Nvidia Closes Down 2.01% at $162.85, Market Value Below $4 Trillion as Nasdaq Falls 0.91%

NEW YORK — U.S. stocks closed on Friday, November 13, with Nvidia falling 2.01% to $162.85, its market value slipping to about $3.93 trillion and below the $4 trillion mark, a second straight daily decline since the announcement of Jensen Huang's resignation. The Nasdaq Composite fell 0.91% as chip stocks sold off broadly, while the Dow Jones Industrial Average edged higher.

Nvidia opened at $169.91, traded as high as $170.00 and as low as $158.39 — down nearly 5% intraday — before closing $3.34 below the previous close of $166.19. Volume was about 362 million shares. The stock fell about 12.75% for the week.

A downgrade added to the pressure. HSBC analyst Frank Lee downgraded Nvidia to “hold” in a research note, cutting his price target from $375 to $170, close to the stock's current level.

Chip stocks fell across the board: AMD lost about 8.8%, Broadcom about 4.8%, Marvell about 5%, and Intel and Micron about 2.5% each. Apple rose 0.4% to a record closing high.

Among the major indexes, the Dow Jones Industrial Average rose 50.46 points, or 0.10%, to 52,347.55; the S&P 500 fell 30.73 points, or 0.40%, to 7,561.67; and the Nasdaq Composite fell 229.82 points, or 0.91%, to 25,136.27.

For the week, all three indexes still gained: the S&P 500 rose 2.5%, the Nasdaq Composite 2.3% and the Dow 2.1%, ending a four-week losing streak.

Nvidia's board accepted Huang's resignation as president, chief executive officer and director on November 11, and the company announced it on November 12 without giving a reason; CFO Colette Kress is serving as interim CEO. Nvidia is scheduled to report third-quarter earnings after the close on November 17, its first report since the leadership change, and investors are watching for the company's comments on results and the transition. (Source: Associated Press)

Related: Jensen Huang Resigns as NVIDIA CEO, Effective Immediately: CFO Colette Kress Named Interim CEO as Board Launches Search

Related: Nvidia Slides Another 3.8% to About $160 at Midday as U.S. Stocks Surrender Early Gains; Nasdaq Down 1.42%

Source: Associated Press

Published by GSM · USA (original Chinese edition)

Photo: 图：纽约 Broad Street 与 Wall Street 路口，右侧为纽约证券交易所大楼（资料图）。Arild Vågen 摄，CC BY-SA 4.0，经 Wikimedia Commons。 / Photo: The corner of Broad Street and Wall Street in New York, with the New York Stock Exchange building at right (file photo). Photo by Arild Vågen, CC BY-SA 4.0, via Wikimedia Commons.

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