US Stock Trends (Nov. 9): Nasdaq Rebounds 1% on Friday; NVIDIA Launches Investigation into Jensen Huang Over the Weekend

Author: Chaoxiang Research

Friday US stock closes were mixed: Nasdaq rebounded 1.09%, S&P 500 rose slightly, Dow Jones closed lower; chip stocks partially recovered from Thursday's sharp sell-off.

This weekend, Nvidia's board of directors launched an independent investigation regarding media reports on Jensen Huang, and Nasdaq futures weakened late Sunday Eastern time.

Monday Asia morning session, the Nikkei 225 opened higher by approximately 2%, while US stock index futures showed mixed performance.

Friday Close: Nasdaq Rebounds, Three Major Indices Still End Week Lower

All figures below are trading results for Friday, November 6 Eastern Time. US stocks are closed over the weekend, with no Sunday close.

The Nasdaq rose 1.09% to close at 24,579.42 points; the S&P 500 gained 0.31% to close at 7,376.86 points; the Dow Jones fell 237.33 points, or 0.46%, to close at 51,285.73 points.

Thursday saw the Nasdaq drop 5.5% and enter a technical correction. On Friday, some capital rotated back into chip stocks: Micron closed up approximately 5%, Nvidia closed nearly 3% higher, returning to positive year-to-date returns; AMD surged approximately 9% intraday, and Intel rose nearly 7% intraday.

For the full week, the Nasdaq fell 3.4%, the S&P 500 dropped 2.7%, and the Dow Jones declined 0.9%. The Technology Select Sector SPDR Fund (XLK) fell approximately 8% this week, marking its worst week since early April 2025.

Intraday developments included reports that Microsoft plans to reduce its number of neocloud partners and scale back computing capacity leased from Oracle; IonQ surged approximately 17% after raising its full-year revenue guidance; Microchip delivered weak guidance, dropping approximately 14% intraday.

Non-Farm Payrolls Surpass Expectations, Oil Prices Crash Weekly

The US Department of Labor reported that October non-farm payrolls increased by 165,000, far exceeding the Dow Jones survey expectation of 59,000; the unemployment rate fell to 4.1%, below the expected 4.2%.

Positions for August and September were revised upward by a combined 84,000. Average hourly earnings rose 0.4% month-over-month and 3.1% year-over-year. Professional and business services added 70,000 jobs, and healthcare added 42,000 jobs.

CME FedWatch data shows that market pricing for a 25-basis-point rate hike at the December 8-9 meeting has risen to approximately 76.8%.

WTI crude oil settled Friday at $90.83 per barrel, up 0.34%; Brent crude settled at $98.32 per barrel, essentially flat. For the week, WTI fell approximately 13%, and Brent dropped over 16%.

In Treasuries, the 10-year yield closed Friday at 4.86%, recovering approximately 2 basis points from Thursday; the 2-year yield closed at 4.51%.

The University of Michigan's preliminary November consumer sentiment index stood at 51.0, above the expected 47.5.

Weekend: Nvidia Board Launches Independent Investigation

On November 8 (Sunday), Nvidia's board of directors announced that, in response to media reports suggesting founder and CEO Jensen Huang may have been targeted by foreign intelligence operations, it would launch an investigation led by independent directors and external independent counsel.

The board stated there is currently no reason to believe national security or trade secrets have been compromised, and the investigation will review all available information; Huang supports and cooperates with the review. A company spokesperson confirmed he will continue serving as CEO.

Huang sent an email to employees the same day, admitting to an extramarital affair and apologizing. Related reports indicate that US intelligence agencies were monitoring his communications with Alice Huang (who is not related to Jensen Huang); she is linked to a Nvidia client and cloud company Megaspeed.

Trump told reporters late Sunday that he considers Huang a "good person" and stated he should remain as CEO.

Monday Asia: Nikkei Rebounds, US Stock Futures Mixed

Monday Asia morning session, the Nikkei 225 rose approximately 2%, the Taiwan Weighted Index gained over 2%, and South Korea's KOSPI saw minor fluctuations. On Friday, Asian markets had followed US losses, with the Nikkei and Korean stocks dropping more than 5%.

Regarding US stock index futures, during Sunday evening Eastern hours, S&P 500 futures were roughly flat, Nasdaq 100 futures fell approximately 0.2%, and Dow futures rose approximately 0.4%. During Tokyo morning hours, S&P futures remained largely unchanged, while Nasdaq futures weakened due to Nvidia-related news.

On oil prices, Brent crude dipped to around $97.50 per barrel in Monday's Asia morning session. On Sunday, Trump stated it was "extremely unlikely" he would order new strikes against Iran if progress is made on Iranian nuclear negotiations and reopening the Strait of Hormuz.

Bitcoin is trading around the $75,000 level.

Today's Watchlist

All times are Beijing Time.

This Week: US Inflation Data. Markets are focusing on price readings released around Tuesday and their implications for the Federal Reserve's path in December.

November 17: Nvidia Releases Q3 Earnings. The weekend investigation news will continue to influence trading sentiment.

Data Center Policy: Texas governor-elect Gina Hinojosa reiterated last week that data center expansion should be paused until protective measures are implemented; related negotiations are expected to continue leading up to her inauguration in January.