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US stocks give up early gains as Nvidia fallout hits tech shares

US indexes reversed early gains as tech shares slid after Nvidia CEO Jensen Huang resigned, Reuters reported. Chip stocks fell sharply in Friday trading.

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what happened

US stock indexes gave up their early gains on Friday as tech shares came under renewed pressure over the controversy surrounding Nvidia. Reuters reported that investors worry about the wider effects on the AI sector. October producer prices came in slightly softer than expected, but that did little to lift sentiment.

Nvidia shares fell 3.3% and were on track for their longest run of weekly losses since October 2012. The slide followed the resignation of CEO Jensen Huang, which came after scrutiny of his ties to a businesswoman the US suspects of spying for Chinese intelligence. The Philadelphia semiconductor index dropped 5%, while Advanced Micro Devices lost 9.4% and Broadcom 5.8%.

At 10:16 a.m. ET, the Dow Jones Industrial Average fell 0.41% to 52,081.40, the S&P 500 lost 0.93% to 7,519.10, and the Nasdaq Composite dropped 1.42% to 25,006.20. Investors are also watching the initial public offering of Anthropic next week. Reuters reported that traders are fully pricing in a Fed rate hike next month.

why it matters

The key question for markets is whether the new equity supply, including the Anthropic offering, can be absorbed without forcing sales of other AI stocks. If it cannot, pressure on the sector may persist. According to CME FedWatch, the odds of a 50-basis-point hike sit around 7%, so the base case remains a 25 bps move.

market impact

US stocks and tech sector: the Nvidia fallout weighs on AI shares and broad indexes

  • Nvidia pressure down — the CEO's resignation and the scandal are driving share sales
  • semiconductors pressure down — chipmaker selloff pulls down the whole segment
  • S&P 500 pressure down — weakness in tech weighs on the index

tags

Leadership change

instruments

S&P 500 ↗Nasdaq CompositeNvidia ↗Dow JonesPhiladelphia Semiconductor IndexCME FedWatch

on polymarket

Will S&P 500 (SPX) hit $8,600 (HIGH) in December?2.9%Will S&P 500 (SPX) hit $6,200 (LOW) in December?5.4%Will S&P 500 (SPX) hit $8,200 (HIGH) in December?12%

sources

  1. Wall St gives up early gains as tech stocks slide on Nvidia turmoil — Reuters, 13 November 2026 at 15:14 UTC
  2. Wall St reverses early gains as Nvidia fallout rattles tech stocks — Reuters, 13 November 2026 at 15:42 UTC

prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.

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