Wall Street stocks mostly lower as Nvidia extends slump

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Wall Street stocks mostly fell on Friday as tech shares remained under pressure following the shock resignation of Nvidia chief Jensen Huang, while ...

NEW YORK: Wall Street stocks mostly fell on Friday as tech shares remained under pressure following the shock resignation of Nvidia chief Jensen Huang, while the dollar rose on fresh data showing US inflation is persisting.

Huang, perhaps the tech industry’s best-known champion of artificial intelligence (AI), stepped down on Thursday following reports of extramarital affairs, including one with a woman suspected of spying for China.

The upheaval has battered shares of Nvidia, until recently the world’s most valuable listed company, which fell another 2 percent on Friday.

Two Nvidia rivals that had rallied on Thursday, AMD and Broadcom, also stumbled, with AMD sinking 8.8 percent and Broadcom falling nearly 5 percent.

Angelo Kourkafas of Edward Jones put the pullback in the two stocks down to profit-taking.

“There is certainly a defensive leadership as we look at the sectors, which points to some caution,” said Kourkafas, who expects AI to be in the spotlight again next week when Nvidia reports quarterly results and Anthropic makes its Wall Street debut.

The Producer Price Index, which measures the prices that farms, factories and other producers receive for their goods, rose 0.3 percent in October from the previous month.

The report followed a hot consumer price reading earlier in the week that also highlighted the impact of higher energy costs caused by the US-Iran war.

Investors expect the US Federal Reserve to raise interest rates by at least a quarter percentage point next month to rein in stubborn inflation. Those expectations lifted the dollar to its highest level against the euro since April 2025.

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