M Alfathan Rahman
M Alfathan Rahman
Nvidia's board weighs the future of CEO Jensen Huang. Cisco and Applied Materials report tonight.
The S&P 500 rose 1.31% to 7,619.38 on Wednesday. The Dow gained 0.49% to 52,486.49, and the Nasdaq Composite climbed 1.60% to 25,466.19, according to Stocktwits.
A post-earnings jump in CoreWeave and a rebound in Nvidia led the gains, according to CNBC. After the bell, Nvidia fell 8.6% in after-hours trading on reports that its board was preparing to remove Huang.
| Stock | Movement | What to Watch |
|---|---|---|
| NVDA | Up 2.87% to $173.73 on Wednesday, then $158.76 after hours | The board's decision on CEO Jensen Huang, ahead of earnings on Nov. 17 |
| AMD | Up 7.32% to $552.90 on Wednesday, then $576.76 after hours | The first regular session after rising after hours as Nvidia fell |
| CSCO | Up 2.66% to $100.76 on Wednesday | Results for the quarter ended October after the close, EPS estimate $1.15 |
| AMAT | Up 6.05% to $395.08 on Wednesday, then $386.59 after hours | Results for the quarter ended October after the close, EPS estimate $4.06 |
Source: closing and after-hours prices from Nasdaq; Nvidia from Reuters; Cisco and Applied Materials timing and EPS estimates from the Nasdaq earnings calendar.
Nvidia's board was meeting late Wednesday to decide whether to remove Jensen Huang as CEO, according to Reuters. The Wall Street Journal had reported the board was preparing to oust Huang, after The New York Times reported a relationship between Huang and a company executive. Reuters could not verify that report.
No decision had been announced as of Thursday midday in Asia. On Nov. 8 the board said it had confidence in Huang, according to its statement. Nvidia (NVDA) is due to report earnings on Nov. 17.
Cisco (CSCO) and Applied Materials (AMAT) report results for the quarter ended October after the close, with EPS estimates of $1.15 and $4.06, according to the Nasdaq earnings calendar.
Cisco shares are down 16% over three months and Applied Materials almost 25%, according to CNBC.
Initial jobless claims are due at 8:30 a.m. ET, followed by existing home sales at 10 a.m. ET, according to CNBC. Traders fully price a quarter-point Fed rate hike next month, according to Bloomberg.
S&P 500 futures fell 0.4% and Nasdaq 100 futures slid 0.9% as of 12:54 p.m. Tokyo time, according to Bloomberg.
In Wednesday's after-hours trading, AMD rose about 4% and Broadcom about 3%, while CoreWeave fell 6% and Micron dropped nearly 2%, according to Reuters.
The 10-year Treasury yield held at 4.99%. Spot gold fell 0.1% to $3,982.48 an ounce and WTI crude fell 0.9% to $85.72 a barrel, according to Bloomberg.
Tonight the market's focus is Nvidia's board decision and how it carries into other AI stocks. Cisco and Applied Materials results after the close give a read on demand for networking gear and chip equipment.
US markets open at 9:30 a.m. ET, an hour after the jobless claims data.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
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