Thursday, November 12, 2026 · 8:15 AM ET · Shahryar Rahmani, MTC Desk
Nvidia CEO limbo drags chips this morning. Nvidia was down about 7.8% at 7:44 AM ET while its board weighs the future of CEO Jensen Huang, and Nasdaq 100 futures were down about 0.7% to 0.9% (as of 4:30–7:03 AM ET). Dow futures were about flat.
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Morning, I’m Shah, your host, and this is MTC Radio, premarket edition.
Okay, so this morning it’s all about Nvidia, and not because of earnings. Late last night the New York Times and the Wall Street Journal reported that the board is weighing whether Jensen Huang stays as CEO. Reuters says the board met last night. As of this morning, nothing has been announced, and he’s still the CEO. The stock is down about eight percent, as of about a quarter to eight.
Now, why does that matter for everyone else? Because Nvidia is the company this whole data-center boom is built around, and it’s a massive weight in the S and P and the Nasdaq. So when it drops eight percent, the indexes feel it. Nasdaq futures are down somewhere around three quarters of a percent, S and P futures down about a third of a percent, and the Dow is basically flat. So this is really a tech move, not the whole market.
And it’s spilling into the data-center names. CoreWeave, which jumped about twenty five percent yesterday, is down almost ten percent. Nebius actually beat on revenue this morning, and it’s still down about nine. Micron is down about four and a half. On the other side, AMD is up about two percent. So the market is basically asking, who wins if Nvidia stumbles.
On the data side, we have jobless claims at eight thirty, expected around one ninety five thousand. Bonds are back open today after Veterans Day, the ten year is sitting near five percent, and we have six Fed speakers through the day. The thirty year bond auction is at one. And after the close, Cisco and Applied Materials report.
As for Spy, it’s trading around seven fifty six and a half, right above the seven fifty two to seven fifty five zone. That’s Tuesday’s high and yesterday’s low. If we test it and buyers defend it, okay, that tells us the gap down is being absorbed. If it breaks and stays below, well, the selling has more room. Above us, seven fifty nine and a half to seven sixty two and a half is the gap fill.
Q Q Q is around six eighty four, stuck between zones. Six ninety to six ninety two is the gap fill above, six seventy nine to six eighty one below. The middle is basically no man’s land, so I want price to come to a zone first.
And remember, a board headline can drop any minute today. So smaller size, or no trade until the reaction is clear. I’m not chasing the open.
So yeah, that’s what I’m watching. If you want to trade it with us, we’re live Monday, Tuesday, Thursday and Friday in the community. See you there.
Late Wednesday, the New York Times reported that Huang had a second relationship, this time with an Nvidia executive who reports to him, and the Wall Street Journal reported the board was preparing to remove him. Reuters says the board met Wednesday evening. As of this morning no decision has been announced, and Huang is still CEO.
That matters beyond one stock. Nvidia is the company the AI trade is built around and one of the biggest weights in the S&P 500 and the Nasdaq 100. On November 8 the board opened an independent investigation and said it had confidence in Huang and his team (company statement). Nvidia reports earnings on Tuesday, November 17.
The backdrop is still the Fed. Tuesday’s October CPI rose 0.4% against 0.3% expected, and a December hike is fully priced, with half-point odds about 10% to 15% (CME FedWatch via Reuters, about 7 AM ET; NEXUS, about 4:40 AM ET). Bonds reopen today after Veterans Day. Wednesday’s full story is in our Wednesday close recap and our after-hours recap hub, and daily updates live on our stock market today hub.
Market Snapshot: Tech Lower, Dow Flat
| Market | Move | Note |
|---|---|---|
| S&P 500 futures | about −0.3% to −0.4% | 4:30 AM ET (NEXUS); 7:03 AM ET (Reuters) |
| Nasdaq 100 futures | about −0.7% to −0.9% | Nvidia and AI names lead lower |
| Dow futures | about flat | Reuters +0.03%; NEXUS +0.1% |
| Russell 2000 (IWM) | about −0.1% | IWM at 7:42 AM ET (Nasdaq.com) |
| SPY premarket | 756.61 (about −0.4%) | 7:42 AM ET; Wednesday close 759.81 |
| QQQ premarket | 683.77 (about −1.0%) | 7:42 AM ET; Wednesday close 690.38 |
Top Premarket Stories
Moves are premarket, as of about 7:44 AM ET (Nasdaq.com).
Nvidia (NVDA), about −7.8%. The board is weighing CEO Jensen Huang’s future after the NYT and WSJ reports; no decision has been announced. The stock was about $160, below a floor near $164 that Yahoo Finance notes had held twice in the past 14 months. Reuters had it down 7.7% earlier in the morning.
CoreWeave (CRWV), about −9.7%. Giving back part of Wednesday’s 24.7% jump on its third-quarter results, as the Nvidia news hit the AI infrastructure group (Nasdaq.com; Reuters).
Nebius (NBIS), about −8.7%. It reported third-quarter revenue of $980.8 million, up 571% from a year ago, against about $907.5 million expected, and adjusted EBITDA of $465.8 million (PANews, citing Cailianshe). CNBC: it beat revenue expectations but the shares fell. The stock rose more than 15% on Wednesday.
Strategy (MSTR), about −5.5%. Index provider MSCI said it will remove the stock from its global indexes (Reuters).
