The Nightcap: Nasdaq futures slip 0.5% as Nvidia's board reportedly meets on Huang's future

The biggest story tonight is Nvidia. A Wednesday evening CTV News headline, carrying CNN's report, says the board is meeting to decide CEO Jensen Huang's future, citing a source. Headlines from Reuters, the Wall Street Journal, the New York Times, the Financial Times and the Washington Post are running the same story. Nvidia has not announced a decision that we have found. Our earlier report has the background: the stock was down about 9% after hours at 6:21 PM ET, from a $173.73 close, per Nasdaq.com. We could not get a fresh extended-hours print for this brief, so we are not quoting one. The company reports earnings on Nov. 17.

Futures at 9:05 PM ET

Futures, gold and oil from the Chronicle markets board, captured 9:05 PM ET. Percent moves are against the board's own prior settlement; the board quotes continuous contracts, so the gap to the cash close is approximate. Cash closes are from our close story.

Why the Dow is flat and the Nasdaq is not

The split is the story of the night. Nasdaq 100 futures are down 0.46% and the Dow is unchanged, which fits a drop led by one large technology name rather than a broad sell-off. Wednesday's rally was narrow as well: the Philadelphia semiconductor index rose 5.66% while the Dow gained 0.49%, per our close story. Chips were what lifted the market, and they are what is giving some of it back.

Rates and the dollar

Cash Treasuries were closed for Veterans Day, so there is no new yield. The last published 10-year was 4.98% on Nov. 10, and the 10-year note future on the board is up 0.07%, a small move toward lower yields. The dollar index is 102.55, down 0.05%. As we reported earlier, fed funds futures on Tuesday night priced about an 88% chance of a quarter-point Fed hike on Dec. 8-9, per Kitco. Bonds have not traded since, so that number has not been retested.

What to watch at the open

• Nvidia: any statement from the board, and whether the after-hours drop holds in regular trading.
• Jobless claims: forecast 195,000 against 189,000 the prior week, per our economic calendar.
• Existing home sales: forecast 3.85 million against 3.99 million, which would be a step down at a 7.21% mortgage rate.
• Bond market: its first full session since Tuesday's hot inflation report, so the rate repricing finally gets tested.

Retail sales are due Nov. 17, the same day as Nvidia's results. Futures can move sharply on a single headline in thin overnight trading, and a board decision could land before the open.

Sources: Chronicle markets board, Yahoo Finance, CTV News/CNN, Nasdaq.com, Kitco. Quotes may be delayed. This is market information, not investment advice.