Dow Futures Jump 376 Points After Rough Week, but Nvidia Slides on Board Probe of CEO Jensen Huang
Dow futures rose 376 points early Monday as investors hunted for bargains after last week’s post-midterm selloff, but Nvidia shares slid nearly 5% before the opening bell.
At 5:10 a.m. ET, Dow E-minis were up 0.73%, S&P 500 E-minis rose 29.75 points, or 0.40%, and Nasdaq 100 E-minis added 56.5 points, or 0.21%, Reuters reported.
“The modest gains in Nasdaq futures compared with the stronger advance in Dow futures suggest that investors remain selective,” Naeem Aslam, chief investment officer at Zaye Capital Markets, told Reuters.
All three major indexes lost ground last week, with the Nasdaq Composite down 3.4%, the S&P 500 off 2.7% and the Dow down 0.9%, TipRanks reported. Thursday’s slide pushed the Nasdaq into correction territory.
On Friday, the Dow fell 0.46% to 51,285.73, while the S&P 500 rose 0.31% to 7,376.86 and the Nasdaq gained 1.09% to 24,579.42, according to Benzinga.
Nvidia, the world’s second most valuable company, was last down 4.8% premarket after its board launched an independent investigation into CEO Jensen Huang, CNBC reported.
The probe follows reports by The New York Times and the Financial Times that U.S. intelligence agencies believe Alice Huang, an executive at cloud company MegaSpeed, has been passing information to Beijing, CNBC said.
Nvidia said the board acted after reports that Huang was the target of a “foreign intelligence effort,” adding in a Sunday statement that he “fully supports the review and has committed to cooperating with it.”
In an email to staff, Huang wrote, “I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry,” CNBC reported.
China’s Foreign Ministry called the “so-called Chinese spy narrative” unsubstantiated, and President Donald Trump called Huang “an honorable guy” on Sunday, CNBC reported.
Dan Ives of Yorkville Ives & Co. said investors’ clear worry is whether Huang stays on. “The Street would say probably likely, but given the board investigation, anything could happen, and that creates a huge uncertainty,” Ives told CNBC.
Other chipmakers also slipped premarket. Intel, Marvell Technology and Qualcomm were down between 0.50% and 1.21%, and the Philadelphia Semiconductor Index ended Friday with its biggest weekly loss since March 2025, Reuters reported.
“The AI correction in equities could have much further to run,” wrote Thomas Mathews, head of markets for Asia Pacific at Capital Economics, according to Reuters.
Inflation Report Looms
Investors now turn to Tuesday’s October Consumer Price Index. Economists expect prices rose 0.24% for the month, down from September’s 0.60% jump, Morningstar reported, citing FactSet consensus estimates.
Core inflation, which strips out food and energy, is expected to rise 0.2%. The Bureau of Labor Statistics will not publish an annual rate for October because of a data gap from last year’s government shutdown.
Even a softer reading may not stop the Federal Reserve. Futures markets see roughly an 80% chance of a quarter-point hike in December, from a current target range of 3.75% to 4.00%, according to Morningstar.
“With inflation sticky above the target and the labor market stable, we think another hike will be warranted in December,” Christopher Hodge, chief U.S. economist at Natixis, wrote.
The 10-year Treasury yield stood at 4.864% early Monday, Benzinga reported. KKR and Constellation Energy report earnings Monday, and Cisco and CoreWeave follow later in the week, according to TipRanks.
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