages.
The tech-heavy Nasdaq dropped 0.91% to 25,136.27, while the S&P 500 slid 0.4% to 7,561.67. The Dow Jones Industrial Average eked out a gain of 50.46 points, or 0.1% to end at 52,347.55.
Equities initially popped after October’s producer price index reading — a measure of wholesale inflation — showed an increase of 0.3% on the month. Economists polled by Dow Jones had seen headline PPI rising 0.4%.
However, the report also showed producer prices gaining 6.5% from 12 months earlier — the biggest annual advance since November 2022.
Nvidia shares weighed on the broader market for another day. The stock fell 2% Friday, extending the more than 4% drop it saw in the previous session. The pressure came after the exit of the scandal-hit chipmaker’s founder and CEO Jensen Huang.
HSBC downgraded the chipmaker Friday to hold, believing that the stock will languish until the company lays out a permanent succession plan.
Nvidia’s chief financial officer Colette Kress, who’s worked at the company for more than a decade, will lead the chipmaker as interim CEO. The company’s board is looking both internally and externally for a full-time replacement for Huang.
Thomas Martin of Globalt Investments expects the process of finding a new CEO to “take a lot of time” and spur even more uncertainty for the name.
“What will happen to those types of financing arrangements, and will there be less of them just going forward or will there actually be unwinding of them?” the senior portfolio manager told CNBC. “What are the relationships going to be with their suppliers and with their customers? It’s just early days.”
The Dow, S&P 500 and Nasdaq all pulled back on Thursday after Huang stepped down from his post following reported extramarital affairs, including a relationship with a woman U.S. intelligence officials believe is a Chinese spy. Analysts told CNBC that Huang’s exit could trigger a 20% correction in the stock.
To be sure, Baird’s Ross Mayfield believes a lot of pain has already been priced into the stock, though he still anticipates volatility ahead. More broadly, he expects to see investors continue to rotate into non-AI corners of the market independent of the latest developments with Nvidia.
“Even before all of this came out, and even before the election, chip stocks had been under pressure. There had already been worries about a blue wave — worries about a Democratic sweep — [and] worries about the [return on investment] on all of this capex,” the investment strategist said. “It hasn’t really changed the broad tenor of the market.”
Even with the latest bout of market turbulence, the major averages notched weekly advances. The Nasdaq added 2.3%, while the S&P 500 rose 2.5%. The Dow gained 2.1% jump. All three indexes scored their best weekly performances since early August.
