Market Open: Nvidia Shares Plunge 13% After CEO Resignation, Stocks Mixed • 11/12/26

0:01CNBC Business News Update. I'm Jessica Ettinger. Market open Thursday morning. NVIDIA's Embattled CEO stepping down. And I'm sorry, we have to interrupt you. If you can hold on for just a moment. There is a news flash just in on this that we want to make sure we bring you right away. It says that Jensen Wang is making a transition here. The news that I guess we've kind of been expecting. Immediately. Not being the board not having to make the decision on this. that Jensen Wong is resigning effective immediately. This was kind of, I felt like we were kind of on smoke watch for the Pope throughout this time after hearing this news last night.

0:39That's CNBC's Becky Quick with Joe Kernan. NVIDIA shares down almost 12 % out of the open this morning, but the Dow holding up, it's up 29 points. The S &P 500 index is down 56 points, three quarters percent at the open. and the Nasdaq plunging 344 points, 1.3%. Chipmaker shares are mixed. More on NVIDIA from CNBC's Carl Quintanilla. Big news out of NVIDIA today. The company's board of directors announcing that Jensen Wong has resigned as president, chief executive officer, and a member of the board, effective immediately. Colette Kress, the CFO, has agreed to serve as interim CEO. She will continue to serve as EVP and CFO until a permanent successor has been named.

1:26The board says it is initiating a search for a permanent chief executive officer and will consider internal and external candidates. A take from Yale's Jeffrey Sonnenfeld before the official announcement on CNBC. There are some good people in there, though. They said the chief financial officer, she's terrific. I think, you know, Colette Kress could be a fantastic leader here. And here's a take from Advisors Capital's Joanne Feeney before the announcement on CNBC. We have very likely not seen all the bad news that's going to come out about Jensen and potentially, you know, throwing more suspicion on a significant chunk of their sales, those sales associated with Singapore.

2:08Right. So even if though we took out those sales, right, that still leaves the company trading at a pretty attractive multiple. And so really from here, the question is, what kind of growth can the company generate? Full coverage of the change at the top of NVIDIA at CNBC Television, CNBC.com and the CNBC app on your phone. Meantime, William Blair immediately upgraded chipmaker AMD. It's seen as benefiting from the turmoil at NVIDIA. AMD shares are up a little more than 1 percent. Broadcom up 4 percent. Oil prices are jumping after President Trump said that no Iran deal is needed to end the war.

2:49Quote, we've got there straight, unquote. U.S. crude oil back above$86 a barrel today. AAA says the national average for a gallon of regular is below$4 for a second straight day. Prices plunged 20 cents a gallon for drivers from one week ago today post-election. as traders believed Democrats will try to end the war sooner rather than later when they take control of Congress in January. Scout Motors has nearly a quarter million vehicle reservations as its new$2 billion South Carolina plant nears completion. Scout was an American vehicle brand from 1961 to 1980. It's coming back now with backing by Volkswagen, pickups and SUVs in all-electric and hybrid versions.

3:34It's taking reservations. American Airlines is bringing back fresh food to first class between New York and Chicago for the first time since before the pandemic. Today is the one-year anniversary of the U.S. Mint striking the final U.S. penny, ending 232 years of production. Thanksgiving is two weeks from today. Walmart is starting the first phase of a three-part Black Friday sale today. Jessica Ettinger, CNBC. Traders don't need a prettier app. They need a better angle. Schwab's think-or-swim trading platforms were built for real traders like you. They have an insane amount of chart studies. I'm talking over 300 studies for virtually any strategy.

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