Micron (MU), about −4.5%. Chip names fell with Nvidia; Intel was about −2.9%. AMD (AMD), about +2.2%, and Broadcom, about +0.9% to +1.4%, went the other way (Nasdaq.com; Reuters).
Marvell (MRVL), about −3.2%. Chip names fell with Nvidia (Nasdaq.com; Reuters).
Alibaba (BABA), about −4.4%. Its Hong Kong shares fell more than 6% on worries that the Nvidia story could bring tighter US chip-export rules for China (Investing.com).
Sectors
This is a tech-led pullback. The chip ETF SMH was down about 2.8% at 7:42 AM ET, while the Dow ETF DIA was about +0.1% and small caps were about flat. Overseas, Hong Kong’s Hang Seng closed down about 2.2% and Japan’s Nikkei about 0.7%, while Taiwan’s Taiex rose about 0.9% (NEXUS).
Rates and Commodities
| Asset | Early Thursday | One line |
|---|---|---|
| 10-year yield | 4.98% (Tuesday) | Bonds reopen today, seen near 5% (NEXUS; Rio Times) |
| WTI crude | about $86.1 | NEXUS, 4:30 AM ET; Brent about $92.4 |
| Gold | below $4,000 | About $3,943–$3,979 (NEXUS; Rio Times) |
| Dollar index | about 103 | NEXUS; Rio Times |
| Bitcoin | about $73,400 | NEXUS, 4:30 AM ET |
Economic Data Today
| Time (ET) | Release | Consensus | Prior | Actual |
|---|---|---|---|---|
| 8:30 AM | Initial Jobless Claims (week to Nov 7) | 195K | 189K | — |
| 10:00 AM | Existing Home Sales (Oct) | — | — | — |
| 12:00 PM | EIA Crude Oil Inventories | — | — | — |
| 1:00 PM | 30-Year Treasury Auction ($25B) | — | — | — |
Jobless claims are expected at 195,000 (NEXUS) after 189,000 the prior week. It is the first data since the holiday. The 30-year auction at 1:00 PM is the first test of long-bond demand since the hot CPI. Six Fed officials speak: Hammack, Barr, Goolsbee, Daly, Schmid and Williams, with Williams at 6:30 PM (NEXUS; The Tape Report). Friday brings October PPI at 8:30 AM, expected up 0.4% (NEXUS). Our guide to using premarket data shows how we prep a morning like this.
Earnings
Before the open: Nebius (above). After the close: Cisco and Applied Materials, both with calls at 4:30 PM ET, plus Dillard’s. Applied Materials sells the equipment that makes chips, so its comments on AI demand land right in the middle of the Nvidia story. Next week: Nvidia on Tuesday, November 17, after the close.
What to Watch Next
SPY was about 756.6, just above its lower Zone, 752–755 (Tuesday’s high, Monday’s close and Wednesday’s low). We’d watch how price reacts if it tests that Zone after the open: buyers defending it, or a clean break. The upper Zone, 759.5–762.5, is Wednesday’s close up to its high, the gap-fill area.
QQQ was about 683.8, sitting at Wednesday’s low and between its Zones. The upper Zone, 690–692, is the gap fill to Wednesday’s close; the lower Zone, 679–681, is Monday’s close and Tuesday’s high. The middle is no-man’s-land, so we’d wait for price to reach a Zone and show a reaction. Last week’s chip bounce brief shows how a headline-driven morning can set up.
Risks: an Nvidia board announcement can land at any time during the session, and the bond market reopens near 5% on the 10-year. On a headline day like this, smaller size or no trade until the reaction is clear. No alignment, no trade.
FAQ
Nvidia was down about 7.8% at 7:44 AM ET (Nasdaq.com) after reports late Wednesday from the New York Times and Wall Street Journal that its board was weighing whether to remove CEO Jensen Huang. Reuters reported the board met Wednesday evening. As of Thursday morning no decision had been announced.
Nasdaq 100 futures were down about 0.7% to 0.9% early Thursday (NEXUS at 4:30 AM ET; Reuters at 7:03 AM ET) as Nvidia and other AI names gave back part of Wednesday’s rally. Dow futures were about flat, so the selling is concentrated in tech.
Weekly jobless claims at 8:30 AM ET (195,000 expected per NEXUS; 189,000 the prior week), existing home sales at 10:00 AM, the EIA oil report at noon and a 30-year Treasury auction at 1:00 PM. Six Fed officials speak, with New York Fed President John Williams at 6:30 PM.
On SPY, 759.5 to 762.5 is the upper Zone and 752 to 755 the lower Zone; SPY was about 756.6 at 7:42 AM ET. On QQQ, 690 to 692 is the upper Zone and 679 to 681 the lower Zone; QQQ was about 683.8, between them. These are places to watch for a reaction, not entries.
Sources: Nasdaq.com premarket quotes (7:42–7:44 AM ET); Reuters via Yahoo Finance (futures at 7:03 AM ET); Investing.com; Yahoo Finance; NVIDIA Newsroom (board statement, Nov 8); NEXUS morning note (about 4:40 AM ET); The Tape Report; Rio Times; PANews/Cailianshe and CNBC (Nebius); BLS (CPI); U.S. Department of Labor (claims); U.S. Treasury. Featured image: NVIDIA headquarters photo by Coolcaesar (Wikimedia Commons, CC BY-SA 4.0), AI-edited. Premarket moves are approximate and change before the open.
Education only. Not financial advice.
