NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Lower As Nvidia CEO Jensen Huang Resigns

Super Micro Computer was the biggest loser in the SP500 index today. The stock pulled back as Bloomberg reported that the company was investigated by DOJ. According to the report, investigators are trying to find out whether companies linked to Alice Huang were smuggling Super Micro Computer products to China.

Put simply, Huang’s personal problems may mark a turning point for the AI industry. More companies could be investigated as U.S. attempts to maintain leadership in the AI race against China.

Today, traders also had a chance to take a look at the Initial Jobless Claims report. The report showed that 200,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 195,000. The report missed analyst expectations but showed that the job market remained in decent shape.

Existing Home Sales decreased by -5.5% month-over-month in October, while analysts expected that they would grow by +0.3%. The housing market remains under pressure amid high interest rates.

Treasury yields rallied as traders focused on recent changes in Fed policy outlook and prepared for the continuation of the rate hike cycle. The yield of 2-year Treasuries climbed above the 4.87% level, while the yield of 10-year Treasuries settled above 5.11%.