WASHINGTON (dpa-AFX) - After coming under pressure at the start of trading on Thursday, stocks have regained some ground over the course of the session. The major averages have climbed well off their lows of the session, although the Nasdaq and S&P 500 remain in negative territory.
Currently, the major averages are turning in a mixed performance. While the Dow is up 49.06 points or 0.1 percent at 52,535.55, the S&P 500 is down 13.89 points or 0.2 percent at 7,605.49 and the Nasdaq is down 104.13 points or 0.4 percent at 25,362.06.
A steep drop by shares of Nvidia (NVDA) initially weighed on Wall Street, with the AI leader plummeting by as much as 14.4 percent to its lowest intraday level in well over a year.
The nosedive by Nvidia came as the company's Board of Directors announced the resignation of embattled CEO Jensen Huang.
Nvidia said its current Executive Vice President and Chief Financial Officer Colette Kress has agreed to serve as interim CEO.
Shares of Nvidia have shown a notable recovery attempt over the course of the session but remain down by 5.5 percent.
The latest developments come after a report from the New York Times said Huang had a relationship with Nvidia's vice president of healthcare Kimberly Powell. Huang was already under pressure over his affair with an alleged Chinese spy.
In U.S. economic news, a report released by the Labor Department showed first-time claims for U.S. unemployment benefits rebounded by more than expected in the week ended November 7th.
The Labor Department said initial jobless claims climbed to 200,000, an increase of 9,000 from the previous week's revised level of 191,000.
Economists had expected jobless claims to rise to 195,000 from the 189,000 originally reported for the previous week.
A separate report released by the National Association of Realtors showed existing home sales plunged more than expected in October, hitting their lowest level since August 2010.
Sector News
Gold stocks are moving sharply lower amid an extended slump by the price of the precious metal, dragging the NYSE Arca Gold Bugs Index down by 3.2 percent.
Significant weakness is also visible among airline stocks, as reflected by the 2.9 percent loss being posted by the NYSE Arca Airline Index.
Computer hardware stocks are also seeing considerable weakness on the day, while most of the other major sectors are showing more modest moves.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan's Nikkei 225 Index and China's Shanghai Composite Index both slid by 0.7 percent, while Hong Kong's Hang Seng Index slumped by 1.3 percent.
Meanwhile, the major European markets have turned mixed on the day. While the U.K.'s FTSE 100 Index is down by 0.1 percent, the German DAX Index is up by 0.1 percent and the French CAC 40 Index is up by 0.2 percent.
In the bond market, treasuries are extending Tuesday's slump following the Veterans Day holiday on Wednesday. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 6.9 basis points at 5.058 percent.
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