Dow Jones falls 200 points as oil, yields rebound; Nvidia down to 52-week low

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The Dow Jones ended at the day's low, falling nearly 200 points, while the S&P 500 and the Nasdaq Composite fell 0.35% and 0.4% respectively, both recovering from their initial losses.

Benchmark indices on Wall Street had a down day on Thursday, November 12, as the Nvidia saga reverberated across market participants. Even as indices recovered their initial losses as Nvidia found buyers at lower levels, they ended in the red due to other external factors.

The Dow Jones ended at the day's low, falling nearly 200 points, while the S&P 500 and the Nasdaq Composite fell 0.35% and 0.4% respectively, both recovering from their initial losses.

Shares of Nvidia had opened 14% lower after CEO and Co-founder Jensen Huang announced his resignation. The stock, however, recovered to end 4.5% lower, after CFO Colette Kress was named interim CEO.

A bigger impact was seen in companies where Nvidia held stake, particularly the neoclouds such as CoreWeave and Nebius Group. CoreWeave plunged as much as 16%, before recovering to end 7% lower, giving up most of its 24% surge after strong results and management commentary, while Nebius Group trimmed its sales outlook, resulting in the stock plunging 17%

While Nvidia shares fell, the losses were partly offset by its competitors, AMD and Broadcom, both of which rose over 5% each. Alphabet shares also saw buying interest, ending 2% higher, and kept the Nasdaq losses in check.

Wall Street largely chose to look past Nvidia as a company specific issue as the indices had at one point even traded in the positive territory. However, they gave up all the gains and slipped into the red again, as crude oil prices rebounded. Brent moved back towards $96 a barrel after US President Donald Trump wrote on Truth Social that the US does not need a deal with Iran, and that Vice President JD Vance, instead of seeking negotiations with Iran, should focus on domestic issues.

Another reason behind the fall in equities is the fear of more aggressive rate hikes by the US Federal Reserve after speeches given by multiple officials indicated the same.

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