Nvidia Falls 4.34% on Jensen Huang Exit; Nasdaq Eyes October PPI

Nasdaq Composite closed at 25,366.09 on November 12, down 100 points, or 0.39%, after Nvidia shed 4.34% following the resignation of founder and Chief Executive Officer Jensen Huang. The index now sits 8.1% below its October 6 record close of 27,599.89. Traders face the next test at 8:30 a.m. ET on November 13, when the Bureau of Labor Statistics releases October producer price data.

Huang resigned on November 11 after 33 years leading the chipmaker. The departure took effect immediately, according to an SEC 8-K filing dated November 12. The board appointed Chief Financial Officer Colette Kress as interim CEO while it searches for a permanent successor. Nvidia also named Harvey C. Jones as its first-ever Chair of the Board.

What does the CEO exit mean for the stock?

Nvidia closed at $166.19 on November 12, roughly 30% below its October 6 record close of $239.24, StockTitan data showed. The stock was one of the Nasdaq Composite's heaviest-weighted components heading into November. Its slide has dragged the broader index lower for five straight weeks.

The market impact reaches beyond hardware. Steven Dickens, CEO and principal analyst at HyperFrame Research, said Huang's relationships defined the company's position across the AI infrastructure industry. "Those relationships are based on decades," Dickens said, citing Huang's ties to executives at Dell Technologies and major hyperscaler companies.

Nvidia guided to $108 billion in revenue for the fiscal quarter it reports on November 17. That report will be the first earnings call without Huang at the helm. It sets a high bar for Kress in her debut appearance as interim CEO.

What does the October PPI forecast show?

Economists surveyed by Dow Jones expect a 0.4% month-over-month rise in October final-demand prices. That would mark a sharp deceleration from September's 1.3% gain. The annual rate is forecast at 6.6%, up from the prior 6.3%.

September's report, released on October 15, printed at 1.3% on the month. That came in at more than double the 0.6% consensus forecast.

The October Consumer Price Index, released on November 10, also beat expectations. The report drove the 10-year Treasury yield up 13 basis points to 4.991%. The two-year yield rose 19 basis points to 4.74%.

A cooler PPI reading could ease some of that pressure. A second consecutive overshoot would reinforce the view that inflation remains sticky.

How are rate expectations positioned?

Fed policymakers will announce their next decision on December 9, after the December 8-9 FOMC meeting. The calendar follows September's rate hike and the October hold, plus the hotter-than-expected October CPI report. Futures markets reflected strong expectations of another increase before the PPI print.

CME FedWatch showed traders pricing roughly 85% odds of a quarter-point hike at the December meeting. A second straight PPI overshoot could strengthen those expectations.

The risk-off mood extended beyond technology on November 12. The VIX jumped 6.92% to 18.70. The S&P 500 fell 0.35% to 7,592.40. The Dow Jones Industrial Average dropped 0.36% to 52,297.09. The Russell 2000 small-cap index fell 1.66%, reflecting concern about rate-sensitive sectors.

Which levels matter for the Nasdaq?

The Nasdaq's 2026 range spans more than 7,000 points, from a 52-week low of 20,690.25 to a high of 27,722.75. On November 12, the index opened at 25,092.11, traded as low as 25,068.28, and recovered to close at 25,366.09.

A sustained break below 25,000 would put the November 5 closing level of 24,315.00 back in play. Technical focus would then shift toward the 24,000 region.

The economic calendar tightens after the PPI. The November jobs report lands December 4. The Fed announces its rate decision December 9. The November CPI follows on December 10. Nvidia's November 17 earnings call will test whether Kress can steady investor confidence in the company's trajectory without its founding leader.