ASX set to fall, Nvidia weighs on Wall Street; Trump sends oil higher

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The US stock market shook, but it largely absorbed big swings for Nvidia and oil prices and finished with relatively modest losses.

The US stock market shook, but it largely absorbed big swings for Nvidia and oil prices and finished with relatively modest losses. The moves suggested Wall Street sees limited fallout for the artificial intelligence industry, which carries immense influence on the market, despite the sudden fall of one of its biggest evangelists.

After dropping nearly 1 per cent at the start of trading, the S&P 500 quickly erased all of the loss before finishing with a dip of 0.4 per cent. The Dow Jones Industrial Average fell 189 points, or 0.4 per cent, while the Nasdaq composite sank 0.4 per cent after trimming an early drop of 1.6 per cent.

The Australian sharemarket is set to retreat, with futures pointing to a loss of 61 points, or 0.7 per cent, at the open. The ASX slipped by less than 0.1 per cent on Thursday. The AUstralian dollar was lower at US68.05¢.

Stocks broadly felt pressure from a rise in oil prices after President Donald Trump said he’s no longer interested in a deal with Iran to end their war. Instead of that, Trump said he asked his vice president to investigate US cities and states run by Democrats.

On a typical day, that could be the main driver of action on Wall Street. But little has been typical recently for the yo-yoing stock market.

The focus instead was on Nvidia’s stock. It plunged 14 per cent at the start of trading following the resignation of Jensen Huang, its CEO, co-founder and face of the brand. The chip company’s stock has been sinking since its board announced an investigation into Huang for a relationship with a woman suspected of being a Chinese government agent.

It’s a stunning fall for Huang and for Nvidia, which had become Wall Street’s most valuable and influential stock because of its central role in the AI boom. Its stock price set a record last month after soaring an astounding 1,722 per cent in four years. That compares with the already healthy gain of nearly 109 per cent for the overall S&P 500 over the same time.

But Nvidia’s price dropped…

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