Nasdaq 100 Turns Green Despite Nvidia's 5% Drop on Huang Exit: Stock Market Today
The Nasdaq 100 turned green Thursday even as Nvidia Corp. (NASDAQ: 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. (NASDAQ: 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. (NYSE: 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. (NASDAQ: GOOGL ) gained 2.5%, joining the rally in Nvidia’s rivals, led by Advanced Micro Devices Inc. (NASDAQ: AMD ) and Broadcom Inc. (NASDAQ: AVGO ) , up 5.1% and 5.5%. The Russell 2000 fell 0.7% to 2,826.
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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
Index Last % Change MTD YTD S&P 500 7,631.61 +0.16% +0.68% +11.48% Dow Jones 52,657.61 +0.33% +1.71% +9.56% Nasdaq 100 28,431.32 +0.20% +0.16% +12.60% Russell 2000 2,825.59 -0.73% +0.49% +13.85% Updated by 12:15 p.m. ET
According to the Benzinga Pro platform:
The Vanguard S&P 500 ETF (NYSE: VOO ) rose 0.2%.
The SPDR Dow Jones Industrial Average ETF Trust (NYSE: DIA ) gained 0.4%.
The Invesco QQQ Trust (NASDAQ: QQQ ) edged up 0.1%.
The iShares Russell 2000 ETF (NYSE: IWM ) slipped 0.7%.
Energy Leads as Oil Climbs, Miners Track Gold Lower
The Energy Select Sector SPDR Fund (NYSE: XLE ) rose 1.8%, the best S&P 500 sector, as crude prices rose. The SPDR S&P Oil & Gas Exploration & Production ETF (NYSE: XOP ) gained 2.1%.
The Materials Select Sector SPDR Fund (NYSE: XLB ) lagged with a 0.4% loss as precious metals slumped on higher yields. The VanEck Gold Miners ETF (NYSE: 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 (NASDAQ: SMH ) lost only 0.9%.
Fermi Inc. (NASDAQ: 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. (NYSE: 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. (NASDAQ: 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 (NYSE: DPC ) gained 6.3% on record third-quarter results and raised 2026 guidance.
HubSpot Inc. (NYSE: HUBS ) rose 7.4% after co-founder Brian Halligan returned as CEO, replacing Yamini Rangan .
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On the downside, Super Micro Computer Inc. (NASDAQ: SMCI ) sank 12.7% after Semafor reported Justice Department probes involving the server maker, Singapore-based Megaspeed and Nvidia.
Global Payments Inc. (NYSE: 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. (NYSE: 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. (NYSE: JBS ) lost 9.5%, extending a slide that began after weaker third-quarter results earlier this week. Millicom International Cellular S.A. (NASDAQ: TIGO ) slid 9.3% with no company-specific news, on volume nearly nine times its usual level.
Looking Ahead
Applied Materials Inc. (NASDAQ: AMAT ) , expected to earn $4.05 per share, reports after the close, alongside Cisco Systems Inc. (NASDAQ: CSCO ) at $1.33 and Nu Holdings Ltd. (NYSE: NU ) at 22 cents.
Thursday’s Russell 1000 Top Gainers
Name % Change Fermi Inc. +21.27% Mobility Global Inc. +15.08% Figure Technology Solutions Inc. +11.57% HubSpot Inc. +7.42% DPC Holdings PLC +6.27%
Thursday’s Russell 1000 Top Losers
Name % Change Super Micro Computer Inc. -12.67% Global Payments Inc. -10.76% YETI Holdings Inc. -9.56% JBS N.V. -9.52% Millicom International Cellular S.A. -9.32%
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