US stocks finished mixed on Friday as Nvidia extended its recent losses amid uncertainty over its leadership, although all three major benchmarks recorded their strongest weekly gains since early August.
The Nasdaq Composite fell 0.91% to 25,136.27, while the S&P 500 declined 0.4% to 7,561.67. The Dow Jones Industrial Average edged up 50.46 points, or 0.1%, to close at 52,347.55.
Markets initially advanced after October’s producer price index rose 0.3%, below economists’ expectations of 0.4%. However, annual wholesale inflation reached 6.5%, its highest level since November 2022, reinforcing concerns about persistent price pressures.
Nvidia shares fell another 2%, extending Thursday’s decline of more than 4%, following the resignation of founder and chief executive Jensen Huang. The stock lost approximately 13% over the week, marking its sixth consecutive weekly decline.
Chief financial officer Colette Kress has assumed the role of interim CEO while the board searches for a permanent replacement. The leadership uncertainty comes ahead of Nvidia’s quarterly earnings announcement on Tuesday after the US market close.
Despite Nvidia’s weakness, the broader semiconductor sector showed resilience, with the Philadelphia Semiconductor Index gaining approximately 8% over the week.
Investors are also preparing for Anthropic’s highly anticipated Nasdaq listing on Wednesday, with the artificial intelligence company seeking to raise up to US$64.4 billion at a valuation of approximately US$1.4 trillion.
For the week, the Nasdaq gained 2.3%, the S&P 500 rose 2.5% and the Dow advanced 2.1%.
Australian Market Outlook
Australian shares are set for a subdued opening on Monday, with S&P/ASX 200 futures indicating a decline of 2 points or 0.02 per cent.
The cautious outlook follows three consecutive weeks of gains for the local benchmark, leaving the index approximately 215 points below its August record high.
Investor attention will turn to Tuesday’s release of the Reserve Bank’s November monetary policy meeting minutes. The central bank raised the cash rate by 25 basis points to 4.85% earlier this month, its fifth increase this year, while removing its previous tightening bias.
RBA Governor Michele Bullock will also participate in a panel discussion at ASIC’s annual forum on Tuesday.
Meanwhile, the Australian dollar is trading near a 10-month low at US67.71¢ as investors assess the diverging interest rate outlooks between Australia and the United States.
