Tech · $NVDA
Nvidia Falls More Than 4% After Jensen Huang Resigns as CEO, While the 10-Year Treasury Yield Rises to 5.10%
Image: Bru-nO via Pixabay
Stocks ended modestly lower after Nvidia pared an early 14% drop, with Colette Kress named interim chief executive and oil climbing on Iran remarks.
By Noris Ortiz ·
Nvidia said on Thursday, Nov. 12, that Jensen Huang has resigned as president, chief executive and board member, effective immediately, a move that hit the stock at the open and landed on a day when the 10-year Treasury yield rose to 5.10% [1][2].
The company named Colette Kress, its chief financial officer, interim CEO, and she will keep the CFO role until a permanent successor is chosen [1]. The board has begun a search that will consider internal and external candidates, and it named Harvey C. Jones as the company's first board chair [1]. Nvidia said it expects operations, customer commitments and the product roadmap to continue without interruption [1]. The release gave no reason for the resignation and included no statement from Huang. ABC News reported that the move came amid reports of an alleged relationship with a suspected Chinese spy; those are reported allegations, and Nvidia's announcement did not address them [3].
The shares fell as much as 14% at the start of trading, then recovered about half of that loss, and Nvidia was the heaviest single drag on the S&P 500, according to The Associated Press [2]. Yahoo Finance reported that the stock closed at $166.19, down 4.34%, and has lost about 30% over the past month [4]. The AP noted that through Wednesday the stock had been down about 27% from the record high it set last month [2].
The broader market held up better than the Nvidia headline suggested. The S&P 500 erased an early drop of nearly 1% and finished down 0.3%, while the Dow Jones Industrial Average and the Nasdaq composite each fell 0.4%, the AP reported [2]. Yahoo Finance's closing tally put the S&P 500 at 7,592.40, the Dow at 52,297.09 and the Nasdaq at 25,366.09, with the small-cap Russell 2000 down 1.66% to 2,799.06 [4]. Some chip rivals rose as Nvidia fell: Broadcom gained 5.2% and Advanced Micro Devices rose 5.9%, while CoreWeave dropped 8.2% and Micron slipped 2.1%, the AP said [2].
The leadership change has links beyond the chip sector. Yahoo Finance noted that Nvidia has pledged $10 billion to Anthropic's $26 billion private placement tied to that company's planned initial public offering, and that it is unclear whether Huang's exit affects the commitment [4]. Anthropic's pricing is expected on Nov. 18, with trading to begin Nov. 19, according to the same report [4].
Rates added pressure. The 10-year Treasury yield rose to 5.10% from 4.98% on Tuesday, the AP said, with the bond market closed Wednesday for Veterans Day [2]. Yahoo Finance reported that the 30-year yield rose 9 basis points to 5.44% as investors weighed the prospect of Federal Reserve rate increases, and that Mary Daly said further tightening "will be needed" [4]. Higher yields tend to weigh on richly valued technology shares, which can magnify the effect of company-specific news.
Oil moved too. Brent crude rose 3.3% to $95.82 a barrel after President Donald Trump said he was no longer interested in a deal with Iran, the AP reported [2].
What to watch: Nvidia still plans to report third-quarter fiscal 2027 results on Tuesday, Nov. 17, with a call at 2 p.m. Pacific time, so the first remarks from the interim leadership team are close at hand [1]. Investors will also look for any update on the CEO search, whether the Anthropic commitment changes, and how the 10-year yield behaves around the 5% level.
Sources:
[1] Nvidia, "NVIDIA Announces CEO Transition", November 12, 2026. https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-CEO-Transition/
[2] The Associated Press (via KDH News), "Wall Street shakes following swings for Nvidia and oil prices but recovers most of its early losses", November 12, 2026. https://kdhnews.com/news/nation/wall-street-shakes-following-swings-for-nvidia-and-oil-prices-but-recovers-most-of-its/article_843a0385-dfdd-51a8-b39b-26bce17b865a.html
[3] ABC News, "Nvidia CEO Jensen Huang resigns amid alleged affair with reported spy", November 12, 2026. https://abcnews.com/Business/nvidia-ceo-jensen-huang-resigns-amid-alleged-affair/story?id=138076256
[4] Yahoo Finance, "Stock market today: Dow, S&P 500, Nasdaq slip as Nvidia stock falls on CEO exit, bond yields rise", November 12, 2026. https://finance.yahoo.com/markets/live/stock-market-today-thursday-november-12-sp-500-nasdaq-dow-nvidia-invest-110027430.html
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.