WASHINGTON (dpa-AFX) - Stocks recovered from an initial slump but moved back to the downside over the course of the trading day on Thursday. The major averages all finished the day in negative territory, with the Nasdaq and S&P 500 partly offsetting Wednesday's strong gains.
After plunging by as much as 1.6 percent in early trading, the tech-heavy Nasdaq ended the day down 100.09 points or 0.4 percent to 25,366.09. The S&P 500 also fell 26.98 points or 0.4 percent to 7,592.40, while the Dow declined 189.40 points or 0.4 percent to 52,297.09.
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 regained ground over the course of the trading session but still ended the day down by 4.3 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.
While selling pressure waned over the course of the session, buying interest remained subdued amid a sharp increase by the price of crude oil.
Crude oil futures have surged by nearly 3 percent after President Donald Trump claimed in a post on Truth Social that the U.S. does not need to make a deal with Iran.
'Those days have long since passed,' Trump said. 'We've got their money, Hundreds of Billions of Dollars, and we've got their Strait!'
Trump's latest remarks come after he previously said renewed attacks again Iran were 'highly unlikely' as long as negotiations continue to make progress.
Sector News
Airline stocks moved sharply lower amid the surge by the price of crude oil, with the NYSE Arca Airline Index plunging by 5.2 percent.
Substantial weakness was also visible among gold stocks due to a steep drop in the price of the precious metal, as reflected by the 4.1 percent slump by the NYSE Arca Gold Bugs Index.
Telecom stocks also showed a significant move to the downside, dragging the NYSE Arca North American Telecom Index down by 2.2 percent.
Housing, brokerage, computer hardware and biotechnology stocks also saw notable weakness, while oil stocks moved sharply higher along with the price of crude oil.
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 all moved to the upside the day. While the German DAX Index climbed by 0.4 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both rose by 0.3 percent.
In the bond market, treasuries have extended 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, has jumped 12.0 basis point to 5.109 percent.
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