Dow falls 189 points; Nvidia recovers from 14% drop after CEO resignation
Wall Street indices closed lower on 13 November amid market jitters over Nvidia CEO Jensen Huang's resignation and Middle East tensions. The Dow fell 189 points, while Nvidia shares plunged 14% before recovering to a 4% loss.
Wall Street's three major indices closed lower by nearly 0.4 per cent on 13 November, as the resignation of Jensen Huang as chief executive of Nvidia weighed on market sentiment and investors monitored developments in the Middle East.
The Dow Jones Industrial Average ended the session at 52,297 points, down 189 points. The Nasdaq fell 100 points to 25,366, while the S&P 500 slipped 26 points to 7,592.
Nvidia shares initially plunged more than 14 per cent to a low of US$148.80, briefly pushing the company's market value below US$4 trillion. However, the stock recovered to close at US$166.19, down just over 4 per cent, making it the worst-performing component of the Dow. Before trading began, the company announced that Huang had stepped down immediately as chief executive and director, with current executive vice-president and chief financial officer Chris appointed as interim chief executive. A search for a permanent chief executive has been launched.
Other major technology stocks showed mixed results. Meta fell nearly 1 per cent, while Tesla and Alphabet each rose close to 2 per cent.