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On Thursday last week, markets lost about $3 trillion in total value as investors sold off AI-related names.
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Markets are now focused on Nvidia as the chipmaker's board said it would be launching an independent investigation into CEO Jensen Huang's alleged relationship with a suspected Chinese spy.
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U.S. President Donald Trump is scheduled to meet Qatar's prime minister, Sheik Mohammed bin Abdulrahman, at the White House on Monday in a closed-door meeting.
U.S. stock futures traded higher overnight late Sunday after markets suffered a steep selloff last week amid concerns about a slowdown in artificial intelligence following a Democratic win in both chambers of Congress.
As of 10:11 p.m. EST, Dow futures gained 0.71%, while the S&P 500 futures were up 0.61% and Nasdaq-100 futures gained 0.62%.
On Friday, the three U.S. benchmark indexes posted a mixed close after a massive selloff the previous day. The Dow Jones Industrial Average closed 0.46% lower. The S&P 500 and the Nasdaq Composite gained 0.31% and 1.09%, respectively.
| Index |
Move |
Close |
|---|---|---|
| Dow Jones Industrial Average |
-0.46% |
51,285.73 |
| S&P 500 |
0.31% |
7,376.86 |
| Nasdaq Composite |
1.09% |
24,579.42 |
Key US Market Drivers
Last week, markets were dominated by the outcome of the November midterm election results, with the Democrats sweeping both the Senate and the House.
After an initial climb, stock markets crashed on Nov. 5 as concerns over a pullback in AI policy and stronger regulations stoked fears about a slowdown in the AI trade.
On Thursday last week, markets lost about $3 trillion in total value as investors sold off AI-related names. All three benchmark indexes ended last week down amid the pressure on AI and tech names.
Meanwhile, markets are also focused on Nvidia Corp. (NVDA) this weekend as the chipmaker's board said it would be launching an independent investigation into CEO Jensen Huang's alleged relationship with a suspected Chinese spy, raising concerns about being targeted by a foreign intelligence effort.
Gary Black, managing partner at The Future Fund, said the incident could result in Huang stepping down as the chip darling's CEO, which would exert short-term pressure on the stock as the company has "no natural successor."
On the geopolitical front, a conclusion on the U.S.-Iran war is yet to arrive, although U.S. President Donald Trump said in an interview with CNBC over the weekend that he is "highly unlikely" to restart a full-fledged war with Iran if there is progress made in the talks on Tehran's nuclear program and the reopening of the critical Strait of Hormuz.
Markets were widely speculating that the president might restart open conflict with Iran after the Republican Party lost to Democrats in the midterm elections.
However, U.S. Secretary of State Marco Rubio made contrasting remarks in Florida before leaving to meet Group of Seven counterparts in Paris, saying Iran's demands so far have proven to be unacceptable and in some cases "outrageous and ridiculous."
Trump is also scheduled to meet Qatar's prime minister, Sheik Mohammed bin Abdulrahman, at the White House on Monday in a closed-door meeting, likely to include discussions about the Iran war. Vice President JD Vance is also reportedly scheduled to meet with the Qatari leader.
The president is also expected to meet with Chinese President Xi Jinping and Russian President Vladimir Putin at next week's APEC summit, where he is preparing to discuss "denuclearization" plans and the war on Iran.
Oil prices were trading marginally higher at the time of writing. Brent crude futures were trading at $98.41 a barrel, up about 0.07%, while WTI crude futures traded 0.59% higher at $91.38 per barrel.
Meanwhile, markets will be awaiting October's consumer price index and producer price index data next week, even as more companies report their quarterly prints.
Trending Tickers To Watch
Nvidia Corp. (NVDA):The AI darling was on top of the retail radar late Sunday after the stock plunged 3.5% in the overnight session on mounting market concerns over leadership and governance following CEO Huang's letter over the weekend about an affair with a suspected Chinese spy.
Advanced Micro Devices Inc. (AMD):The chipmaker's stock gained about 1.66% in the overnight session late Sunday as markets rotated out of Nvidia and into AMD shares.
Vir Biotechnology Inc. (VIR):Shares of the clinical-stage immunology company soared more than 13% in the overnight session late Sunday after it announced encouraging topline results from its Phase 3 Eclipse 1 trial evaluating the monthly subcutaneous administration of elebsiran and tobevibart in adults with chronic hepatitis delta (CHD).
Sandisk Corp. (SNDK):The memory stock recovered at close on Friday and continued to climb higher in the overnight session late Sunday following a steep selloff last week.
Other Market Trends
Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), the Invesco QQQ Trust (QQQ) and the SPDR Dow Jones Industrial Average ETF Trust (DIA) edged higher at the time of writing.
Meanwhile, the 10-year U.S. Treasury yield was trading at 4.882%, while the 30-year yield was at 5.282%.
The iShares 20+ Year Treasury Bond ETF (TLT) was down 0.27% amid 'bearish' sentiment.
Asian markets opened higher on Monday. South Korea's KOSPI, Japan's Nikkei 225, China's SSE Composite and Australian stocks all edged higher at the time of writing.
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Aashika Suresh has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
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