Nvidia Chief Ousted Amid Spy Scandal

Wall Street stocks saw a general decline as tech shares continued to face pressure following the unexpected departure of Nvidia's chief, Jensen Huang. Huang resigned on Thursday due to revelations of extramarital affairs, including alleged involvement with an individual suspected of being a Chinese spy. This upheaval has significantly impacted Nvidia's stock, which dropped further on Friday. Key rivals, AMD and Broadcom, also experienced notable decreases, with analysts attributing this to profit-taking.

Adding to market concerns, fresh data indicated that US inflation is persisting. The Producer Price Index rose by 0.3 percent in October from the previous month, following a prior week's strong consumer price reading. This persistent inflation, exacerbated by increased energy costs due to the US-Iran conflict, is fueling expectations that the US Federal Reserve will implement at least a quarter percentage point interest rate increase next month. These expectations have bolstered the dollar, reaching its highest point against the euro since April 2025.