All Eyes on Nvidia's Board, and Nasdaq Futures Slip

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The one thing that matters today

Nasdaq 100 futures led US index futures lower early Thursday after Nvidia shares fell on reports that its board was considering replacing CEO Jensen Huang, Reuters reported. Nvidia dropped about 7% in premarket trading. Reports said the board was meeting late Wednesday to discuss the situation, the Associated Press reported. No decision had been announced as of this morning.

Our read

Yesterday's AI comeback lasted about one session. Here's what jumps out: this isn't about earnings, rates or demand. It's about who runs the biggest name in the AI trade, and until the board says something on the record, the market is pricing a question mark. The tell is in Europe, which hit a record this morning: the worry is specific to AI and tech, not a broad flight from stocks.

Before (overnight)

At 3:11 a.m. CT, Nasdaq 100 futures were down 0.79% and S&P 500 futures down 0.38%, while Dow futures were up 0.04%, Reuters reported.
The picture held into dawn: as of 5:48 AM CT, Nasdaq 100 futures were down 0.79% and S&P 500 futures down 0.38%, while gold futures were down 1.17% at $3,953.50 (Yahoo Finance data). Nvidia was down 7.41% at $160.86 premarket at 5:58 AM CT (Yahoo Finance data).
Other chip stocks slipped premarket: Intel, Marvell Technology and Micron were down 2.6% to 3.4%, and CoreWeave, whose results helped lift AI stocks Wednesday, fell 7.2%, Reuters reported.
Most of Asia slipped as Nvidia's leadership questions weighed on AI-related stocks: Taiwan's Taiex fell 2.6%, Hong Kong's Hang Seng 1.2%, Japan's Nikkei 225 0.7% and South Korea's Kospi 0.2%, the AP reported.
Europe went the other way: the STOXX 600 rose 0.3% to a record high early in the session, helped by strong corporate earnings and lower energy prices, Reuters reported.
Spot gold was down 0.2% at $3,977.99 an ounce late Wednesday night CT, after touching its lowest since Nov. 4 earlier in the session, as the dollar climbed to a 19-month high against major currencies, Reuters reported.
Oil was little changed: Brent crude was down 0.27% at $92.51 a barrel, the AP reported.

The calendar

Time CT	Event	Consensus	Why it matters
7:30 AM	Weekly jobless claims (check timing, holiday week)	—	A weekly read on layoffs after a hot-inflation week
All day	US bond market reopens after Veterans Day	—	First cash Treasury trading since Tuesday's hot CPI
8:30 AM	US stock market opens	—	First cash test of the Nvidia news
9:00 AM	Fed Governor Michael Barr speaks on AI and inequality	—	A Fed voice on the topic everyone's talking about
11:00 AM	Weekly US crude inventories (EIA), moved from Wednesday for Veterans Day	—	Oil has been a swing factor for inflation worries
12:00 PM	30-year Treasury bond auction ($25 billion)	—	A demand check for long-term US debt as bonds reopen
After the close	Applied Materials and Cisco results	—	Two more AI-linked report cards on a shaky day for the trade

What's priced in

Traders are fully pricing in a Fed rate hike next month and another in March, Reuters reported.

"The controversy creates an unusually difficult problem for investors..." (Reuters)^{Terri-Leigh Bennett, chief operating officer, CMS Prime} "The (gold) market has had a meaningful pullback over the past several days in the wake of that US inflation data." (Reuters)^{Ilya Spivak, Tastylive}

What could move NQ, ES and gold (general tendencies, not predictions)

A statement from Nvidia's board, either way, would replace a report with a fact. Nasdaq futures tend to react hardest to news about the biggest tech names.
Bonds reopen today after Tuesday's hot CPI. A first day back can bring a catch-up move in yields, which tends to matter for tech and gold.
A strong dollar tends to weigh on gold, and the dollar is at a 19-month high.

What we're watching

Does Nvidia's board say anything before the bell, or do we open on the question mark?
Europe's at a record while US tech slides. Does the cash open look more like Europe or more like Asia?
Cisco and Applied Materials report after the close. After this week, every AI-linked report gets a closer look.

The short version (the what and the result)

Nasdaq 100 futures −0.79%, S&P 500 futures −0.38% at 5:48 AM CT (Yahoo Finance data); Nvidia −7.41% premarket on reports its board is weighing CEO Jensen Huang's future, with no decision announced (Reuters; AP).
Asia mostly lower; Europe's STOXX 600 at a record (Reuters); gold futures −1.17% at 5:48 AM CT (Yahoo Finance data) as the dollar hits a 19-month high (Reuters).
Bonds reopen; Fed's Barr at 9:00 AM CT; 30-year auction at noon CT; Cisco and Applied Materials after the close.