Wall Street Dips on Nvidia Selloffs, European Markets Rally
Wall Street closed lower as Nvidia’s (-4.34%) leadership upheaval and firmer rate expectations pressured global risk appetite. The S&P 500 fell 0.35%, the NASDAQ ended 0.39% lower, and the Dow Jones gave back 0.36%.
In Europe, positive corporate updates and resilient economic data helped the FTSE 100 close 0.25% higher, while strong industrial and insurance results lifted the Euro Stoxx 50 by 0.09%, despite weakness in AI-linked names.
A cautious underlying tone has carried into early trading in parts of Asia on Friday, according to a brief from First National Bank (FNB).
Concerns that Nvidia’s turmoil could prompt tighter US technology controls are weighing on Chinese technology shares, with the Hang Seng Index currently down 0.92%.
The Nikkei 225 is trading 0.83% higher, driven by solid domestic corporate earnings as investors looked past the fallout from Jensen Huang’s ouster at Nvidia, viewing the leadership transition as removing a key overhang rather than disrupting long-term AI demand.
Australia’s ASX 200 closed down 0.71% as broad-based declines, higher borrowing costs, and caution ahead of next week’s labour data weighed on sentiment.
In South Africa, the Johannesburg Stock Exchange (JSE) is set for a flat-to-negative open this morning as narrowly positive global futures contend with uneven Asian trade and weaker mining shares.
Asian markets are leaning down, with Tencent’s 2.96% decline weighing on Naspers and Prosus.
Pressure is also evident across the resources complex, with the S&P/ASX 300 Metals and Mining Index down 1.64%, pointing to a softer start for JSE miners.
Precious metals offer a partial counterweight, as firmer bullion and platinum prices support gold miners and PGM counters, while Brent crude edges lower.
The JSE closed lower on Thursday, with the All Share shedding 0.49% and the Top 40 falling by 0.55%, marking the latter’s third consecutive day of declines.
Resources led the sell-off, tumbling 1.74% after gold prices came under pressure as expectations of a December US Federal Reserve rate hike grew following hotter-than-expected US inflation data and hawkish Fed commentary this week. US, European Stocks Rally on AI Optimism, Upbeat Earnings
