Before the bell: Nvidia drops 4.9% on the Huang probe while stock futures rise and oil slides 3.5%

US stock futures are higher early Monday even as Nvidia, the market's biggest AI name, slides in premarket trading. Oil is the other big mover: December WTI is down about 3.5% after President Trump played down the odds of new strikes on Iran. The next hard test is Tuesday's October consumer price index.

Where futures trade versus Friday's close

Source: Yahoo Finance quotes read at about 6:20 AM ET Monday; percent changes are our arithmetic. Futures carry a premium to the cash indexes and early volume is thin, so treat the moves as signals, not forecasts.

On Friday the S&P 500 closed at 7,376.86 (+0.31%), the Nasdaq Composite at 24,579.43 (+1.09%) and the Dow at 51,285.73 (-0.46%), per Yahoo Finance. The S&P 500 remains 5.7% below its Oct. 6 peak on our chart. The 10-year Treasury yield ended Friday at 4.86%, per the Treasury's daily par yield curve, up from 4.84% Thursday.

Nvidia: down 4.9% before the open

Nvidia was quoted at $177.59 at 6:31 AM ET, down $9.05 or 4.85% from Friday's $186.64 close, according to the Nasdaq quote service. CNBC reported that the board has opened an independent investigation after reports that CEO Jensen Huang was the target of a "foreign intelligence effort," following his relationship with a MegaSpeed executive whom US intelligence agencies say passed information to Beijing, according to New York Times and Financial Times reports. Huang told staff in an email that he had "fallen short." China's foreign ministry called the spy narrative unsubstantiated, Reuters reported, per CNBC.

The damage is so far contained. CNBC said Intel, Marvell, Qualcomm and Arm were each down more than 1% premarket, and one strategist it quoted said the risk is spread to other chip names only if Huang's position looks endangered. At Friday's close the stock was about 22% below its Oct. 6 peak on our chart. Nvidia reports third-quarter results on Nov. 17, per CNBC and Nasdaq, so the next eight days combine a governance story with the AI sector's most-watched earnings report. Our full story has the background.

Oil and gold: Iran talk cools crude

Trump said on CNN that renewed strikes are "highly unlikely" if Iran signs a strong agreement, as OilPrice.com reported. The same report noted fresh accounts of attacks on tankers in the Strait of Hormuz and Houthi strikes on Saudi targets, so crude is falling despite headline risk, not because it has gone away. December WTI is now $87.67, against $96.46 on Nov. 2. See our War Room story.

Gold is near $4,117, which FXStreet and Investing.com coverage tie to a weaker dollar outweighing expectations of a December Fed rate increase. Last week's Reuters/LSEG data had futures pricing about a 65% chance of a quarter-point hike at the Dec. 8 to 9 meeting, as we noted in our week-ahead.

Overseas

Japan's Nikkei 225 rose 2.33% to 58,775.50, and the Shanghai Composite gained 0.32%. Hong Kong's Hang Seng slipped 0.13%. In Europe at about 6:15 AM ET, the Euro Stoxx 50 was up 1.06%, Germany's DAX 0.98% and Britain's FTSE 100 0.80%, per Yahoo Finance. Bitcoin trades around $74,400.

Earnings and what to watch today

• Before the open, per the Nasdaq earnings calendar: KKR, Constellation Energy, Barrick Mining, Ferguson and NRG Energy. Barrick reported quarterly earnings that benefited from higher gold prices, with production on track for its annual target, WSJ reported.
• After the close: Occidental Petroleum, Take-Two Interactive, Rocket Lab and The Trade Desk, per the same calendar. Occidental reports with crude down 3.5% on the morning.
• Tuesday, Nov. 10, 8:30 AM ET: October CPI, per the BLS schedule. We did not find a major US economic release scheduled for Monday itself.

Sources: Yahoo Finance; Nasdaq; FXStreet; Investing.com; CNBC; OilPrice.com; WSJ; U.S. Treasury; BLS. Some data may be delayed. This is market information, not investment advice.