Stock Market Today: Dow, S&P 500 Futures Rise Despite Nvidia Sell-Off Over Jensen Huang Controversy

Benzinga

U.S. stock futures rose on Monday, as the Dow Jones and S&P 500 indices advanced, after the Dow and S&P 500 closed mixed on Friday to wrap up a volatile week for Big Tech.  Nvidia Corp.’s (NASDAQ:NVDA) board on Sunday announced that it is launching an investigation into co-founder and CEO Jensen Huang over his relationship with an alleged Chinese spy.  "I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry," Huang said in an email to the company’s employees.  Yorkville Ives partner Dan Ives termed the affair a "black eye moment" for Nvidia, while warning that the issue could create fresh uncertainty for the chipmaker and its investors.  Meanwhile, the 10-year Treasury bond yielded 4.864%, and the two-year bond was at 4.53%. The CME Group’s FedWatch tool’s projections show markets pricing an 80.5% likelihood of the Federal Reserve hiking the current interest rates during its December meeting.  The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Monday. The SPY was up 0.31% at $733.67, while the QQQ advanced by 0.03% to $656.32.

Transcript

00:00U.S. stock futures rose on Monday as the Dow Jones and S&P 500 indices advanced after the Dow

00:06and S&P 500 closed mixed on Friday to wrap up a volatile week for big tech.

00:12NVIDIA's board on Sunday announced that it is launching an investigation into co-founder and

00:17CEO Jensen Huang over his relationship with an alleged Chinese spy. Yorkville Ives partner Dan

00:23Ives termed the affair a black eye moment for NVIDIA while warning that the issue could create

00:29fresh uncertainty for the chipmaker and its investors. Meanwhile, the 10-year treasury bond

00:34yielded 4.864 percent and the two-year bond was at 4.53 percent. The CME Group's FedWatch

00:42tools projections show markets pricing an 80.5 percent likelihood of the Federal Reserve hiking

00:48the current interest rates during its December meeting. The Spyder S&P 500 ETF trust and Invesco

00:55QQQ trust ETF were higher in pre-market on Monday. The SPY was up 0.31 percent at $733.67

01:05while the

01:06QQQ advanced by 0.03 percent to $656.32. Stocks in focus for today are NVIDIA shares fell more than

01:175 percent during the pre-market session amid concerns over Huang's relationship with what the U.S.

01:23intelligence alleges is a Chinese spy. Occidental Petroleum shares were up more than 1 percent

01:29pre-market ahead of the company's latest quarterly results set to be reported after the closing bell.

01:35Benzinga Pro data shows that Occidental is expected to report earnings of $1.46 per share

01:41on revenue of $6.79 billion. Constellation Energy is expected to report earnings of $3.85 per share

01:50on revenue of $9.37 billion before the opening bell, according to data from Benzinga Pro.

01:58Constellation shares were up 0.58 percent in Monday's pre-market trade. Lucid Group shares were down 1.2 percent

02:06pre-market. The company is expected to report revenue of $382.57 million and a loss of $2.32

02:14per share after the closing bell, according to Benzinga Pro. AST Space Mobile is expected to

02:21report revenue of $45.69 million and a loss of $0.44 per share after the closing bell, according to

02:29Benzinga Pro. AST Space Mobile shares were up 0.4 percent pre-market.

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