The Nasdaq 100 turned green Thursday even as Nvidia Corp. (NVDA) plunged as much as 14.3% at the open, its steepest intraday drop since the DeepSeek selloff of Jan. 27, 2025, after Jensen Huang resigned as chief executive.
Investors rotated into rival chipmakers and energy stocks, while Treasury yields jumped.
Co-founder Huang stepped down as CEO and board member effective immediately. Finance chief Colette Kress is now interim CEO.
At the low of $148.80, the slide had erased about $600 billion of market value. Nvidia then recovered ground to $164.84, down 5.1%, as President Donald Trump weighed in on the succession.
“Now That Nvidia CEO Jensen Huang, who has done a fantastic job, has resigned, there is only one man to take his place – Tim Cook of Apple. A Legend replaces a Legend!” Trump said in a Truth Social post, backing former Apple Inc. (AAPL) CEO Tim Cook.
The S&P 500 rose 0.2% to 7,632, up 12 points.
The Dow Jones Industrial Average gained 171 points, or 0.3%, to 52,658. Chevron Corp. (CVX) led the blue-chip index with a 1.8% gain as crude prices climbed.
The Nasdaq 100 rose 0.2% to 28,431. Alphabet Inc. (GOOGL) gained 2.5%, joining the rally in Nvidia’s rivals, led by Advanced Micro Devices Inc. (AMD) and Broadcom Inc. (AVGO), up 5.1% and 5.5%. The Russell 2000 fell 0.7% to 2,826.
Bonds sold off as oil rebounded.
The 10-year Treasury yield rose 10 basis points to 5.10%. The 2-year yield climbed 11 basis points to 4.86%, and the 30-year yield added 7 basis points to 5.43%.
West Texas Intermediate crude rose 0.5% to $86.92 a barrel, and Brent gained 1.2% to $93.91. Gold fell 3% to $3,881 an ounce and silver slid 3.6% to $50.12. Bitcoin (CRYPTO: BTC) dropped 3.1% to $71,625.
On the data front, initial jobless claims rose to 200,000 last week from 191,000, above the 194,000 forecast.
Thursday’s Performance in Major US Indices
According to the market data platform:
- The Vanguard S&P 500 ETF (VOO) rose 0.2%.
- The SPDR Dow Jones Industrial Average ETF Trust (DIA) gained 0.4%.
- The Invesco QQQ Trust (QQQ) edged up 0.1%.
- The iShares Russell 2000 ETF (IWM) slipped 0.7%.
Energy Leads as Oil Climbs, Miners Track Gold Lower
The Energy Select Sector SPDR Fund (XLE) rose 1.8%, the best S&P 500 sector, as crude prices rose. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) gained 2.1%.
The Materials Select Sector SPDR Fund (XLB) lagged with a 0.4% loss as precious metals slumped on higher yields. The VanEck Gold Miners ETF (GDX) fell 2.6%.
Utilities rose 0.7%, health care 0.4% and consumer staples 0.2%, while technology and financials were little changed. Despite Nvidia’s slide, the VanEck Semiconductor ETF (SMH) lost only 0.9%.
Fermi Inc. (FRMI) jumped 21.3% after an investment-grade hyperscaler signed up for 600 megawatts at Project Matador and committed a $200 million prepayment, offsetting a wider-than-expected third-quarter loss.
Mobility Global Inc. (MBGL) rallied 15.1% after third-quarter revenue rose 7.4% to $478 million, the company lifted its full-year adjusted EBITDA guidance and authorized an $800 million buyback.
Figure Technology Solutions Inc. (FIGR) climbed 11.6% as loan marketplace volume surged 135% to $5.8 billion and fourth-quarter guidance called for $6.2 billion to $6.7 billion. DPC Holdings PLC (DPC) gained 6.3% on record third-quarter results and raised 2026 guidance.
HubSpot Inc. (HUBS) rose 7.4% after co-founder Brian Halligan returned as CEO, replacing Yamini Rangan.
On the downside, Super Micro Computer Inc. (SMCI) sank 12.7% after Semafor reported Justice Department probes involving the server maker, Singapore-based Megaspeed and Nvidia.
Global Payments Inc. (GPN) fell 10.8% after a report that private equity firms Clayton, Dubilier & Rice and GTCR had dropped their pursuit of the company.
YETI Holdings Inc. (YETI) dropped 9.6% after third-quarter sales of $509.4 million missed estimates and the company cut its 2026 adjusted EPS outlook to $2.90-$2.95, citing cautious consumer spending.
JBS N.V. (JBS) lost 9.5%, extending a slide that began after weaker third-quarter results earlier this week. Millicom International Cellular S.A. (TIGO) slid 9.3% with no company-specific news, on volume nearly nine times its usual level.
Looking Ahead
Applied Materials Inc. (AMAT), expected to earn $4.05 per share, reports after the close, alongside Cisco Systems Inc. (CSCO) at $1.33 and Nu Holdings Ltd. (NU) at 22 cents.
Thursday’s Russell 1000 Top Gainers
Thursday’s Russell 1000 Top Losers
