U.S. Stocks Fall as Nvidia Drops More Than 4% and Oil Prices Rise
All three major U.S. stock indexes fell on November 12, while Nvidia shares dropped more than 4%. Nvidia said Jensen Huang had stepped down as CEO, with its chief financial officer serving as interim CEO. U.S.–Iran relations and tensions in the Gulf raised supply concerns, pushing Brent crude futures up 3.3%.
U.S. stocks closed lower on November 12. The Dow Jones Industrial Average fell 189.4 points, or 0.36%, to 52,297.09; the S&P 500 fell 0.35%, and the Nasdaq fell 0.39%. Nvidia shares dropped more than 4%, reaching a 52-week low. Nvidia announced that Jensen Huang had stepped down as CEO and that Chief Financial Officer Colette Kress would serve as interim CEO.
File photo of the U.S. stock market.（VietVance）
Huang had previously acknowledged an extramarital affair. Nvidia shares fell by double digits at one point during the session before paring their losses. Shares of chipmakers AMD and Broadcom each rose about 2%, while Alphabet shares gained nearly 2%.
U.S. President Donald Trump said in a social media post that the United States did not need a deal with Iran. Brent crude futures in London subsequently closed up 3.3% at $95.82 a barrel; West Texas Intermediate crude futures in New York rose nearly 2.6% to $88.74 a barrel.
Tensions in the Gulf remained high. Yemen’s Houthi forces said they had attacked a pumping station on a Saudi Arabian oil pipeline, an oil and gas facility in Yanbu, and a Saudi Aramco building in Riyadh. The Saudi-led coalition later said it had intercepted and destroyed two Houthi drones. Iran’s military said four oil tankers had been attacked in the Strait of Hormuz.
Source: VietVance
