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US stock futures turned lower in the after hours as Nvidia shares plunged around 8% following reports that the company’s board is considering ousting CEO Jensen Huang.
These declines came despite a strong session on Wednesday, where the S&P 500 rose 1.3% and Nasdaq gained more than 1.5%, supported by strong CoreWeave earnings.
Investors remain caught between optimism over the AI growth story and concerns over persistent inflation, higher interest rates, long-term yields and potential AI regulation.
Oil prices fell in Asian trading on Thursday, with Brent down 1.2% to $91.61 and WTI declining 1% to $85.60, as reports that the US was seeking renewed talks with Iran raised hopes of a potential de-escalation in the conflict. However, tensions around the Strait of Hormuz remain elevated, with continued attacks on vessels and uncertainty over the US naval blockade limiting the downside.
Gold extended its decline for a second consecutive session, with the precious metal falling 0.8% to around $3,987 as hotter-than-expected US inflation and hawkish comment from FOMC member Christopher Waller boosted expectations for a December rate hike.
October CPI rose 0.4% month-on-month, above the 0.3% forecast, while core CPI remained at 0.3%, also exceeding expectations. Markets are now pricing an 86% probability of a 25 basis point Fed hike, while the US 10-year Treasury yield climbed toward 5% and the dollar hit a yearly high, adding further pressure on the non-yielding metal.
Attention now turns to US jobless claims, housing data, Fed speeches and Friday’s PPI report for further clues on the rate outlook.
https://open.spotify.com/episode/1thmgEQ1H8OMciHSL3eUAP?si=RzlwBQ89RLCiS-xhdW6xew
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