Dow Jones, Nasdaq Composite, and S&P 500 Close Day Down 0.4%
Investor sentiment was influenced by the departure of NVIDIA's CEO, tensions surrounding Iran, and expectations of a Federal Reserve rate hike
The Dow Jones, Nasdaq Composite, and S&P 500 ended the session down 0.4%. Investors also assessed corporate quarterly reports and economic data.
NVIDIA's President and CEO Jensen Huang immediately stepped down from his position and left the board of directors. Chief Financial Officer Colette Kress will temporarily lead the company while retaining her current role until the board finds a permanent CEO. Harvey S. Jones will become the first independent chair of the board. NVIDIA expects its operations, customer commitments, and product release plans to continue without disruption.
U.S. President Donald Trump stated on Truth Social that Washington no longer needs a deal with Iran. Against this backdrop, the market factored in risks to global oil supplies due to the ongoing blockade of Iranian oil exports. Investors also awaited the release of the Producer Price Index report.
According to CME FedWatch data, traders assessed an 89% probability of a Federal Reserve rate hike in December. The target rate range was expected to reach 4–4.25%, with a 25-basis-point increase.
In its third-quarter earnings report, Merck KGaA fell short of Zacks' consensus forecast for adjusted earnings per share but exceeded revenue expectations. Figure Technology Solutions and Wolverine World Wide surpassed forecasts for both metrics.
